EAM Trend Report 2022: The future is mobile
Published: 06 December, 2022
Many companies that have only just started to recover from the disruption caused by the pandemic are now facing new challenges in the form of supply chain disruptions and skyrocketing energy costs. Against this backdrop, improving efficiency and minimising risks to uptime is more crucial than ever, but what steps are asset managers taking to address these challenges?
The EAM Trend Report 2022, published by Enterprise Asset Management (EAM) software specialist IFS Ultimo, surveyed the asset management community to find out. Based on the responses of nearly 300 asset managers across sectors, the report looks at the challenges and opportunities emerging in the industry and discusses the pressures asset managers operate under. This article discusses some of the key findings.
Prioritising uptime and efficiency
When asked to rank their most important KPIs, most respondents chose uptime (39%), followed closely by efficiency (19%). Having their performance under the spotlight in these areas gives asset managers an incentive to look for new ways to optimise them. With that in mind, in the past year, nearly 20% had invested in new technologies to help futureproof operation, with 10% starting to leverage operational data to drive performance.
Interestingly, however, the main focus of the futureproofing efforts was not on data or technology but on improving cooperation across the organisation, with over a quarter of respondents taking steps to address that.
Mobilising the workforce
While many companies were already leveraging mobile working before the pandemic, it certainly highlighted the benefits on a large scale, especially when it comes to increasing efficiency. Being able to carry out essential but admin-heavy tasks, such as reporting, on the go, or having access to knowledge resources on-site, can play a vital part in enhancing productivity, increasing hands-on-tool time, and facilitating quicker and easier information-sharing.
It's clear that asset managers recognise this, with nearly 90% of respondents predicting that mobile working will be integral to their maintenance strategy in the next five years. This is interesting, as only 61% are currently actively leveraging mobile technologies. So, even those not yet making use of the approach are already factoring it into their future maintenance strategies.
The responses reveal that the main reason driving the uptake is the need to increase efficiency, followed by the desire to increase response rates and gain more operational data; all factors that contribute to maximal uptime. The managers who were not yet leveraging mobile technologies cited various obstacles, including a lack of suitable technologies and budget constraints. This can put them at a serious disadvantage, as the lack of these technologies can force the maintenance technicians into an outdated and inefficient way of working, damaging productivity and efficiency in the long term.
The cybersecurity challenge
While the survey showed that mobile working plays a crucial role in helping companies improve productivity, it also highlighted the new considerations that come with the trend, especially regarding cybersecurity. With more connected devices utilised across the workforce, managers need to pay more attention to security requirements and ensure staff get adequate training when it comes to cybersecurity. However, despite over 80% of respondents using software-based solutions, such as cloud or on-premises EAM software, to manage their assets, security ranked low on the list of concerns. For the majority, security features were only somewhat important when selecting future asset management software, but over 30% disregarded them altogether. The same attitude is evident when it comes to training staff on the cybersecure use of the software, with over 25% not giving their teams any training.
Staying ahead of the curve
As the above examples demonstrate, the survey showed that asset managers actively seek to engage new technologies and make the most of their existing resources to optimise efficiency and futureproof their operation.
The report looks into the findings in more detail, presenting the survey data in simple graphs to make it easy for asset managers to gain a comprehensive overview of the most prominent trends in the industry and to benchmark their performance against peers. Experts from companies including Schneider Electric, Royal Philips N.V., Verdantix, ICT Group and Logitek have also contributed to the report, sharing their thoughts on the biggest risks and opportunities in the sector.
To download the EAM Trend Report 2022 for free, visit www.ultimo.com/en-uk/eam-trend-report/.
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