Proper (or improper) enterprise asset management (EAM) and resource allocation can make or break a company’s success…
With innovative and efficient asset analysis and management, companies can reap the benefits of centralized asset data, actionable insights into asset performance, and a global registry of equipment. But, without this, they could suffer from inefficient asset management, improper resource allocation, and unnecessary costs across the board.
This is exactly where SAP Intelligent Asset Management (IAM) comes in to help!
This article will discuss the core components and capabilities of Intelligent Asset Management in SAP, as well as where our team of SAP consultants can come in to help maximize your investment!
Read on to learn more!
What is SAP Intelligent Asset Management?
SAP Intelligent Asset Management (IAM) is a comprehensive suite of enterprise applications designed to help companies across industries improve operational asset management, maximize productivity and efficiency, enhance operational safety, and reduce overall maintenance costs across the board.
With SAP Intelligent Asset Management, users are enabled to bring collaborative asset intelligence to internal maintenance strategies, including the assessment of asset performance and the creation of predictive maintenance plans to ensure assets function properly across their entire lifecycle.
Understanding the Intelligent Asset Management Solution
The SAP Intelligent Asset Management solution is built on SAP’s strong expertise in operational and enterprise asset management, and it delivers comprehensive solutions that help customers connect assets and improve collaboration across teams, departments, and company locations.
SAP IAM, delivered through the SAP Plant Maintenance module, makes it easier for companies to leverage intelligent technologies, like Internet of Things (IoT), predictive analytics, mobile networks, and more, to facilitate more accurate asset management and improve productivity, performance, and efficiency.
Key Components of SAP Intelligent Asset Management
Here are the main components that comprise the Intelligent Asset Management suite in SAP:
1) SAP Asset Intelligence Network
With the SAP Asset Intelligence Network (AIN), companies are enabled to collect, store, and track important equipment information in a central repository, making it easier to facilitate more collaborative asset management and drive efficiency across teams. This network also delivers compliance and risk management tools according to industry regulations.
And, as part of the Intelligent Asset Management portfolio in SAP, the AIN solution also provides automatic notification capabilities for users, keeping them up-to-date with usage manuals, maintenance strategies, and other asset usage metrics over time.
2) SAP Asset Strategy and Performance Management
SAP Asset Strategy and Performance Management makes it easier for companies to measure and improve the performance of their core physical assets and enhance control over key maintenance strategies.
By leveraging this asset strategy and performance management solution, asset operators and owners, plant managers, and reliability engineers are enabled to maintain a strong maintenance strategy, manage their industrial assets in real-time.
3) SAP S/4HANA Asset Management
The SAP S/4HANA Asset Management solution helps companies streamline lifecycle management processes for their technical assets and leverage integrations with other SAP solutions and external ERP software to support preventive maintenance and asset utilization initiatives across the board.
With this asset management solution, users are also given the tools they need to optimize the scope of work and effort required to complete equipment inspections, manage planned repairs, conduct emergency maintenance, and achieve operational excellence in the long run.
4) SAP Predictive Asset Insights
By leveraging SAP Predictive Asset Insights and its integrations with other solutions across the SAP Intelligent Asset Management solution portfolio, companies are enabled to gain better insights about the current health of their assets and proactively predict potential malfunctions in the future.
This solution simplifies asset management and maintenance, including collecting and combining sensor and business data in a centralized location, leveraging machine learning tools to generate more accurate insights, and engage in engineering simulations to improve effectiveness and reduce overall costs.
5) SAP Asset Manager
The SAP Asset Manager is a cloud solution designed for access management among the SAP Cloud Platform and built to provide online and offline access to important asset data, actionable insights, and context-rich visualizations across teams.
With SAP Asset Manager, companies are enabled to simplify and execute end-to-end enterprise asset management processes in a timely manner and ensure SAP customers have access to the data they need, whenever and wherever they need it.
6) SAP Asset Central Foundation
The Asset Central solution provides the data foundation layer for SAP Intelligent Asset Management, making it easier to sync customer Enterprise Asset Management and equipment data across the board.
This solution enables companies to enhance their core data model, improve data collaboration and consistency across teams, and automatically connect data from SAP IAM, SAP ECC, and SAP S/4HANA.
Main Advantages of Intelligent Asset Management in SAP
Let’s take a closer look at a few of the key benefits of the Intelligent Asset Management solution for users across the SAP landscape:
Enhanced Asset Performance and Efficiency
SAP Intelligent Asset Management provides real-time visibility into asset health, enabling organizations to proactively identify and resolve issues before they lead to failures and increasing asset reliability, availability, and performance.
With SAP Intelligent Asset Management, organizations can streamline asset-related processes, automate workflows, and eliminate manual paperwork to reduce administrative overhead and enable employees to focus on higher-value tasks.
Predictive Maintenance and Compliance
The SAP Intelligent Asset Management solution leverages advanced analytics and machine learning algorithms to predict equipment failures and maintenance needs. By identifying maintenance requirements in advance, organizations can optimize maintenance schedules, minimize downtime, and reduce maintenance costs.
It also helps organizations maintain regulatory compliance and adhere to safety standards by enabling comprehensive inspection and audit processes and ensuring that assets are maintained properly.
Improved Asset Lifecycle Management
SAP Intelligent Asset Management facilitates effective management of the entire asset lifecycle, from planning to procurement, operations, retirement, and more.
It provides a centralized platform for keeping track of asset information, maintenance history, warranty details, and other important data sources to enable better decision-making and improved asset utilization.
Optimal Resource Planning
SAP Intelligent Asset Management enables organizations to optimize resource planning by providing insights into asset utilization, maintenance schedules, and workload distribution across the entire organization. This way, companies can ensure their resources are allocated efficiently to minimize downtime and maximize productivity.
Real-time Analytics and Reporting
The SAP IAM solution offers powerful analytics capabilities that allow organizations to gain real-time, actionable insights into asset performance, maintenance costs, and other key metrics. This enables data-driven decision-making, identification of trends, and proactive planning for future business requirements.
Integration with Existing Systems
SAP Intelligent Asset Management provides seamless integrations with other SAP solutions and third-party systems, including enterprise resource planning (ERP) systems, supervisory control and data acquisition (SCADA) systems, and internet of things (IoT) platforms.
With efficient integrations, companies can foster better collaboration and knowledge sharing across teams involved in asset management, such as maintenance, operations, and procurement to improve consistency and facilitate better decision-making.
Scalability and Flexibility
The SAP IAM solution is highly scalable and can accommodate the needs of organizations of all sizes, and it can be customized to suit specific industry requirements and can adapt to evolving business needs.
How Can We Help?
From leading your internal project teams through a complex SAP implementation process to supporting reliability-centered maintenance strategies for important equipment, negotiating agreements between multiple business partners, and anything in between, Surety Systems has a team of consultants who can handle it all.
Our senior-level, US-based SAP consultants have the knowledge, skills, and experience to help your company manage cloud solutions, perform real-time monitoring for core assets, identify areas of improvement, and make the most of your investment in the long run.
Partnering with the Best
Interested in learning more about SAP Intelligent Asset Management or where our team of expert SAP consultants can fit in your organization?
Contact us today to get started!