Asset management is a system used to manage a company’s assets in order to provide stakeholders with the best returns. Companies have a large variety of assets, including fixed and liquid assets. In order to reduce the money and time invested, a company must continually track its assets. Today, assets are managed in a very new way with the Internet of Things and embedded technologies. It helps manufacturers and asset operators to maximize productivity and improve operational safety. There are many asset management solutions exist which offer various advantages to companies.

Recently, SAP SE introduced a new SAP Intelligent Asset Management solution which has a set of features bringing collaborative asset intelligence, planning, prediction and simulation to equipment maintenance and operations. This integrated solution package includes centralized asset intelligence capabilities, collaboration and networks, strategy and performance, condition monitoring, prediction and simulation, and mobile asset management.

Hala Zeine, president of SAP Digital Supply Chain, says, “We are delivering intelligent technologies to help our customers define, plan, execute and monitor optimal service and maintenance strategies to drive smarter decisions, improve reliability and reduce outages.”

The cloud offerings of SAP Intelligent Asset Management solutions share a common asset data foundation to enable digital representation of physical objects. SAP Intelligent Asset Management also uses technologies like the Internet of Things and machine learning, to deliver sensor-enabled insights, automation, and predictive maintenance.

This new SAP Intelligent Asset Management allows manufacturers and asset operators to adopt new business models to increase revenue. The assets are connected through IoT devices. In healthcare, it is used to monitor and provide equipment health alerts using machine learning–enabled predictive maintenance and physics-based simulations. It allows remote access to mobile maintenance processes and asset intelligence networks for manufacturers to perform asset management tasks quickly and easily. SAP Intelligent Asset Management helps customers to connect digitally with a single set of data across all assets to operate more efficiently.