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Differentiating Intelligent Asset Management from Enterprise Asset Management

Objective

After completing this lesson, you will be able to explain the differences between Enterprise Asset Management and Intelligent Asset Management

Why Cloud? Why SAP Intelligent Asset Management and SAP S/4HANA Cloud EAM? – Business Need

SaaS and cloud migration = 38% of asset-intensive industries are steadily converting legacy systems to cloud-based Enterprise Asset Management.

Asset managers' technology, data, and digital technology are and will be differentiators and innovation accelerators amongst others, increasing the integration of asset management with AI, IoT, digital twins, augmented reality, and location-based services.

Internet of Things (IoT) and machine learning made it possible to track equipment status in real time, detect anomalies, and forecast potential problems.

Executives agree that digital twins are an essential aspect of asset management organizational enablement.

Coming and recent generations require user-grade digital applications. Digital natives grew up using technology. They lack the years of equipment experience held by experts leaving the workforce. Technology connects the younger generation with inbuilt knowledge. This trend is highly connected with human-centric mobility, emphasizing the need for mobile solutions.

AI impacts and enhances decision-making with predictive analytics, automation, and efficiency everywhere, including asset management processes.

Further Aspect: Changing Market Dynamics – Service-Orientation

There are new market dynamics through the convergence of asset maintenance and equipment service processes.

Service and maintenance companies are reliable for the specified equipment efficiency and performance needed to be in sync to best serve the end customer.

The manufacturer and operator have their own ‘commercial efficiency’ to make their respective business model work.

Increased focus on outcome-based operation = understanding the common commercial efficiency as a win-win opportunity, as well as the common and collaborative processes.

Convergence of Asset Maintenance and Equipment Service Processes

Interplay between processes in service management and asset management within outcome-based operations.

Differences Between SAP S/4HANA Cloud (EAM) and SAP Intelligent Asset Management

Comparison between solution features of SAP Intelligent Asset Management and SAP S/4HANA Cloud Asset Management

Differences Between Cloud EAM and SAP Intelligent Asset Management

EAM	SAP Intelligent Asset Management
Master Data: Foundational data that is essential for managing and maintaining the assets within an organization. This includes data such as functional locations, equipment, plants, and so on.	Asset Collaboration: Asset collaboration refers to the integration of asset data, workflows, and teams to improve asset performance and efficiency. It involves facilitating communication and collaboration among different stakeholders, such as maintenance teams, asset managers, and asset manufacturers.
Work Management: Work management involves overseeing all aspects of work related to maintaining and managing physical assets within an organization. This includes planning, scheduling, assigning, and tracking work orders, as well as monitoring and optimizing the use of resources.	Asset Strategy: Asset strategy refers to defining and implementing a plan to optimize the usage, performance, and maintenance of physical assets within an organization. This involves identifying the most effective and cost-efficient ways to acquire, utilize, and dispose of assets.
Planning and Orchestration: This is a strategic approach to managing and maintaining the assets of an organization. This includes creating long-term plans for asset management, scheduling maintenance and inspections, and coordinating the efforts of different teams and departments to ensure efficient and effective asset management.	Asset Health: Asset health in intelligent asset management refers to the condition or state of an asset, such as a piece of equipment or machinery. It involves using data, analytics, and predictive maintenance to monitor and assess the health of assets in real-time, allowing for proactive maintenance and minimizing downtime.
Scheduling: This involves creating and managing work schedules for maintenance activities, inspections, and repairs on assets. It involves understanding asset availability, resource availability, and the criticality of the maintenance tasks.	Field Service: Field service involves the deployment of technicians or service personnel to different locations or remote sites to perform maintenance, repairs, inspections, or other tasks related to the assets located there.
Execution: Execution refers to the process of and carrying out maintenance and repair operations and activities for assets and equipment within an organization. This also includes the time recording for all maintenance work.	Mobile Work Management: Mobile work management is the use of mobile technology and applications to efficiently manage and track work tasks, maintenance activities, and asset performance in real-time. This allows field technicians and managers to access, update, and communicate critical information while on the go.
Analytics and Reporting: This involves using data and metrics to monitor and evaluate the performance, maintenance, and operation of a company's assets. This can help identify trends, patterns, and potential issues, as well as make informed decisions for optimizing asset performance.	Asset Visualization: Asset visualization is the use of software and technology to create visual representations of assets, such as equipment or infrastructure. This can include 3D models, interactive maps, or other digital renderings that provide a clear and detailed view of the asset.

Asset Management solutions in the SAP S/4HANA Cloud environment.

Core of Intelligent Asset Management: Intelligent Assets – Digital Twins

"Intelligent Asset" = Digital Twins = Enable future maintenance strategies, for example, risk based, and contribute towards more resilient supply chains, enhanced customer service, improved operational equipment efficiency, cost reduction, and enhanced risk management through:

Connecting assets through Industry 4.0 to establish real-time condition monitoring, predictive and prescriptive maintenance.

Integrating maintenance operations across the enterprise, removing silos in the supply chain.

Connecting maintenance strategy, planning, and execution via closed-loop processes and data and ensure intelligent and safe operations.

Adopting new collaborative processes with business partners.

But why? Maintenance operations are aiming to establish a self-running enterprise, as shown in the following figure:

Asset Management approaches and their operational equipment efficiency.

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