Asset-intensive industries: The time for digital transformation has arrived
Enterprise Asset Management (EAM) has sometimes been an industry of contradictions, with the advent of sensor technologies and more data gathering than ever before conflicting with stagnation in embracing the digital revolution.
However, that is rapidly changing. A recent IDC MarketScape report—Worldwide SaaS and Cloud Enabled Asset-Intensive EAM Applications 2019 Vendor Assessment—outlines the market forces that are placing higher expectations on EAM solutions. Most notably, those are the business-critical demands for more careful tracking, analysis, and management of capital investments. It’s a long-needed transformation, especially for asset-intensive industries such as transit, utilities, oil & gas, public sector, and manufacturing.
And the forces are not just external. There is also a change in how industries themselves are looking at their asset management strategies. Using transportation as an example, organizations are now focusing on how their asset management translates to user experience and satisfaction with service, which means proactively eliminating disruptions in service.
As the report says, “DX (digital transformation) is driving businesses to rethink their technology strategy, and that includes moving beyond their legacy finance and back-office systems.” It goes on to say that DX businesses have a repeatable set of practices and disciplines used to leverage new business, 3rd Platform technology, and operating models to disrupt businesses, customers, and markets in pursuit of business performance and growth.
The report focuses on SaaS and cloud-enabled systems built specifically for EAM. Why? Because SaaS and cloud are the most scalable solutions that can help asset-intensive businesses keep up with this rapid data and digital evolution, without putting burdensome demands on staff and resources. Cloud solutions also help organizations better adhere to the changing regulatory landscape.
The IDC report named Infor a leader in the SaaS and cloud-enabled category. It cited Infor CloudSuite EAM as Infor's flagship asset management solution that delivers:
- all of the tools needed to help customers solve critical asset performance challenges
- a highly configurable solution with industry-specific capabilities for various industries such as transit, manufacturing, utilities, public sector, hospitality, healthcare, and oil and gas
- native mobile applications to help capture accurate maintenance information in real time
It noted Infor’s strengths in multitenant (SaaS) deployment, which allows Infor to provide a continuous delivery model that ensures all SaaS customers have the latest upgrades and releases. Deployed in the cloud, Infor CloudSuite EAM also enables asset-intensive industries to embrace the mobile revolution as well, as its mobile application is embedded as a standard tool to ensure no lag time, which is especially important in connecting EAM with field service.
Where are you on your digital journey? Do you know what to look for in a technology partner to provide the innovations needed today and in the future? You can take a deeper dive into the full IDC report, its industry and product findings, by accessing the whitepaper here.
- Asset management
- Federal Government
- Industrial Manufacturing
- Oil and Gas/Energy
- Public Sector
- State and Local Government
- Infor EAM