Asset management in the age of Big Data – an SAP perspective
As asset management professionals are increasingly pressured by modern demands, SAP meets their requirements by developing “an environment in which you can manage asset-related information and processes throughout the complete asset lifecycle”.
We scanned their whitepaper on the digital transformation of asset management – and you may see our highlights below.
Getting more value from company assets involves valuable insights
Customers today demand increased personalization and faster delivery. Meanwhile, the asset management professionals “still need to balance cost, risk, and performance, now in accordance with ISO 55001 and other new management standards”.
Turning Big Data into useful information requires efficient software. It also calls for “a seamless, digital representation of physical assets that allows for the digitalization of key processes”.
The first step would be digitally representing your assets.
Digital representation enables valuable insights
Once the companies have a seamless, digital representation of their physical assets, they are able to easily access all relevant information, in an easy-to-process format.
Having all your assets connected in real time enables you to:
• Analyze, simulate and predict their system behavior in real time
• Share asset management information in the cloud
• Improve core business processes, by reducing maintenance cost, increasing asset uptime, and lowering operational risks.
• Reinvent your business models
Using Big Data for successful asset management
Asset managers support the business CEOs’ strategies by maximizing the return on assets consistently and reliably. They may do so via optimizing cost, risk, and performance. The companies thus are able to execute the established strategies and goals, as well as fulfill the orders, on time and with expected quality.
As the document underlines, “digitally transformed asset management ensures that the right information technology (IT) and operational technology (OT) data and insights are available to the right people at the right time, across the ecosystem and the entire asset lifecycle”.
In order to meet this goal, the parties in charge and responsible from the asset lifecycle need fast times of access and data-driven insights, to base their decisions upon. With SAP, stakeholders can optimize asset performance easily, all while balancing cost and risks.
Seven new technologies that enable the extension of boundaries in asset management
The paper identifies 7 current trends that affect asset management, and expand the way companies implement, use, monitor, maintain, and ultimately take advantage of their own assets. Some of them are familiar to all of us, others are gaining tractions, while other are emerging technologies:
• Internet of Things
• Big Data and Analytics
• Cloud computing
• Mobile solutions
• AR and VR
• Predictive maintenance and condition monitoring
• Business Networks
By juxtaposing this technology trends with the SAP systems’ capabilities, customers can notice that SAP provides an IT foundation for operational excellence.
To find out exactly how can SAP help your business and see four specific use cases, check out the full whitepaper.