But what change do you need to prepare for? Which specific trends will impact your company or industry segment? And in what ways? Drawing on the McKinsey Technology Council’s Technology Trends Outlook 2024 as a point of departure, I want to spend some time in this blog post discussing these relevant questions and how they apply to enterprise asset management (EAM).
The increasing momentum of mobility and immersive-reality technologies in asset-intensive industries
While some technologies such as quantum computing are at the ‘frontier of innovation’, McKinsey reports seeing a lot more experimentation with mobility and immersive-reality technologies such as mixed-reality (MR) and augmented reality (AR).
Early adopters of these technologies are able to strengthen and improve organizational teamwork and collaboration when maintaining assets such as fleets of vehicles and manufacturing equipment. Empowering your frontline workforce with tools that make work easier and more enjoyable creates positive effects that will trickle down all the way to the bottom line.
Visibility and tracking improve operational efficiency and customer satisfaction
Effective asset maintenance is in many ways a game of planning and coordinating. When it comes to equipment and spare parts, knowing what is available and where to get it is crucial to the success of the intervention and, by extension, customer satisfaction. Getting this data as close to real-time as possible is a game-changer, so look to your EAM solution to further elevate your asset insights.
One version of the truth remains the key driver of informed decision-making
Centralized data allows all departments within the organization to make informed decisions; from the workshop manager, who can easily see which parts are required for a repair, to the finance department, who can access comprehensive cost-break downs and have all relevant internal or external invoicing flow into whatever enterprise resource planning (ERP) or financial system is being used.
Automate work processes to add value and break monotony
Low-value-added or repetitive tasks can be digitalized, helping teams to de-clutter their workday and ultimately be more efficient. Process automation is especially helped by mobile technologies that empower users to report, analyze and collect data more efficiently regardless of time or place.
Equip your workforce with the right digital tools
Businesses in asset-intensive industries should look for fit-for-purpose mobile technology to improve worker productivity and alleviate workforce shortages. EAM software needs to make it easier for maintenance staff to report on failures and damages. By automating data collection, the administrative hassle is significantly reduced, which frees up more time for skilled laborers to address more pressing issues.
Mobile technologies that keep your staff happy and skilled
Mobile technologies are not only having an impact on efficiency and effectiveness. They also have a direct bearing on employee satisfaction. Staff who feel they are solving problems and making valuable contributions towards achieving business goals will be more content than those who feel that administrative tasks are swallowing their workday.
Emerging e-learning solutions that let workers develop their skills anywhere and at any time are also giving innovative employers an edge in the never-ending battle to attract and retain skilled labor.
At the end of the day, a worker who feels she or he is developing their skills, feels recognized for their contributions, and is satisfied with their tools, will automatically do a better job than a frustrated one.
Don’t forget about the hardware!
When it comes to mobile hardware for tasks such as scanning, printing, and label management, the benefits are tremendous. The use of barcode scanners in the warehouse, for example, greatly increases the efficiency of stock handling and issuing. Label management is an essential part of the overall workflow and having a platform that automatically creates labels for all registered assets is supremely helpful.
Companies that invest in a solid backbone of mobility hardware will be perfectly positioned to capitalize on additional efficiency leveraging technologies ranging from smart labels and Piping and Instrumentation Diagram (P&ID) overlays to digital twin integrations.
Navigating the skills shortage and generational differences
The mixed-age and skills sparsity of industrial workforces is resulting in a significant labor crunch. According to our 2023 EAM Trend Report, an aging workforce is the number one issue affecting organizations. Investing in retaining or attracting suitable personnel features in the top three future concerns of the industrial businesses surveyed.
In my view, technology has an important role to play in mitigating these concerns. One good example of an emerging mobile technology is wearables. In an asset- or maintenance-centric context, wearable technology is useful for visualizing and confirming recommended steps. In addition, maintenance teams report enjoying ‘hands-free’ working, assisted error detection and a reduction in overall inspection time.
In addition to these concrete benefits, wearables can also help to bridge pockets of generational knowledge by facilitating a ‘hub and spoke’ system for remote and automated diagnostics. In this scenario, frontline workers can access years of technical data and know-how remotely, so that fewer skills are required frontline to the assets they’re working on, and the productivity of valuable human capital is fully realized.
By investing in technology that is familiar and appeals to generation-now workers, employers are much better equipped to synthesize the invaluable experience of older staff members with the tech-savvy nimbleness of the generation that is now entering the workplace. What it comes down to is creating an environment that plays to the strengths of your teams, whatever their age or familiarity with next-generation technology.
Collaboration and Teamwork are Always Trending
In a global business setting, change can come at any time and take any shape. To be ready for it, decision-makers need to adopt a holistic approach and, as the McKinsey report confirms, “take a long-term view […] building up their talent”.
Whatever changes will appear in the coming five, ten or 15 years, a company’s ability to navigate them will be dependent on its human capital. Equipping your teams with tools that save rather than waste time will therefore always be money well spent. After all, happy and productive technicians and operators are the backbone of profitable, sustainable businesses.
To find out more about EAM trends, contact me here.
Frequently Asked Questions
With EAM software, companies can centralize their assets, making it easier to monitor, optimize, and proactively inspect and maintain them. This helps prevent unplanned downtime, suboptimal asset performance, and supply shortages.
Ultimo offers powerful out-of-the-box software with supreme flexibility, adjustable to your preferences. Invest in a system that can grow with your organization and your needs.
If your organization utilizes capital-intensive assets, IFS Ultimo’s best-of-breed EAM is an invaluable tool for optimizing your asset management. Ultimo excels in manufacturing, logistics, healthcare, infrastructure and utility sectors.
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