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EAM/PLM: Manufacturers Increasingly Invest in Data Management Technologies to Better Compete
Interest in Enterprise Asset Management (EAM) and Product Lifecycle Management (PLM) technologies are increasingly being viewed by manufacturers as essential tools for their business. EAM allows manufacturers to improve their overall understanding of asset performance and usage, and it helps them to optimize asset efficiency and inventory levels. In a similar way, PLM brings collaboration and efficiencies across all elements of product design and development. PLM enables manufacturers to create new products more quickly, to reduce costs, to increase productivity and to improve the quality of the products that they produce.
Venkat Rajaji, global product manager at Infor PLM, said that “Process manufacturers are facing unprecedented pressure to develop products and get them to the marketplace faster.” EAM and PLM provide manufacturers the tools to help them better compete. A report from Frost & Sullivan found that “Medium-sized enterprises are gradually shifting from traditional CAD components to include lifecycle data management capabilities. Small-sized businesses, being largely CAD-centric and OEM-driven, are yet to completely appreciate the benefits of PLM.”
Karthik Sundaram, analyst at Frost & Sullivan, said that “Regulatory compliance, increased safety, enhanced design innovation and production processes are cornerstones for the growth of advanced management solutions. Intensifying concerns about safety and decreasing maintenance expenditure will catalyse the EAM market, while growing competition and the need for innovation will galvanise the PLM market… The success of advanced management solutions will be driven by flexibility, scalability and security. The need for a scalable solution that can integrate seamlessly with other enterprise applications will be an obligatory product requirement for all market participants, even as cyber attacks pose a major threat to market prospects.”
