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Maximising Assets, Minimising Costs: The IBM Maximo Approach to Success
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August 14, 2023 Blog

 

Do you know all there is to know about your assets?

We ask this because there is now an unprecedented explosion of data in the world of asset management. This data is a source of invaluable information that holds the key to optimising operations, but here’s the catch: This data remains largely untapped and underutilised.

Find out what asset management should be like in today’s digital era by downloading this brief.

The problem is that 99% of data collected from sensor-enabled assets goes unused, which might be one reason some 82% of asset failures occur randomly.  Such failures tend to be costly as well, with downtime due to failure costing automakers, for instance, an average of USD $21,000 per minute, with false positives leading to as much as a 30% increase in excess maintenance costs.

Minimising asset failure and its associated costs, therefore, is more than enough reason for your organisation to invest in the right asset management solution that can:

  • Integrate, validate, and standardise data from various sources.
  • Establish clear data governance policies and procedures to ensure data quality and security.
  • Provide complete visibility of assets and all pertinent information about each one.
  • Utilise innovations like automation to optimise asset management and improve operational performance.
  • Enable preventive and prescriptive maintenance strategies to extend the asset lifecycle.

That solution is IBM Maximo, which offers a range of solutions engineered for specific industries. IBM Maximo Oil and Gas, for instance, gives oil and gas companies the power to manage assets such as rigs, wells, pipelines, and fleets, while IBM Maximo Application Suite provides industry-best practices for intelligent asset management and a unified view throughout an energy company’s operations.

Specifically, IBM Maximo offers these critical benefits:

  • Reduced downtime and costs.
  • Embedded industry expertise.
  • Unified asset management platform.

The benefits of IBM Maximo are undeniable. Consider:

  • A power generation utility is now saving USD $4.5 million per year by reducing planned overhauls by 5% and eliminating forced outages also by 5%.
  • A major US railroad also saved USD $5 million by better tracking labour to specific work.
  • A passenger railroad was able to identify USD $18 million in obsolete or excess inventory.
  • A consumer products firm increased warranty recovery by 50%.
  • A fleet management company saved USD $9.5 million by meeting 100% availability.

So, if you want these same benefits for your company, click HERE to find out more about IBM Maximo.

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