Enterprise Asset Management is not immune to the latest technology and innovative cloud solutions ranging from IoT to the possibilities of blockchain-based infrastructures. A recent report by Future Marketing Insights estimates a growing global market heavily focused on cloud-based integration.
EAM in the Cloud
As enterprise asset management becomes more of a critical component of the daily operational management of the business, it directly integrates with other key functions such as production, procurement, inventory and finance. As a result, your EAM solution forms a vital component of your ERP platform, offering deployment options including cloud-based or on-premise solutions.
EAM software is used by enterprises across a wide range of industries such as mining, manufacturing and energy and utilities, as they employ important physical assets, heavy machinery and equipment.
When these large companies embrace digital transformation, as you can’t afford not to in our competitive environment, by moving critical business operations to the cloud then inevitably your EAM system will also make that transition.
The new release of Dynamics 365 for Operations is Microsoft’s new business solution for medium to large organisations. Dynamics 365 for Operations was previously known as AX7 and is a single software system that helps run businesses more effectively. It is a digitally transformed financial and operational ERP system.
Internet of Things (IoT)
The increasing penetration of IoT for machinery and equipment is changing the enterprise asset management game. The implications of this technology in industries such as mining, logistics or manufacturing lead to production optimisation, cost reduction, and customer service improvements to name a few.
According to research, the emergence of IoT and the gradual increase in investment in software by organisations worldwide is a major factor driving the global enterprise asset management market.
Industry leaders focusing on strategies to streamline their operations and expand their product or services portfolio need to rely on business intelligence and data analysis enabled by IoT, else they risk being left behind.
Hybrid Blockchain Solutions
Hybrid blockchain solutions can become an ally in governing and managing enterprise assets in a scalable and secure environment. Blockchain also holds potential in maintaining data of critical financial importance and improving network scalability, speed and security.
Blockchain technology can be considered for various organisational challenges to maintain data consistency, confidentiality, accuracy and integrity across applications, especially as operational networks become more complex and need streamlining.
Enterprise asset management needs to consider the beneficial implications of alternative technologies in connecting asset maintenance activities with production and logistics networks, optimising complex infrastructures, and ultimately improving ROI.
Find out more about the report here.
Dynamics AX has integrated enterprise asset management solutions in its core ERP solutions, AX EAM, with flexible deployment available.
Microsoft Dynamics for Operations
Contact Decision Inc. Immix and speak to one of our experienced Microsoft Dynamics ERP consultants if you would like to see how Dynamics AX/Dynamics 365 for Operations can help your business.