Getting the bigger picture

More than ever, companies are driven by the expectations of a wide range of stakeholders to reduce costs, improve services and comply with a burgeoning list of environmental, security, financial and operational regulations.

As a result, more, cheaper, faster, better is the mantra for many a business activity, not least for enterprise asset management (EAM).

The difficult part is that, in order to realise the benefits, asset managers must understand very clearly what assets they have, what state those assets are in, and what actions need to be taken in order to deploy them to optimal effect.

At first glance, these appear to be simple tasks. But many well-run companies have a multitude of processes and IT systems to record information about their assets. They have no single way of extracting consistent, actionable and timely information across the enterprise. Those that can do this often do not know the financial impact of alternative decisions, nor the risks involved.

Focus on enterprise asset management looks at EAM in the round. The good news is that, by adopting the latest business practices and technologies, companies can differentiate themselves from their peers. Increasingly, a holistic approach to EAM will be where companies can realise new cost savings and commercial advantage.

Similarly, new technologies, such as RFID, can provide tremendous flexibility and reduce costs. But without clear asset information management and processes, these cannot be used to develop real-time, outcome-driven, decision making.

Through comprehensive, clear information about their assets as well as new technologies companies can keep reducing costs, managing risks and improving performance.

Nigel Spooner
Deputy managing director of Logica’s energy and utilities international line of business