The year 2019 ended with the beginning of a new pandemic. Covid-19 is threatening not only the healthcare systems but also the livelihood of citizens and the stability of economies. IMF is anticipating the worst economic growth fallout since the great depression in 1930’s.
During tough times of economic slowdowns, businesses face several challenges. While most organizations around the globe are struggling to make it through their yearly targets, it is equally essential to rethink on their plans for the coming years and adapt to the changing environment to remain in business.
Investing in Asset Management Solutions
With the global slump, Cost reduction would be the most sought-after strategy. Smart organizations prepare by investing in the right technology and solutions that can help them perform better during difficult times. By using solutions that help become more effective and productive can directly have a positive impact on the bottom line and rethink before making costly layoffs.
Managing assets and its associated workforce effectively is not easy. Today’s asset intensive organizations must constantly monitor, assess and manage the reliability of a wide range of its physical and human assets. A good asset management solution can help you optimize spare parts inventory, boost your critical equipment’s operating performance, improve technician’s wrench time and so forth all of which can contribute to reduce costs and improve production runtimes. For Eg. An improvement of 10% in wrench time or a reduction of 2 maintenance days in a turnaround today would be considerable savings which should be leveraged.
Black swans are inevitable for every organization especially in this time of economic uncertainty. It is a good time to invest in an EAM asset management tool to help you be better prepared during these difficult times.