The coronavirus pandemic has created technological problems for several industries that will last until 2021. Enterprise asset management (EAM) systems, on the other hand, are assisting asset-intensive companies in becoming stable during the transition and remaining competitive in the coming year.
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Let’s take a look at the patterns that will shape corporate asset management in 2021.
1. Warehouse & distribution center growth
- For years, e-commerce has been slowly increasing, but the pandemic has accelerated internet shopping dramatically.
- Warehouses and distribution centers are expanding the capability to ensure on-time shipment and delivery.
- According to a recent study from Research and Markets, the demand for warehousing and storage facilities is forecast to expand at a compound annual growth rate of 10% between 2020 and 2025.
- As a result of increased demand, these centers are relying on specialized EAM technologies for assistance.
- They are gaining processing time and can perform by streamlining repairs and preventive maintenance. As a result, profits will increase.
- While 2021 may be the year to focus on fulfillment, it is also the year to schedule capital expenditures based on your specific details.
2. Adopting electric vehicles
- Many organizations would be concerned with sustainability challenges in 2021.
- Fleet managers of medium-to-large fleets may want to consider adding electric vehicles (EVs) to their asset portfolio.
- EVs will play an important role in achieving their company's responsible sustainability goals, such as lowering their carbon emissions and increasing their use of green energy sources.
- The transition to EVs is more than just an environmentally friendly decision; it is unquestionably the way of the future.
- “With 88 percent of the largest fleets expecting to buy EVs in the next 12 months and more than half of fleets predicting to purchase at least one EV by 2021, the trend for electrification is clear,” according to the Electric Vehicle Study, which tracks demand for electric fleet vehicles.
- Legislative regulations and public awareness over carbon emissions are both expected to increase, motivating business leaders to take the lead.
- To put it another way, sustainability is quickly becoming a primary strategic differentiator.
- That isn't the only reason why 2021 is a smart year to start using electric vehicles.
- Electric cars and trucks are expected to have lower TCOs, thanks to lower fuel prices.
- Technology advancements now enable EVs to fly further on a single charge.
- EVs have fewer moving parts than combustion engines, which means lower operating costs.
- Battery-electric cars, for example, do not need starter motors, fuel injection, or radiators. Also, fewer mechanical components equal less total wear and tear.
3. Digital inspections
- Inspections are an important part of ensuring protection and adhering to legal standards.
- It's no wonder, given the upward trend of all things digital in 2021, that digital technologies have become big time-savers for fleet and equipment inspections.
- According to a 2020 industry report, the global market for automated inspections is expected to hit $28.9 billion by 2025.
- You presumably accept that maintaining records on paper is outdated.
- Not to mention the paperwork is the root of numerous vexing problems, ranging from missing compliance records to incorrect documentation to significant gaps in corrective-action follow-up.
- All of which results in decreased uptime, which few companies can bear.
Moving to digital inspections means:
- No more document pile-ups
- Digital sign-offs for improved accountability
- Real-time Notifications
4. Mobile abilities
- As the workforce becomes much more mobile, mobile technology is becoming more important to many companies.
- Mobile skills are needed for EAM applications to successfully improve workplace efficiency.
- Mobile tools that are embedded in the organization form a connectivity ecosystem.
- That ensures you and your colleagues will be able to do more in less time.
- A mobile EAM device also contributes to employee safety.
- At the very least, teams would want to maintain their social distancing activities in early 2021.
- No one has to swap clipboards or meet in the workplace for mobile data capture.
- Remote connectivity enables technicians to report in real-time from the factory, the shop floor, the worksite, or the lane.
- And fund managers can access the data they need in real-time.
- Through your EAM's mobile app, data collection on a smartphone or tablet is easy and reliable.
5. Cloud-based EAM solutions
Registered users can use cloud-based corporate asset management systems through a secure internet connection.
For a variety of factors, today’s fund managers favor this anywhere, everywhere level of access over a conventional, on-premises scheme.
- Because your EAM investment is a smaller monthly running cost rather than a big initial capital expense, it is still up to date and never has to go offline to add a new product.
- Enhanced cloud storage protects sensitive data at all times.
- Cloud services will connect with your corporate applications and streamline workflows.
- You won't need to find a dedicated on-premises IT specialist to support your framework.
- Best of all, cloud services are built to evolve with the business. You will never be forced to use a legacy device that you have outgrown.
6. Agribusiness progress
- According to the UN, the world's population will double by 2 billion over the next 30 years.
- Agribusiness is seeing an increasing potential in feeding the population.
- The convergence of technology and agriculture would be crucial in ensuring the security of our food supplies.
- Agribusiness is looking to EAM solutions to keep machines going, from using high-tech grain harvesters to surveying crops with aerial drones.
- Many farmers are unfamiliar with the concept of business asset management, but the technology is clearly making its way into agriculture.
- Modern farmers can refine their operations and increase their returns by using EAM tools for agribusiness.
- After all, crop processing in the future would need to be more productive and sustainable in order to satisfy demand.
- The software assists farms in maintaining infrastructure and speeding up data collection while being adaptable to changing environments.
7. Reconsidering KPIs
- Prior to the pandemic, everyone's corporate objectives were focused around profitability.
- However, by 2021, several businesses will be in turnaround mode, battling to reclaim lost land.
- In this case, fund managers would have to reconsider their performance metrics.
- Measuring organizational KPIs is a data-intensive endeavor.
- EAM applications with personalized reporting capabilities lays the groundwork for designing, measuring, and improving on KPIs.
Here are just a few KPIs to consider:
- The total cost of ownership (TCO)
- The ratio of preventive to reactive maintenance
- Meantime to repair (MTTR)
Best management relies on better measures
Organizations will need to monitor their asset data to transform it into actionable information more than ever in 2021. Enterprise asset management software consolidates data, allowing for effective analytics to help better business decisions.
Notable EAM developments include the continued expansion of cloud services, the transition to automated inspection modules, and the redesign of KPIs to reflect current market conditions.
