Why does EAM technology matter?

What is the need for EAM solutions?

According to the survey results, completed by IFS Cloud EAM and IFS Ultimo teams, 63% of the 430 participants are currently utilising an EAM solution. Of these, 40% have adopted a best-of-breed EAM/CMMS system, while nearly 23% are using an EAM solution that is part of an integrated software suite. Notably, 37% of asset managers surveyed reported that they are not currently using any EAM solutions. The growing demand for EAM technologies remains steady, regardless of whether it is a best-of-breed solution or integrated within a software suite. As was proved in previous surveys, companies consistently identify uptime, efficiency, and cost control as the most critical Key Performance Indicators (KPIs) for asset managers across all industries. Businesses gain a competitive edge by implementing data-driven cost control measures and by quantifying their impact on productivity, enabling well-informed decision-making that ensures maximum profitability.

In addition, to achieve the organization’s strategic goals, the alignment between the asset management strategy and the organization’s strategic objectives needs further enhancement. EAM is widely recognized for its strategic contribution to an organization’s long-term goals. Nearly 49% of respondents believe this is mainly accomplished through the implementation of standardized best practices and improved productivity.

Which functional EAM capabilities are planned to be implemented by the asset managers?

The survey highlights a trend of key functional features being incorporated into current EAM systems, signalling a move towards “Smart” and “Ultimate” maintenance approaches of the EAM Maturity Model. Notably, 56% of participants aim to adopt predictive analytics, while 50% plan to focus on long-term asset planning and asset investment strategies. 

Asset Performance Management (APM) is gaining traction, with 57% of asset managers eager to explore APM technologies to improve the health and performance of critical assets.

Additionally, many organizations have already adopted key capabilities. For instance, Work Management is employed by 78% of organizations, and Maintenance Planning & Scheduling is used by 68% of respondents.

Source: IFS EAM Trend Report

Which are key EAM benefits?

The advantages of EAM technology differ depending on the specific needs of each organization. Half of the respondents focus on upgrading ageing assets to improve their control over operational risks. 49% aim to reduce maintenance costs and time through asset tracking. 47% seek to enhance equipment uptime by utilizing monitoring and maintenance strategies.

The majority of asset managers chose efficiency-related advantages. Notably, those who prioritize these benefits show less interest in compliance-related advantages.

On the whole, EAM solutions integrate all information about planning, optimization, execution, and documentation of asset-related activities. They also consider business priorities, expertise, employee knowledge, materials, tools, and other relevant data. It should also be mentioned that reliability is a key priority for organizations today, and EAM is essential in achieving it. Technology companies like IFS actively support organizations in meeting their goals by offering a comprehensive framework, extensive data, and advanced technologies such as the Internet of Things (IoT), digital twins, machine learning, and artificial intelligence (AI). Rather than creating barriers or replacing staff, these emerging technologies transform organizations into more successful, safer, and sustainable entities.

Source: IFS EAM Trend Report