Why Is Enterprise Asset Intelligence Critical Now?

The complexity and interdependency of today’s global business environment means organisations must do more than simply maintain or manage assets. Regulators want enterprise-wide compliance, stakeholders want company-wide cost base savings and bigger profits, customers want high-quality products delivered world-wide on time, staff want better, safer working conditions and communities demand corporate social responsibility.

Today, the need has never been greater to transform asset data into actionable insights that feed into enterprise-wide decision-making processes beyond engineering, maintenance or production so enterprises can maximise the productivity of resources and drive sustainable growth.

The development of a new International Standard for Asset Management called ISO 55000 reinforces the view that there is significant potential to improve performance with better enterprise-wide asset management.

Let’s take the example of a mining organisation operating heavy duty haulage truck fleets at multiple mine sites. While exactly the same vehicle may be in operation at each location, it is quite common that the processes to maintain and manage these assets will vary from site to site. Assuming some differences in operating environments, these different management practices will almost always result in variations in the performance of these vehicles.

In such scenarios, organisations are challenged to gather the intelligence needed for enterprise-level decisions that drive asset optimisation and maximise returns across the business in a timely way. Similarly, it is difficult to demonstrate a consistent approach to maintenance, production, safety and security as organisations strive to meet increasingly complex compliance and regulatory mandates.

What is clear from this example, is that without a granular and enterprise-wide asset intelligence view, organisations not only expose themselves to greater risk, but they will not be able to fully exploit the underlying value that is otherwise locked away in their business capabilities [i.e. assets].

To learn more, download our enterprise asset management industry whitepaperAsset intelligence: What It Is And Why It Is Critical Now” or reach out to us on +61 (0)2 9998 9000 or sales@relegen.com for a discussion about the ways asset intelligence can help your organisation.