Plant Asset Management (PAM) technologies are shifting the next generation of performance improvements from the current practices that are focused on preventing asset failure towards practices focused on predictive asset maintenance strategies for optimum asset performance.
Internet of Industrial Things (IoIT) technologies are revolutionizing operations and maintenance processes, enabling the coverage of a wide variety of asset classes in remote locations that was previously not possible for predictive strategies.
Asset management suppliers are looking to provide comprehensive and integrated PAM solutions by strengthening their product portfolios through effective mergers and acquisitions and partnership strategies.
Key emerging trends include 1) performance-based asset analytics services and 2) product portfolio expansion to include comprehensive asset management solutions from the plant to the enterprise levels.
Hurdles in change management, high initial investment, and difficulty in justifying returns on investment (ROI) are amongst the major challenges in adopting advanced PAM technologies.
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