The South American enterprise asset management industry is growing, ascribed to rising asset utilization, the growing requirement to decrease operating costs and emphasis on supply chain availability and visibility and visibility.
Enterprise asset management can be defined as a combination of systems, software, and services for maintaining and controlling operational assets and equipment. It is aimed to improve the efficiency, and quality of assets throughout their life, and thus improve productivity with reduced operational costs.
In the era of digitalization, the advent of IoT has paced up remote monitoring, with controlled access to everything from valves to vehicles connected by sensors and systems.
Companies are deploying AI and advanced analytics into EAM. Instrumental assets enable the data gathering, led by AI analysis. The provided insights provided by the maintenance teams help in making better decisions, improving efficiency, performing maintenance, and maximizing investments in physical assets.
EAM is essential to track the operations and assets of the organization, managing and optimizing the asset quality and reliability. All kinds of organizations are equipped with types of assets in huge numbers. Assets come in varying shapes and sizes such as railroads, pipelines, transportation fleets, manufacturing equipment, and windmills including any equipment virtually to sustainable production, operations, and services.
EAM enables centralized asset information which informs the managers on the whereabouts of the asset, its requirement, who should operate it, and when. It facilitates the automation of critical asset management workflows that enable accessibility and auditable.
The asset management software enhances the preventative capabilities for maintenance of the stable, and continuous operations of the equipment. It ensures warranty compliance and prevents issues.
Enterprise asset management enables the real-time and historical data collection from IoT devices, analytical and diagnostic tools that optimize the reliability, life, and availability of physical assets. In addition, EAM also helps in establishing single technology systems for remote management of all types of assets.
The informed maintenance strategies help in extending the equipment's life by employing risk management in business processes for improved investment returns.
Moreover, IoT, analytics, and artificial intelligence improve equipment maintenance practices. Asset tracking and traceability cater to the rising need for health, safety, and complex environments.
The EAM is projected to rise to the growing requirement of safeguarding the supply chain visibility and availability. The supply chain is crucial in the organization, any disruption in that may result in a big financial loss to the organization. Moreover, business management becomes a great challenge in South America due to the fiscal environment, complex regulations, and poor infrastructure.
There is a growing requirement for reducing the operational costs of processes in South America. The EAM system is effective against this challenge, as they improve the investment returns from plant and equipment by enhancing the asset utilization and maintenance of critical equipment during their peak operations.
Therefore, the rising demand for effectively managing the operations of the organization, with virtual management of all types of assets, leads to rising usage of the EAM systems in South America.
