A modern EAM solution can help reduce maintenance, repair, and operations (MRO) inventory purchasing costs by up to 50%.Analyzing the performance data collected from critical
equipment can provide advanced warnings of failure probability.While focusing on a predictive maintenance strategy that
maximizes uptime, it’s still imperative to monitor risks of failure. Using real-time, industry-specific business analytics provides a deeper understanding of equipment condition, asset lifecycle, and potential for failure—before it happens. True RBM is driven by smart technologies and capitalizes on the
growing connectedness achievable through IoT and, often, cloud deployment. According to a recent survey, 71% of the respondents said that cloud penetration in manufacturing will
significantly increase in the next five years.5 This in turn enables data exchange among mobile devices, as well as the application
of emerging technologies such as artificial intelligence (AI) and machine learning (ML).