| | April 20198CIOReviewIN MY OPINIONssets are the lifeblood of asset intensive industries such as energy and utilities, transportation, mining, nuclear and manufacturing. Fixed cost investments are worth millions of dollars and organizations work feverishly to drive returns from these investments. Some assets are difficult to track and maintain because of access, safety, hazard and security and pose huge regulatory and safety burdens. Hence organizations make huge investments to track and know their assets with the objective of improving asset life, better uptime, reduced safety and compliance risks and improved return on assets. "Enterprise Asset Management" (EAM) is a fast growing market that's expected to grow from $3.44 billion to $6.05 billion, at a CAGR of 11.9 percent from 2017-2022, with a big part of the investment routed in collecting and analyzing asset data that will help organizations optimize asset performance and reduce operational and maintenance costs.Preventive and predictive maintenance programs optimize the relationship between asset ownership and operating profits by balancing the cost of maintenance with the cost of failure and associated operating losses. However, organizations may need to go a step beyond traditional preventive and predictive maintenance. The need for operations, service, and maintenance teams to interact with remote specialists, using communications and collaboration tools, to collect real time information about assets and perform just in time maintenance is pushing asset intensive organizations to adopt collaborative maintenance. Collaborative maintenance will force organizations to dig deep into their knowledge of assets and GET TO KNOW YOUR ASSETS BETTER WITH NEXT GENERATION TECHNOLOGIESBy Amit Mondal, VP, PowerSchool Group LLCA
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