Some Of the Key Challenges Businesses Face in Managing Their Enterprise Assets
- Aging Infrastructure and Maintenance Difficulties: As assets become older, they are prone to breakdowns. Factors such as the unavailability of spare parts and the expiry of vendor support make the maintenance of outdated equipment a challenge. Enterprises struggle with increased maintenance costs, decreased reliability, and regular downtimes.
- Data Silos: When the vast amounts of data generated by assets throughout their lifecycles reside in isolated systems, it becomes difficult for businesses to gain a holistic view of asset performance, maintenance history, and costs.
- Regulatory Compliance and Associated Risks: Compliance with industry regulations and managing associated risks is critical for businesses in asset-intensive atmospheres. Failure to comply with regulations can cause severe financial penalties, compromised safety, and even reputational damage.
- Lack of Asset Visibility and Tracking: Maintaining visibility and tracking assets is a common challenge faced by businesses, particularly those with geographically dispersed operations or extensive asset portfolios. This lack of visibility can lead to underutilization of assets, misplaced assets, and inefficient inventory management.
- Inefficient Workflows and Collaboration: EAM often involves multiple stakeholders such as maintenance teams, operations personnel, procurement department staff, and external service providers. The lack of efficient workflow management and collaboration can lead to communication gaps and delays, resulting in reduced productivity and increased downtime.
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Ravi is the ServiceNow Practice Lead at KANINI. He brings close to 18 years of experience in the IT industry and has strong program & project management skills spanning ServiceNow, Resource Management, Solution Design, and Service Delivery. He has a proven track record of helping enterprise customers leverage ServiceNow platform efficiently.