Integrated Asset Management
Integrated Asset Management (IAM) empowers organizations to optimize the entire lifecycle of their physical assets. It involves structuring asset data, improving reliability and availability, streamlining operations, maintenance and costs and enhancing future preparedness through digital transformations.
Integrated Asset Management
The complexities of managing physical assets in industries like energy, utilities, mining and chemicals are growing. Businesses often struggle with inconsistent asset data, leading to wasted time, poor data visibility and significant financial losses due to inaccurate information and inefficient processes. Poor data quality alone can cost organizations millions annually. This raises crucial questions for businesses:
- What exactly is IAM?
- How can it address common challenges in asset-intensive industries?
- What impact can IAM have on operational efficiency and the bottom line?
Let's explore these questions to understand the value of a robust IAM strategy.
Table Of Contents:
- What is Integrated Asset Management?
- Why is asset management significant?
- What challenges does Integrated Asset Management address?
- What benefits does HCLTech's IAM offer?
- FAQs
What is Integrated Asset Management?
Integrated Asset Management (IAM) involves structuring asset data to improve reliability and availability. It optimizes operations, maintenance and costs and enhances future preparedness through digital transformations and digital twin technologies. This is achieved when organizations have comprehensive knowledge of their current asset state. IAM services provide data-driven solutions such as asset strategy and centralized data models.
Why is Asset Management significant?
Asset management facilitates an organization to manage and monitor their assets in an organized and systematic approach. It enhances profitability and effectiveness, positioning a business to improve return on investment. It helps in making business decisions, saving expenses and elevating regulatory compliance. Overall, it positively affects the bottom line.
What challenges does Integrated Asset Management address?
Digital initiatives are crucial for staying competitive in today’s evolving landscape. However, industries struggle to measure the potential impact of their efforts due to inconsistent asset data structure, model, taxonomy, standards and frameworks and benchmarks that provide an accurate comparison. Engineering asset data is embedded in every decision, interaction and process for digital transformation. Challenges include:
- Time wasted in finding information and lack of data visibility and trust: Many businesses struggle to manage unstructured asset data and taxonomy.
- Lower asset data quality: Organizations believe poor data quality to be responsible for an average of $15 million per year in losses.
- Lack of integration: A potential 10% to 30% reduction in engineering hours and up to 20% reduction in operating costs can be achieved from developing a structured connected asset data foundation. (Link)
- Asset reliability: Companies believe incomplete reliability processes and spares data to be responsible for an average 10%-12% inventory cost and 10%-15% asset downtime per year. (Link)
What benefits does HCLTech IAM offer?
HCLTech Engineering services - Integrated Asset Management (IAM) helps you unlock greater value by leveraging asset management standards and proprietary solutions like IDAMX. The synergy between our asset management services and solutions drives significant transformational projects efficiently. Our offerings enable:
- Reliability experts
- Proven methodologies
- M&R operations optimization
- Business process improvements
Our integrated standardized workflows lead to smoother operations, project handovers, increased efficiency and reliability, minimized asset downtime, reduced inventory and overall cost reduction. A standardized plant breakdown structure with structured, quality asset data supports effective digital transformation, digital twin and connected worker initiatives.
Frequently Asked Questions on Integrated Asset Management
What is Integrated Asset Management (IAM)?
Integrated Asset Management (IAM) is a comprehensive approach to managing physical assets throughout their lifecycle to optimize their performance, reliability and cost-effectiveness. It involves structuring asset data, optimizing operations, reducing maintenance and costs and enhancing future preparedness through digital transformations.
Which industries benefit most from IAM?
IAM services are highly demanded in industries such as oil and gas, utilities, chemicals, mining and manufacturing.
How does HCLTech ensure data quality in asset management?
HCLTech's IAM portfolio includes robust asset information management capabilities. We build strong foundations using standards, document management processes and industry practices for asset lifecycle information management. This includes defining document matrices, structuring document collection and classification, implementing naming conventions and establishing metadata capture. Our solutions also feature data quality dashboards.
What role do digital technologies play in HCLTech's IAM?
Digital enablers and advanced analytics ensure safe and reliable operations and help achieve asset management goals. Our IAM offering leverages digital transformation, combined with digital twin technology, connected assets, asset analytics and data platforms. We also utilize integrated AI, ML and NLP for an end-to-end asset management solution aligned to ERP.
