Asset management provides organizations with a clear view of operations and allows for improved visibility into risks, workflows, workers, asset maintenance, asset lifecycles, and hazards and permits. The goal of asset management is to ensure that these assets are being used efficiently, effectively, and safely, and that they are being maintained and replaced in a timely manner. Leveraging technologies such as artificial intelligence (AI), the IoT and work process automation, asset management systems can deliver real-time, 24/7 views of an asset’s performance and conditions and allow teams to manage turnaround scheduling, maintenance schedules, and work orders more effectively and before they become major problems. It is also one of the foundational technologies for manufacturers investing in smart and autonomous factories that transform productivity, deliver cost savings, and embed sustainability.
The autonomous factory is loosely defined as a facility capable of leveraging multiple technologies, data, and analytics to significantly improve productivity, processes, and operations. It is an interconnected and intelligent web of devices, platforms, sensors, systems, and workers that provides real-time, 24/7/365 visibility into facilities and enhances human potential while maximizing the organization’s digital core.
According to the Deloitte 2023 Manufacturing Industry Outlook, manufacturers are focusing on technologies such as AI, Internet of Things (IoT), augmented reality (AR), additive manufacturing, and advanced analytics to become more resilient, to better leverage their existing digital investments, and to ‘unlock new horizons.’ This echoes the value within the autonomous factory and how it is inherent to creating interconnected intelligent systems that fully realize the potential of digital investments.
As a recent study by CB Insights highlights, it is the era of sweeping change for manufacturing across all verticals as innovative solutions help resolve the challenges currently affecting the sector – from streamlining productivity to mitigate the skills crisis through to cost savings, sustainability and shifting to predictive asset management and control, technology is changing the very shape of the manufacturing organization.
Shifting the intelligence quotient
Asset management is more than just improving how well teams manage and maintain assets throughout the facility; it’s a process that allows the organization to shift from manual limitations to smart and proactive control. This is reflected in a study by Industry Week that found companies with a digital asset management system saw a 28.3% increase in maintenance productivity, 20.1% reduction in equipment downtime, 19.4% savings in lower material costs, and an average payback time of 14.5 months.
The benefits are clear – with automation, smarter systems, and increased visibility into assets and processes, organizations can redefine how they approach their operations and monitor performance across multiple facilities. The data provided across workers, assets, and real-time systems can be centralized in a dashboard that allows decision-makers to instantly realize productivity gains and proactively mitigate risks and hazardous situations.
It also allows facilities to fundamentally change asset lifecycle viability and productivity by moving the needle from reactive maintenance and problem-solving to proactive and predictive maintenance. By tracking and monitoring assets effectively, teams can catch potential failures and risks before they cause damage or delays, and management can redirect worker flow around assets potentially at risk of failure.
In addition, the data provided by asset management systems provides decision-makers with invaluable insights that can be used to manage costs more effectively and access reports that transform overall facility visibility. Modern asset management solutions can pull on data that provides information about asset turnover, asset health, worker behaviors, incidents, and other key performance indicators (KPIs) that improve decision-making, investments, and productivity.
An asset management system is key to ensuring that the organization can fully realize the potential of the autonomous factory as it provides the insights, functionality, and visibility needed to transform simple into smart.
The autonomous answer
Suppose you want to monitor assets, manage inspection schedules, improve maintenance, transform visibility and reshape the fabric of your organization. In that case, you need an intelligent asset management solution that’s future-proof and capable of evolving alongside your needs and technology investments. This level of interconnected capability also puts your business on a solid footing when building a factory capable of smart and autonomous functionality.
GOARC’s Asset Management solution is designed to maximize the value of AI, IoT, data, and analytics within a comprehensively intelligent and fully integrated system. It allows you to automate processes and systems without losing granular visibility and control over assets and facility productivity. You can use this platform to visualize data in a centralized command center that displays assets alongside potential safety hazards and permits, asset status, operator findings, and data from external systems. Our system provides you with a real-time, 24/7 view of asset operational status, accurate risk assessments, and AI-driven anomaly detection. The entire platform integrates with IoT and Industry IoT with bi-directional communication, reporting, asset repositories, and analytics.
We have developed this platform to ensure that organizations have the right tools to build autonomous factories with smart capabilities that evolve and grow with their needs. Our tools are smart, capable, and relevant and will ensure the efficient, effective, and safe operation of the production process. By keeping track of and managing the assets that are used in the factory, you can optimize production and minimize downtime and other issues that can impact the bottom line
You can read part 01 where we look at asset management within the framework of productivity, operational excellence, dynamic routines, and prescriptive and predictive maintenance, and part two of our series, where we look at asset management through the lens of operator rounds.