The prospects for suppliers of asset reliability software and services are extremely bright as manufacturers in industries across the board seek to get the most from their assets. The increased amount and complexity of automation equipment currently installed in plants requires a higher order approach to operations and maintenance activities provided by reliability solutions. “As a tool in the asset performance management toolbox, asset reliability software and services enable enterprises to optimize asset availability and utilization for the purpose of mitigating exposure to risk,” according to Senior Analyst Paula Hollywood, the principal author of ARC’s “Asset Reliability Software & Services Worldwide Outlook”.
As the longest segments in any asset’s lifecycle, operation and maintenance represent the highest costs associated with an asset. Any improvements a manufacturer can make in this lifecycle phase can have a significant impact on the bottom line.