Overview
As enterprises grow and assets become increasingly connected, asset management processes must adapt. This need for a 360-degree view drives the $5.1 billion enterprise asset management (EAM) market, projected to reach $8.2 billion by 2024 and grow at a 16.7% CAGR. IoT accelerates EAM adoption, with two-thirds of asset-heavy industries—manufacturing, industrial machinery, financial services, transportation, oil and gas and technology—implementing or planning IoT-enabled solutions.
The IATM solution by IoT WoRKS™ enhances asset onboarding, transforms inventory audits and improves asset visibility through location monitoring. This industry-agnostic solution is applicable across IT, life sciences, healthcare, financial services, automotive and MRO.
Benefits
Improved operational efficiency
Automation in asset lifecycle management processes including audit and reconciliation leads to productivity and process improvement
Cost savings
Reduction in cost of lost, stolen and misplaced assets
Higher inventory accuracy
Gaps between actual physical inventory and ServiceNow database proactively identified and reported to the asset manager
Maximum utility derived per asset
By applying FEFO logic in deploying assets, a maximum possible utility can be derived from the assets thereby resulting in significant cost savings
Enable compliance
Through automated audit, reconciliation as well as reduced data breach risk due to asset loss