EAM systems work best when well integrated with ERP

Asset-intensive organizations that rely on the continued performance of their physical assets, such as big manufacturers, multisite organizations and large utilities, need to make sure their enterprise asset management, or EAM, systems work well with their ERP systems.

Indeed, ERP and EAM systems have to act as partners rather than competitors to help organizations accomplish their objectives, said Tracy Smith, president of SwainSmith, a consulting firm based in Franklin, Tenn.

Both ERP and EAM software serve distinct, specific purposes that add value to an organization. Each system complements the other by doing what it does best in its respective field, Smith added. ERP systems are better at managing financial assets while EAM systems do a better job of managing physical assets. Bringing EAM software and ERP software together with an effective integration strategy enables them to do what they do best.

“Although there are modules in an ERP system that you could use to manage your physical assets, the functionality just isn’t there. The focus of the software company is not around assets, it’s around financials,” Smith said. “What we say is that you can have the best of both worlds.”

A company can have an ERP system to manage its finances; issue checks, roll costs up to the general ledger and manage cash, receivables and payables, but it should have a separate system that is entirely dedicated to its physical assets, which means EAM software, according to Smith.

Challenges to EAM and ERP integration

Smith said he tells his clients they need both an EAM system and an ERP system, and they need to talk to each other.

“But that’s where it gets a little sticky — making sure that they’re communicating with each other in the correct manner is critical,” he said.

Historically, integrating EAM and ERP systems has been complex and expensive. Different types of databases, table structures, upgrade issues and system constraints have added costs and complexity to getting EAM software and ERP systems in sync and communicating, Smith said.

This is the main reason that some organizations have chosen ERPover EAM when it comes to asset management.

ERP systems normally manage the organization’s financials. When using EAM software, a portion of those financials related to asset management activities, e.g., maintenance, repair and operations, materials management, and purchasing, are initiated and tracked in the EAM system. To ensure that costs are correctly allocated so vendors are paid and cost information is passed to the ERP system, the two systems must be integrated, Smith said.

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Article Credit: Tech Target

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Hot IoT tech trends for 2018

Instrumentation is coming – 2018 promises the IoT-ification of a lot of existing technology, plus edge computing, improved analytics and even some security improvements, if we’re reading these tea-leaves correctly.

IoT has been one of the biggest phenomena in technology for years, but 2018 is the year that it begins to really shake up the rank-and-file of enterprise users, according to Christian Renaud, director of 451 Research’s IoT practice.

There’s a new level of sophistication coming to the way companies approach the analytical end of the IoT phenomenon, Renaud said. Businesses store roughly half of the data they capture, and analyze about half of what’s stored.

“So why did I pay all that money for all those damn sensors if I’m not going to do anything with all the data that they capture?” he saud. “I think the people that have deployed are getting a lot better about what data [they’re] capturing, is important and what data is not.”

New-gen technologies make IoT transformational

IoT, AI, blockchain and fog computing are the building blocks of digital transformation. Each one contributes important capabilities, but only together do they have the potential to fulfill the lofty expectations of IoT.

Over the last few years, many people—myself included—have been touting the Internet of Things (IoT) as a driving force behind digital transformation.

But is IoT by itself truly that transformational?

Well, I would argue that it is not.

IoT focuses mainly on securely connecting devices that generate data. It is a key element of disruption and change, but it needs to partner with other technologies such as artificial intelligence (AI), blockchain and fog computing to create billions—some say trillions—of dollars in value and transform industries.

Radar – The next wave of disruption

Radar technology is used in many apps, including Warby Parker, Via, SeatGeek, Chick-fil-A, Raise. See videos how the technology was used by Via & by Raise.  App developers can use our iOS and Android toolkits (software development kits, or “SDKs”) to add these capabilities to their apps in just a few lines of code. Building these capabilities from scratch can take weeks or months, but integrating Radar takes only a few hours.

Taking an example of the retail industry, unstoppable disruptive forces can cause reversals that are hard to believe. Since 2000, retail sector has seen many reversals. In 2016, Walmart reported its first annual sales decline since 1980, underlining the firm challenges it faces competing against Amazon. Target stores are merging with Kmart in bid to boost struggling chain; In 2000, Kmart was the third-largest US retailer, with $36 billion in sales; by 2014, its annual revenues declined by two-thirds while Amazon’s annual sales grew to $89 billion from about $2.8 billion over the same period. Only a 15-year-old company Alibaba, the market leader in China’s booming e-commerce business, now values more than $25 billion.

The next 14 to 15 years, will be even more disruptive and Radar based IoT solution is an undisputed force in this space.

Radar strongly believes that location is the future of mobile. We’ve had smartphones for over 10 years, but most apps are not location-aware in the ways that we describe above. Moreover, many companies in the location space are ad tech companies, like Foursquare and Factual. Radar wants to change this. Their priority is to help developers build great location-aware product experiences, and to collect and store location data in a privacy-sensitive way.

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