OVERVIEW ON ORACLE EAM
In the modern world, nearly each and every area of our life can find appropriate support. We use systems and programs for our sports activities, health, entertainment, and of course, business. There are a lot of unique supporting systems and frameworks nowadays. And each of them is aimed at maintaining and profit growth. One of such systems is EAM.
Oracle Enterprise Asset Management (eAM) is a section of Oracle’s E-Business Suite, offering organizations the tools to create and enforce maintenance techniques for both assets and rebuildable inventory items. Using eAM, corporations can efficiently maintain both assets, such as vehicles, cranes, and HVAC systems, as well as rotable inventory items, such as motors and engines. Maintenance techniques are an essential phase of an organization’s entire asset lifecycle management strategy, enabling an organization to optimize asset utilization. eAM allows users to optimally design and schedule maintenance activities with minimal disruption to an organization’s operations or production. Importantly, it improves resource efficiency, enhances maintenance quality, tracks work history, and records all maintenance costs.
Oracle eAM tracks the overall performance of assets including rebuildable, inventory items, the use of meters, best plans, and condition monitoring systems. By effectively monitoring an asset’s working condition, effective preventive maintenance strategies can be implemented. In addition to developing preventive maintenance schedules, users can create choice maintenance strategies for seasonal or production capacity changes.
eAM’s complete maintenance functionality helps asset lifecycle strategies for asset-intensive industries, such as Metals/Mining, Manufacturing, Pulp/Paper, Petrochemicals, Facilities, and Education. eAM eliminates the need for spreadsheets and disparate data repositories, through enabling organizations to manage reactive, planned, preventive maintenance, and undertake a centralized, proactive method for managing asset maintenance throughout an enterprise.
eAM enables an organization to do the following:
- Create a preventive maintenance strategy
- Maximize useful resource availability, consisting of both tools and labor
- Optimize scheduling and resource efficiency
- Integrate with Oracle’s E-Business Suite for enterprise-wide solutions
UPCOMING TRENDS IN ENTERPRISE ASSET MANAGEMENT
The necessity for constant monitoring of the organization’s assets promoted demand for EAM in recent years. This trend will continue to grow. But as with the time the business world changes, EAM trends will transform and appear as well. We can distinguish four core EAM trends:
Mobility
Time is money. That is why mobility is a key point of success. Mobile EAM app will help significantly save the time and resources of your personnel. They will be able to input the equipment inspection data directly into their mobile devices. As there is no need to physically be at a workstation time will be saved and errors reduced.
Cloud-based
We suppose it is common knowledge that cloud-based programs are preferable nowadays. It is much more convenient to store your data on the cloud for two reasons:
- Constant assess through the internet anywhere you are;
- Computer memory saving.
IoT
In the eAM sphere, the Internet of Things has maximum utility. It allows machines to interact with each other without human intervention, collect data, prevent errors. IoT and EAM also will play an important role in the development of Smart Cities, which monitor the conditions of critical infrastructure, including bridges, streets, water, and electric systems. So this trend will definitely develop even more in the future.
Artificial Intelligence
Initiatives like Smart Cities create a massive volume of complex data that needs to be standardized, processed and fed into systems so they can use the information intelligently. Big Data and analytics make this possible, but artificial intelligence (AI) can help improve the handling of that data.
With AI, employees and customers will be able to communicate with their EAM system using natural language. They’ll be able to ask “How many work orders do we have for the HVAC system?” and get a total. The system will be able to extract the data, so managers can spend their time making key decisions, rather than running reports.
EAM OPPORTUNITIES
The global enterprise asset management (EAM) market size stood at $5.5 billion in 2019 and is expected to grow at a CAGR of over 10% during the forecast period (2020-2027). The major factors supporting the growth of the industry include the strong focus on the best utilization of assets, growing need to reduce maintenance and procurement expenses, digitalization in industries, increasing competitiveness in the market, surging cloud adoption, and growing internet penetration and also the increased accuracy in data analysis and increasing demand for cloud-based EAM solutions are expected to drive the global market over the forecast period. Oracle EAM training is for technical administrators and technical consultants.
GoLogica is offering instructor-led Oracle EAM training. With the oracle EAM course, you can ensure that you can continuously refine your knowledge. Oracle eAM Certification holders gain credibility and continuous learning advantages. Once you complete the course successfully you can start working on this technology. There are a huge number of opportunities in Oracle EAM and a certified Oracle EAM professional is the one required for these opportunities.
