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Connected Systems to Inform ML/AI and Drive Better Outcomes

The technology landscape in the manufacturing domain is swiftly transforming, with Connected Systems paving the way to a new era. Predominantly, these systems are shaping the factory and enterprise examples we see today. Connected device assets are indispensable components of these systems. These devices, ranging from equipment sensors to intelligent robots, feed vast quantities of data to advanced algorithms, laying the foundation for critical business insights. This post is aimed at elaborating on how these assets, combined with technologies like telematics, edge-to-cloud, and master data, drive efficiencies through Machine Learning (ML) and Artificial Intelligence (AI) for better outcomes.

What are the Benefits of Connected Assets?
Connected assets bring a plethora of benefits, each contributing to the march towards better outcomes. They drastically improve operational efficiency by automating manual tasks, reducing the opportunity for human error, and increasing the speed at which tasks are completed. These assets also enable predictive maintenance. Through consistent data analysis, manufacturers can identify potential failures before they occur, significantly reducing downtime. This predictive capability is a game-changer, offering numerous advantages from improved maintenance planning to prolonged asset life. An additional key benefit is the ability to facilitate real-time monitoring and control. This ensures swift corrective actions when undesirable deviations occur, minimizing the impact on productivity and quality.

What are the Benefits of an EAM?
An Enterprise Asset Management (EAM) system is instrumental in driving better outcomes. It promotes asset lifecycle optimization, enabling the tracking and management of every asset from procurement to disposal, monitoring performance, and identifying inefficiencies. EAM also plays a crucial role in risk management and compliance. It ensures adherence to safety protocols, standard operating procedures, and regulatory standards, thus minimizing the risk of injuries, damages, or non-compliance penalties. From a financial perspective, EAM brings about significant cost savings and value maximization. It helps optimize inventory, prevent overstocking or understocking, and decrease asset downtime, thereby optimizing resource usage and driving cost-effectiveness.

What are the Benefits of an IT Asset Management System?
A robust IT asset management system ensures IT infrastructure visibility and control. It offers a comprehensive picture of all IT assets, thereby improving accountability and enhancing decision-making abilities. It also reinforces IT security and governance by identifying possible vulnerabilities and enabling swift remediation. Furthermore, it aids in strategic asset planning and utilization, facilitating the fulfillment of organizational goals. Decisions regarding asset acquisition, replacement, or retirement become data-driven, ensuring optimal IT resource utilization for better outcomes.

What Improvements can Enterprise Asset Management (EAM) Bring in Inventory and Warehouse Management Processes?
EAM can deliver significant enhancements in inventory and warehouse management. It enables streamlined inventory management by providing real-time inventory visibility, thereby avoiding shortages or excess stock. Furthermore, it allows automated warehouse operations, minimizing labor-intensive tasks and increasing accuracy and efficiency. Moreover, with EAM, enhanced supply chain coordination becomes viable. Communication between warehouse, purchasing, and sales departments is improved, ensuring a smoothly functioning supply chain, and further driving efficiencies and better outcomes.

How are ALM and EAM Different?
Although Asset Lifecycle Management (ALM) and EAM are often used interchangeably, there are distinct differences. ALM focuses on the entire lifecycle of an asset, while EAM prioritizes maximizing operational efficiency. Despite these differences, integrating the two offers a more comprehensive view of asset management, resulting in better outcomes.

Case Studies and Examples
The manufacturing world is abundant with instances where connected assets have drastically improved outcomes. Through EAM and IT asset management systems, companies have achieved operational efficiencies and strategic benefits resisting description. Ultimately, adopting such systems can leverage immense improvements in outcomes for any enterprise.

Conclusion
Connected Systems utilizing ML/AI, are not just a prospect, but a present reality that is continuously evolving. Implementation of such systems in asset management is not just beneficial, but necessary to survive and thrive in this competitive marketplace. Remember, better outcomes from connected assets are a reality, waiting to be embraced.

Call to Action
Executives and professionals in this sector need to understand these innovations and contemplate their implications. Share your thoughts, insights, and experiences with us. Review your connected system strategies and ponder how these can be improved in your context.

See how LHP Analytics & IoT is improving outcomes by connecting disparate systems, master data, data analytics, and event-driven feedback solutions to provide the right data-driven insights, to the right team, at the right time.