Advanced Enterprise Asset Management Systems: Improve Predictive Maintenance and Asset Performance by Leveraging Industry 4.0 and the Internet of Things (IoT)

Abstract

Abstract Advanced Enterprise Asset Management (EAM) is an approach through which an organization’s assets are systematically and proactively managed throughout their lifecycle — from installation through disposition. The objective of EAM is to prolong the service life and maximize utilization of the assets via adoption of leading-edge standards, practices, and technology. Organizations that implement advanced EAM benefit from reduced operating expenses (OPEX), reduced capital replacement expenses (CAPEX), increased uptime, and overall higher quality asset capability within their portfolio. Successful EAM leverages ISO55000 & IAM 2.0 standards to implement predictive, proactive and reliability centered maintenance best practices. Implementing an EAM provides leading edge technology to the rail industry to track and audit maintenance work using mobility tools, heads-up virtual reality displays, augmented reality expertise and the Internet of Things (IoT); combined with artificial intelligence and machine learning to bolster predictive maintenance and simulate asset performance based on different scenarios. EAM will evolve rapidly following the world’s rapid transformation into the IoT over the next decade. As rail and transit assets become outfitted with interconnected intelligent sensors whose outputs are collected via active and passive devices, real-time data is available for EAM to track, plan and upgrade assets. As systems are modernized, EAM will leverage the IoT revolution to provide critical information to operations in planning railway management scenarios, including predictive maintenance functionality and edge analytics.