The stride towards connected system is in the wake of the burgeoning Internet of Things (IoT). With the rise in the size of the IoT market, which is expected to expand up to 20 billion units by 2020 according to Gartner, enterprise assets are becoming increasingly interconnected. A significant portion of this estimation is predicted to come from the Industrial IoT (IIoT), which focuses on connecting devices and objects within an enterprise via technology to sense, communicate, and interact with the external environment.
The devices connected through IoT and IIoT generates a huge amount of data, creating an opportunity for futuristic enterprises to efficiently design, commission, construct, operate, maintain, and replace physical assets. The widespread adoption of IoT is becoming boon for next-generation EAM. This advanced EAM software relies heavily on the analysis of data from IoT and IIoT to predict equipment failure and the necessary timing for maintenance.
This practice, called predictive maintenance, gives enterprises a crystal ball, potentially enabling them to see how and when a failure might unfold unless they take the necessary steps to prevent it. Basically, EAM software, supported by IoT enables enterprises to perform predictive maintenance, which in turn aim them in avoiding expensive equipment malfunctions, boosting production quality and reliability, optimize resource management, scheduled maintenance at the least disruptive time, forecast warranty claims, and keep the customers informed about upcoming issues to enhance the experience.