From growing regulations to the cliché “time is money”, asset maintenance and reliability managers know that downtime and delays in manufacturing processes cause waste, upset customers and lead to lost revenue. CEO’s and executives learned from their COVID
experiences that nimbleness and the ability to act quickly were critical to sustain operations. Paperand pencil processes, or information locked in individuals’ minds were inhibitors to adapt to the rapid changes.
In today’s hyper-mobile and data-centric world, the difference between leading or following is defined by whether you are flexible and resilient. The 90’s and 2000’s were the internet years. This decade, with the rise of Artificial Intelligence (AI), Machine Learning (ML), and no-code app
development, is the intersection of mobility and predictive actions. No one can foresee every crisis, but most can materially mitigate the risks.
What does 2023 look like? Here’s our view on the trends for the coming year in enterprise asset management.
1. Digital Transformation — 2023 is the Year
2. Predictive Maintenance
3. Talent Engagement and Retention
4. Sustainability
5. Close to Home
1. Digital Transformation – Get on the Bus or Get Left Behind
Digital transformation and the adoption of predictive technologies are proven to increase the efficiency and responsiveness of maintenance organizations. No longer can a debate exist between viewing this through the lens of investment or expense. Transforming your operations from old-world, manual, and slow processes to quick, timely, and mobile solutions delivers immediate benefits to the bottom line. No-code solutions eliminate the large IT investment in implementation, can be utilized quickly, and create an ROI in the tens or hundreds of thousands of dollars.
If digital transformation at the maintenance level is not part of your 2023 plans, you will fall further behind your competition. Whether or not a recession occurs, investment in technologies to reduce maintenance costs while increasing uptime (production capacity) and increase equipment lifespan will deliver cost savings and revenue.
2. Predictive Maintenance Goes Mainstream
When tornadoes or hurricanes strike, technology can provide a general warning but not identify to the minute when disaster will occur. Asset-intensive industries rely on expensive and complex machines to operate 24/7. It is one thing to predict when equipment will break down, it is
another to be able act quickly on the early warning signals. Your equipment uses sensors to collect data and support advanced maintenance strategies like predictive or reliability-centered maintenance. But sensors are not enough. You need to be able to analyze the data including
your history of failures and corrective actions taken to be able to fully predict the cause and effect of the measured change in operating conditions.
For many companies, the failure history is the first place to address the adage “garbage in = garbage out”. Unfortunately, most companies have a significant gap in maintenance history data. Addressing your maintenance data capture processes will allow you to reap the benefits of
your modern, Industry 4.0 predictive technologies. Arming your front-line technicians and workers with mobile devices to capture and use data takes predictive maintenance mainstream. The result is greater responsiveness, reduced costs, and reduced downtime.
3. Talent – Engaged Workers Stick With You
Labor shortages span the entire workforce spectrum. Companies needing workers in skilled trades, like maintenance technicians, are especially challenged as the shortage has become worse in the last year. Competitive wages are an important part of employee satisfaction, but there are other areas you can focus your efforts to raise productivity and retention such as reducing stress, increasing empowerment, and creating personal growth opportunities. Here, implementing technology to replace tedious tasks with digital tools will improve employee engagement and attract talented new employees.
Removing routine and mundane tasks like paperwork and repetitive data entry are only the surface benefits of digitizing processes. Advanced technology focuses on empowering front line workers to address and solve problems at the source, the first time, resulting in ensuring production lines are running, or back up and running, with minimal downtime.
Everyone, from the C-suite to the line worker wants the best working conditions to operate. Make sure your company is providing front line workers with the tools to do their jobs better, faster, and more accurately.
4. Sustainability is No Longer a Buzzword.
According to a survey from Total Jobs, 42% of younger employees, ages 23-38, consider sustainable business practices when they decide whom to work for. If you are still managing your maintenance processes with paper, evaluate the environmental impact and cost savings of going paperless. In challenging economic times, where future visibility is uncertain, leaders recognize that uptime and production with current assets is paramount. Lean maintenance practices and sustainability go together. Asset-intensive companies cannot risk equipment downtime putting pressure on an already fragile supply chain. Incorporating mobile technologies and data intensive tools to stay on top of potential problems will help maximize productivity and increase efficiencies while keeping an eye on reducing waste. Combining lean maintenance best practices with a focus on sustainable processes will reduce unexpected costs and deliver revenue to the bottom line.
5. Made in America or Made Locally is No Longer a Wish
COVID was a shock to consumers and businesses alike. Supply chains ground to a halt. Capital equipment previously operating 24/7 was not needed as consumer spending dwindled and logistics were impacted. Companies, many in the Fortune 5000, were left without access to real-
time data because they had yet to digitally transform their operations. Corporations, having spent much of the past thirty years moving manufacturing to China were frozen overnight. The 2022 Inflation Reduction Act, combined with the lessons from COVID, created incentives for
reshoring or onshoring of manufacturing in the U.S. A report from the Reshoring Initiative indicated a 46% increase in foreign direct investment jobs into the U.S. and a 4000% increase from 2010.
COVID was a shock to consumers and businesses alike. Supply chains ground to a halt. Capital equipment previously operating 24/7 was not needed as consumer spending dwindled and logistics were impacted. Companies, many in the Fortune 5000, were left without access to real-
time data because they had yet to digitally transform their operations. Corporations, having spent much of the past thirty years moving manufacturing to China were frozen overnight. The 2022 Inflation Reduction Act, combined with the lessons from COVID, created incentives for
reshoring or onshoring of manufacturing in the U.S. A report from the Reshoring Initiative indicated a 46% increase in foreign direct investment jobs into the U.S. and a 4000% increase from 2010.
Conclusion
Leading organizations are flexible and resilient. In times of rapid change, it is important to be adaptable and move quickly to whatever happens. In the last few years, it has become clear we can’t always anticipate what challenges lie ahead. And technology has proven to be a key factor
in mitigating risks. COVID was a wake-up call to companies caught not having invested in modernization and digital transformation. Consulting firm, Deloitte recently reported, “companies with higher digital maturity have shown greater resilience, as did those that accelerated digitalization during the pandemic.”
The simple answer to “What is the trends for 2023” is not to ask what does this cost or thinking transformation is an expense, but what is my ROI to become a market leader? Large, asset- intensive industries need mobile functionality to stay one step ahead.
At SIGGA, we understand what it takes to drive technology adoption in operations while preserving IT resources and budgets in the process. Our mobile EAM cloud SaaS solution comes on a no-code platform with no-code SAP integration. And, with our expertise in maintenance, we can actively drive a collaborative agile implementation, support adoption, and scale across global sites. Let us know what you think about our view of 2023 and talk to us about how we can partner with you to take the leap from market laggard to market leader.
Read About our EAM Solutions for Maintenance Operations.