Experience Management in Equipment Asset Management
Equipment Asset Management (EAM) is increasingly getting influenced by Digital Technologies and Business services. With IOTs, sensors – relaying health parameters of equipment asset in real time, EAM business processes are increasingly getting automated. Machine Learning and Artificial Intelligence are here to assist Asset management community with data driven insights for the well informed business decisions –
- when to do
- what to do
- how to do.
Sheer volume and complexity of investment already made in assets , market competition makes digital technology adoption more inevitable. The core business objectives of EAM could be in continuously improving operational effectiveness say through – ROA (Return on Asset Investment), OEE (Overall Equipment Effectiveness), Reliability of Assets etc.,
But will this end here?
The customer experience (CX) management that goes along with sale of Products/ Services has become critical for business performance measure and reinventing business models. In a similar way the experience of stakeholders will be a force to reckon with in the Equipment Asset Management area in measuring the business performance.
The experience of stakeholders say
- leadership of the organization at various levels,
- statutory bodies,
- local community external to the organization who are impacted directly / indirectly will be important in reimagining the asset management business.
Right from the conceptualization of asset requirement to decommissioning , acquiring and operating these assets the stake holders experience will matter. Measuring experience in all touch points and managing them well will be a business imperative. Ultimately human perceptions, emotions do matter .
Experience influences operational performance measures and well managed ones can help business to go beyond these numbers !!