A Resilient Enterprise with IFS Cloud EAM

REPORT

As we’ve learned over the past few years, resilience to change is essential to the health and success of the enterprise. This principle extends across all business areas, including the assets we rely upon to keep the company running.

How we manage and maintain our enterprise assets directly impacts the company’s performance. Often overlooked and taken for granted, these components are essential building blocks to a successful business. Without them, there is no business.

Today, with technological advances, enterprise assets contribute beyond operational productivity, providing us with critical data-based insights that inform business decisions. These data serve more than just the bottom line, helping us develop a safer, greener, more sustainable operation.

This IFS paper examines advances in enterprise asset management (EAM) technology and how organizations are evolving their EAM strategies to become more efficient, profitable, and resilient in the face of change.

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Costs related to equipment failure and downtime are significant. For example, the average manufacturer encounters 8,800 hours of equipment downtime each year. When this happens and production stops, costs quickly add up, with unplanned downtime costing industrial manufacturers as much as $50 billion a year.

Another example is the oil and gas sector, where companies lose an average of 32 hours of productivity each month to unplanned downtime, at a cost of $220,000 per hour. This rounds up annually to $84 million per facility. For companies with aging equipment, operational and maintenance costs are even higher.

Network downtime—when IT equipment and other technical infrastructure fails—is painful across industries. And it continues to increase year over year. For example, in 2014 Gartner assessed the cost of downtime at $5,600 per minute for an hourly average of over $300K.

In 2022 this skyrocketed, with ITIC research reporting that a single hour of downtime could cost over $1M.

$50 billion Annual cost of unplanned downtime for industrial manufacturers

$220,000 – Cost per hour of unplanned downtime in oil & gas

The Evolution of Asset Maintenance

With advances in technology, maintenance practices continue to evolve:

Maintenance 1.0

Managed visually and reactively. Assets run until they fail, then a fix is applied.

Maintenance 2.0

Preventive maintenance at pre-scheduled and fixed intervals.

Maintenance 3.0

Condition-based maintenance with sensors to monitor assets in real-time and send alerts.

Maintenance 4.0

Predictive maintenance to proactively improve asset performance.

Maintenance 5.0

Asset performance is actively managed for real-time optimization.

While this maintenance maturity roadmap is displayed linearly, the reality is that most organizations use a combination of practices across their operation.

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About IFS

IFS offer software for: Enterprise Asset and Project Management, Enterprise Resource Planning, Field Service Management and Customer Engagement. IFS software is used by a range of companies globally to enable them to meet these challenges. Our solutions are used by some of the world’s largest power-generation projects, national-grid corporations, nuclear-power plants and multi-national generation, transmission and distribution companies.

To learn more, visit https://www.ifs.com/