As seen across a variety of industries, capital and operational budgets have yet to rebound due to uncertainty around the speed of economic recovery. This continued financial pressure forces companies to get the most out of current assets. To address these challenges, companies are looking for solutions to predict equipment or asset failure so they can prevent downtime, reduce maintenance costs and address points of failure before massive replacement costs are required.
After interviewing 149 executives on their top three operations risks in a recent study, the Aberdeen Group identified the following items as having the largest impact on an organization:
- Failure of Critical Assets – 40%
- Non-Compliance – 34%
- Product Failures – 34%
- Supplier Quality – 28%
- Logistics Ricks – 22%
- Failure to Acquire and Retain Talent – 14%
This study “reinforces that predictive asset management must also take into account not just the asset itself, but the environment around the asset.”
Earlier this summer, Perficient’s David Reiber delivered a keynote on a similar topic at Reliable Asset World. As former owner of General Motors’ Global Maximo Deployment, David offers a wealth of information on asset maintenance, reliability and predictive maintenance.
If these topics are of interest, you’ll want to check out our upcoming webinar this Thursday, August 6 at 1pm CT: Advanced Analytics for Asset Management with IBM. David Reiber will be joined by Perficient’s Maximo subject matter expert Kevin Clark and IBM’s predictive maintenance solution specialist Greg Crist. This session will cover an introduction to predictive maintenance, analytics use cases for asset management, quality and compliance concerns, and integration strategies with analytics solutions.