Asset management refers to the management of various types of assets, such as physical assets, financial assets, and intellectual property. The terms "Asset Management 3.0" and "Asset Management 4.0" are not clearly defined in the business world, but these terms are used to refer to different stages or trends in the development of asset management processes.
In general, the difference between asset management 3.0 and 4.0 can be characterized by an increasing use of technology and data analysis and a focus on more sustainable and responsible business practices.
SOME DIFFERENCES BETWEEN ASSET MANAGEMENT 3.0 AND 4.0 INCLUDE:
Asset Management 3.0 primarily focuses on planning and executing maintenance and tracking the condition of assets, with the following tasks being the most common:
- Identifying the life cycle of assets
- Determining necessary maintenance intervals
- Planning maintenance routines
- Tracking maintenance history
The goal is to increase the reliability and availability of assets, reduce downtime, and lower maintenance costs.
Asset Management 4.0 primarily focuses on collecting and utilizing data from sensors, artificial intelligence (AI), and IoT devices to improve performance and optimize maintenance, enabling:
- Real-time insights into the condition of assets
- Faster response to issues
- Proactive maintenance planning
- Improved safety
- Better environmental risk management
Ultimately, this leads to increased operational efficiency, reduced downtime, extended asset lifespans, and lower maintenance costs, all with the aid of advanced technologies.
Together with SAP PM and our support for IoT and AI functionalities, SOA People provides the solution to prepare your Asset Maintenance processes for Asset Management 4.0.
Ready4 Asset Management (R4AM) is designed to industrialize and automate your maintenance processes. It provides you with a real-time 360-degree view of your entire data flow across all your SAP systems. From direct notifications and alerts to work order management, master data, planning, scheduling, and execution, each process is simplified and intuitive.