What’s driving asset management in 2022?
Published: 16 November, 2022
A new report from IFS Ultimo outlines what steps asset managers are taking to mitigate the challenges associated with ageing assets, unplanned downtime, lack of communication and skills shortages.
Leading Enterprise Asset Management (EAM) software solutions provider IFS Ultimo has published its 2022 Trend Report. It is available to download here: www.ultimo.com/en-uk/eam-trend-report/.
The report is a valuable resource for those looking to better define their asset management strategy. It studies the various dynamics that are influencing EAM operations, discussing the biggest areas of concern as well as new opportunities.
Based on an extensive survey of nearly 300 asset managers, the report compiles responses from across sectors, including manufacturing, logistics and healthcare, to present a comprehensive overview of the state of the industry. Experts from Schneider Electric, Royal Philips N.V., Verdantix, ICT Group and Logitek also share their views on the trends that are currently shaping the industry.
Various factors are causing disruption to the companies that the survey participants represent. Economic uncertainty is a big issue impacting all areas of business. In addition, the supply chain hold-ups resulting from this continue to have a detrimental effect on these businesses’ ability to meet their commercial objectives. Gaining access to adequately trained staff is also proving difficult, with a widening skills gap needing to be addressed.
Similarly to previous years, maximising uptime is still the priority for nearly all respondents. However, achieving this goal is complex, with over two thirds of those surveyed stating that their organisations have suffered noteworthy unplanned downtime incidents in the last year. Increasing operational efficiency levels, prolonging the useful lifespan of assets, and reducing both capital and day-to-day running costs are also key considerations in companies of all sizes.
Another area highlighted in the results is the need to improve cooperation and optimise communication between teams and departments. Fortunately, the results indicate that many companies have already taken steps to enhance this area and eliminate operational silos.
The report presents the research data in visual charts to give asset managers a simple overview of the key statistics to make it easy to benchmark performance and identify prominent behaviors. The report covers a range of topics from operational priorities to emerging trends in cybersecurity and sustainability.
- More than 64% of those surveyed stated that they saw the need for mobile-based maintenance practices as pivotal to boosting efficiency, but 21% felt that not having access to the necessary technology is holding this back.
- 39% recognised that investing in the workforce would be paramount for companies to futureproof their operations, and the need for high-quality training was greater than ever.
- Over 50% of respondents said that recruitment challenges had been the leading cause of disruption in their organisation.
- Cybersecurity is still not a priority, with most asset management teams receiving only 1-2 hours of cybersecurity training per year.
- Nearly 50% of respondents don’t regularly analyse their asset data to identify ways to improve efficiency, despite having the tools required to do so.
In addition to the above highlights, the results show that data-driven decision-making, optimal cross-team collaboration, and smart use of technology continue to play a vital role in helping organisations optimise their assets in the short and long term.
To find out more, download the 2022 edition of Ultimo’s EAM Trend Report at: www.ultimo.com/en-uk/eam-trend-report/