Businesses in the asset-incentive industry are experiencing a radical shift in their business model owing to the rapid wave of digitalization. Companies are scouting for efficient ways to leverage the Internet of Things (IoT) for monitoring, analyzing, and tracking their capital assets accurately. This is when Quantum Strides’ Maximo 360 comes into play.
IBM introduced Maximo – a fully integrated platform for intelligent asset and operations management – into the global market in 2014. The innovative digital solution was brought into practice to relieve asset-incentive businesses from the following challenges –
- Prolonged downtime owing to aging asset and hardware failure
- Retirement of the experienced taskforce
- Acclimatizing to complex modern equipment and tools that call for constant knowledge management
- Leveraging data generated from sophisticated sensor-enabled assets to create predictive models
- Increase in safety concerns due to erroneous and out-dated workflow
- Flawed and inefficient monitoring of asset leading to an undue increase in operational costs
- Increase in warranty and rework costs
5 benefits of IBM Maximo implemented by Quantum Strides
Reduces downtime with asset Monitoring: IBM’s Maximo software is fortified with advanced AI-powered remote monitoring technology that enables businesses to improve asset visibility. Remote monitoring allows businesses to monitor the health of their assets continuously. The data derived from persistent monitoring of their performance helps in building smart predictive models. Businesses are notified when their asset needs repair and maintenance to avoid unprecedented failure and breakdown of equipment.
Turns information into intelligent actions: Maximo employs Artificial Intelligence coupled with data analytics to not only monitor high-value assets but also gathers data from interconnected smart assets. The gathered data is structured into insightful information and reports eventually. Then, the insights assist in taking preventive, predictive, and prescriptive actions. Data-backed decisions play a significant role in reporting, cost justification, and regulatory compliance.
Boosts Productivity: IBM Maximo shoots productivity up the ladder in two ways. First, timely repair and maintenance of assets ensure smooth functioning and optimum performance. And secondly, it assists leaders in workload. Thus, making the most of the available human resources.
Improves safety and compliance: fixing what needs to be fixed before it erupts into a detrimental issue is the key to maintain organizational safety. Maximo’s accurate asset monitoring is reducing accidents in the asset-intensive industry significantly. Keen monitoring also infuses a sense of accountability among team members to remain compliant in a volatile environment.
Reduces operational costs and Drive ROI: precise asset monitoring helps businesses identify overstock in the inventory, excessive maintenance, and extra assets generating more liabilities. Companies are using this information for better capacity planning and forecasting. Thus, resulting in reduced operational costs and drives high ROI.
Quantum Stride’s Maximo 360 program empowers businesses with the Cloud-based, feature-rich platform to acquire the digital agility that keeps them ahead in the competition curve.