Current & Upcoming Trends
For further exploration on where the EAM market is and where it’s headed, check out our article Enterprise Asset Management Trends — Future of EAM.
Here are some top trends you should know about:
Increasing Significance of IoT in Fixed Asset Management
In 2023, the Internet of Things (IoT) will continue to play a crucial role in driving asset management as it undergoes a digital transformation. Through the connectivity of physical assets and networks, asset managers can track asset performance in real time and securely store essential asset data.
IoT technology offers numerous advantages to asset managers, including improved asset tracking, reporting and maintenance. Using predictive analytics algorithms, asset managers can even anticipate potential future events that may impact their assets.
Industries heavily reliant on assets use IoT solutions to collect data on asset performance, and it’s evident that this advanced technology can significantly impact asset management moving forward.
According to IoT analytics, the number of connected IoT devices is expected to surpass 29 billion by 2027. Connecting EAM software to physical components like sensors and meters allows for a continuous flow of data. This can improve visibility, streamlines common tasks and uncovers trends within organizations.
Rethinking Data Capabilities
Traditionally, asset managers have relied on effective data collection and use to stay competitive. However, the accelerated digital transformation driven by the pandemic has raised industry standards, leaving many businesses struggling with outdated systems that can’t meet their daily demands.
Companies are now reassessing their data strategies to break down internal data silos and enhance the quality of data used for portfolio analysis, client reporting and regulatory compliance. This search for operational efficiencies has become paramount.
Given the underperformance experienced by some managers in the current market environment, accurate and timely data provision is crucial for comprehensive performance and risk reporting.
Continuing AI & Machine Learning Impact
Asset management strategies increasingly depend on the capabilities of AI and machine learning, in addition to IoT technology, to further automate processes and provide more precise monitoring.
Artificial intelligence solutions learn from data to enhance asset tracking, performance metrics, maintenance and access control. By analyzing historical and current asset data, machine learning techniques can identify patterns in asset life cycles.
By harnessing these cutting-edge technologies, asset managers can streamline operations, maximize asset use, reduce risks, cut costs and, ultimately, enhance overall asset performance.
Software Comparison Strategy
To begin your EAM software selection process, the first step is to identify your specific requirements. Our interactive requirements template can assist you in this process, making it easier to determine the features you’ll likely use and those that aren’t necessary. This will help you create a shortlist of features that you can use to evaluate EAM software providers.
Additionally, it’s crucial to consider your budget. While some vendors may provide quotes upon request, our comprehensive pricing guide offers information on many vendors’ pricing structures.
It’s important to have a rough estimate of your budget, but also be prepared to be flexible as software investments can yield a significant return on investment.
For further guidance on how to approach your software comparison with expertise, you can refer to our Lean Selection methodology.
Cost & Pricing Considerations
Cloud-based products typically involve a per-user, per-month payment structure. On the other hand, on-premise solutions may offer unlimited access with a single license purchase or require the purchase of multiple licenses for each user or user group.
With a cloud-based product, vendors handle various aspects such as maintenance and disaster recovery. However, if you opt for an on-premise system, you’ll be responsible for managing these tasks yourself.
When considering the cost of a product, it’s essential to evaluate which features are included in each pricing tier. Advanced features and extensive or complex feature requirements can significantly impact the overall cost. You can check out our pricing guide for more details.
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