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Having assets is just one part of the equation. The other part is making sure you make the most out of your assets while keeping expenses to a minimum.

But that is easier said than done. Too often, in fact, companies tend to just cut costs in hopes of improving margins. However, this choice is counterproductive as it can lead to challenges such as:

• Unplanned downtime due to old assets and more safety issues.
• Lack of available capital and spare parts.
• Unforeseen events that result in overtime labour.

Ironically, spending more to reduce risk is not necessarily the answer either, as issues such as the following oftentimes arise:

• Over-maintenance of equipment and bigger maintenance staff.
• Excess spare parts and assets (resulting in unnecessary redundancy).
• Difficulties in choosing which assets to decommission or repair.

Download this e-book to read all about asset optimisation and why you need it.

The key then is striking the right balance—and the IBM Maximo Application Suite (MAS) helps you do just that. It combines monitoring, maintenance, mobility, and reliability applications into a single integrated platform that uses Artificial Intelligence (AI), the Internet of Things (IoT), and analytics to optimise performance, extend asset lifecycles, and reduce operational downtime and costs.

The suite’s powerful capabilities include statistical analyses, prescriptive analytics and optimisation algorithms, and they are at the core of IBM MRO Inventory Optimisation (IO). IBM MRO IO gives organisations:

• Complete visibility of their inventory and assets so they can flesh out stockouts and get rid of excessive and potentially obsolete inventories.
• Data to drive actionable insights focused on criticality and lead time.
• Business value right from the get-go through integrations with enterprise asset management such as IBM Maximo and ERP applications.

Together, these capabilities can help organisations get these critical benefits:

• Reduce downtime by as much as 50%.
• Reduce operational costs by 15–50%.
• Minimise inventory costs by about 40%.
• Increase uptime and availability by as much as 5–10%.
• Extend asset life by as much as 15%.
• Increase savings by approximately 35%.

Put simply, IBM MRO IO helps organisations in asset-intensive industries maximise asset utilisation, reduce asset failure or maintenance downtime, and keep related spending to reasonable amounts.

Click HERE to find out more about this cloud-based solution by IBM.

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