Enterprise Asset Management in the age of COVID-19

In an economy sometimes there is an event that cannot be predicted or prepared for, with a huge, far reaching impact. In 2020 the pandemic of corona virus took over the world, becoming the largest of these huge events we had experienced for some time. An event that no one expected and for which no one was prepared for, has wreaked real havoc on the economic and social life of many countries. Lockdowns saw the closure of entire branches of the economy in order to fight the virus.

As a result of this unprecedented event, many companies were brought to the brink of failure. This was due to the rapid and unexpected drop in revenues, represented by the fact that the economy had in fact come to a standstill. Even the best managed firms with large stocks of cash have suffered from this economic freeze.

With the gradual opening up of the economy over the summer, the situation seemed to be slowly returning to normal. Unfortunately, the arrival of the second wave of coronavirus has translated into the return of some of the restrictions.

That is why in such turbulent times, companies have begun to focus on trimming costs, generating savings and securing liquidity that would allow them to survive another wave of restrictions and a potential freeze on individual sectors of the economy. This is particularly important in a situation where there is no visible improvement on the horizon. Therefore, generating savings while maintaining the efficiency of business processes becomes not only a challenge for companies, but also a necessity that might be a deciding factor whether individual companies survive, let alone thrive, in the market.

Fortunately, technological advances that have been made in recent years, especially in the IT industry, resulting in several solutions in the field of asset management of the company. One of the leading solutions for Enterprise Asset Management is IBM Maximo. IBM Maximo for years has been successfully supporting world leaders in achieving a successful return on their businesses.

This is of great importance in the time of coronavirus, when companies are looking for savings to optimise processes, and increase the efficiency of the resources at their disposal. Successful digital transformation in this area translates into a real improvement in the company’s financial performance. Not insignificant here is the economies of scale, which in the case of larger companies allows to multiply even small savings, resulting in very measurable results.

While some companies may be reluctant to invest at this difficult time, research shows that the implementation of a professional system for managing the company’s resources translates into real benefits. The positive impact of which on the financial result can be seen already a few months after the initial implementation.

The implementation of IBM Maximo Asset Management allows enterprises to expect the following benefits :

• Improving profit or performance by:
• Capex expenditure decreased by 3-7%
• Making better use of the company’s resources
• Increase in production
• Savings on operating costs
• Less crashes and unplanned downtime
• Improving the quality of services provided
• Inventory optimisation
• Extending the life of infrastructure and equipment
• Lower prices for purchases of materials and services
• Standardisation of processes within your organisation.

When it comes to key processes, the company can expect improvements in the following areas:

• Better use of human resources –up to 20%
• Increase the availability of machines and equipment – up to 5%
• Increase the volume of planned work – up to 80% 
• Increase the effectiveness of warranty claims enforcement – up to 50%
• Reduced inventory maintenance costs –up to 30%
• Reduction of storage costs – up to 20%
• Reduction of material costs –up to 20%
• Reduce purchasing costs by up to 50%.

In addition, IBM Maximo allows you to achieve standardisation of processes within your organisation, auditability of compliance with industry requirements, safety and management and quality standards.

It can be argued that during the more difficult times, it is important to automate and optimise internal processes, as well as increase the efficiency of resource management. Therefore, it is worth implementing IBM Maximo as your solution.

We at MACS are here to advise you on the best solutions in this area, which will fully meet the needs of your organisation. If you would like more information on the solutions we have available please get in touch – info@macs.eu