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What’s next for EAM? Get ready for an AI-inspired future

By Berend Booms, Head of Enterprise Asset Management Insights at IFS Ultimo

More and more organisations in every sector are investing in artificial intelligence (AI) technologies that will enable them to automate and transform their operations. Generative AI (GenAI) is the latest innovation to drive the current wave of AI adoption and, according to Gartner, by 2027 more than 50 percent of the GenAI tools enterprises deploy will be utilised for a specific industry task or business function.

In 2024, the global AI market jumped beyond $184 billion – a growth of nearly 50 billion US dollars compared to 2023 as businesses put AI to work to deliver new business value. Top use cases include chatbots and voice assistants, IT operations management, process automation, financial reporting and analysis, and scheduling optimisation to name but a few. However, according to tech industry analysts, AI is now set to revolutionise how industrial businesses boost productivity and performance while reducing operational risk.

The big challenge for today’s industrial firms is understanding how to best unlock this potential and maximise value from their AI investments from Day One. That’s because the integration of AI in Enterprise Asset Management (EAM) platforms is set to radically enhance how organisations operating in industrial sectors such as manufacturing, logistics and food production improve reliability and streamline their operations.

Let’s look at how these firms can expect to derive measurable benefits and value from their AI-infused EAM investments.

A world of opportunity

Indications are that AI will help break the productivity impasse that hampers many industrial organisations from achieving measurable gains and bedding in sustainable growth. For example, deploying AI and automation technologies to address workforce scarcity issues and reduce the amount of time that workers spend on mundane repetitive tasks. But that’s not all.

Research by McKinsey has found that following the successful implementation of AI technologies, companies were able to cut logistics costs by 15 percent, achieve a 35 percent improvement in inventory management and realise a 65 percent increase in service level agreements met. Meanwhile, AI-supported maintenance is set to maximise operational productivity by using machine learning to predict and prevent equipment failures. AI enabled predictive maintenance can extend asset lifespans by 20-40 percent.

By leveraging AI, future EAM toolsets will become more intuitive, accessible and predictive. All of which will deliver a comprehensive and data rich overview of asset productivity, uptime and cost alongside new and highly coordinated maintenance management capabilities.

Be that as it may, AI will not leapfrog organisations’ journey towards predictive maintenance instantaneously. Significant investments are imperative for many of the new gen AI functionalities – an expenditure many organisations are not able to commit to. Organisations starting out on their AI journey should seek out ways to generate incremental gains fast while retailing complete control over their AI implementation and outcomes.

With reactive maintenance being the reality of the situation for most industrial organisations, companies should instead focus their attention on EAM solutions capable of realising fast time to value without any additional investment requirements. The good news is that AI-infused EAM solutions are now making it easy to pursue a step-by-step approach to improving how organisations manage and maintain their physical assets.

Elevating the effectiveness of reactive maintenance

For many industrial organisations, predictive maintenance is a long-term goal rather than a short-term reality. That said, today’s AI-enhanced EAM solutions enable industrial firms to significantly reduce the time they currently spend undertaking reactive maintenance. By realising these benefits today, they will be able to start working towards their future predictive maintenance vision.

For example, with the average cost of downtime in manufacturing often exceeding $100K an hour, maintenance and operational leaders know that any reduction in Mean Time to Repair (MTTR) translates into increased asset productivity and thousands of dollars in downtime saved. However, 80 percent of MTTR is typically wastage that arises from poor inter-team communications and a lack of detailed failure reports that make the diagnosis process more time-consuming and cumbersome.

Traditional asset failure reports often contain too few details, which frustrates the efforts of technicians tasked with pinpointing issues. Yet the use of AI embedded in the latest iterations of EAM software can reduce diagnosis time significantly, with every percent reduction in MTTR equating to cost savings of thousands of dollars. This is on top of the boost in productivity for everyone involved in the maintenance process.

For organisations this means they can utilise AI functionality to not only improve fault reporting but enable better inter-team collaboration and more hands-on ‘wrench time’ for engineers. All of which helps to maximise the productivity of highly skilled employees, so they can increase asset availability in a more streamlined and efficient way.

Frontline workers spend most their day working with critical assets. They know these assets inside and out. They know what the assets smell like, what they sound like and what they are supposed to look like. Any irregularities will not pass them by. Capturing these sensory observations in their failure reports will greatly expedite the MTTR on any incident raised. But that’s not the only real-world benefit that’s up for grabs.

Harnessing the power of data

Besides slashing MTTR times, today’s AI-powered EAM tools enable organisations to elevate their data management capabilities from good to great.

Alongside automating data collection and delivering access to better quality data that adds value instantly, these systems provide powerful reporting and dashboarding tools that enable users to make sense of and operationalise data. When combined with machine learning, this will significantly enhance the error detection and prevention capabilities of organisations looking to move the dial where preventative and predictive maintenance is concerned.

Similarly, these systems make it possible to accurately capture every change, move and repair in a truly user-friendly way. For example, using AI-powered tools to take photo-based meter readings, autogenerate image captions and auto-translate multilingual data.

Working towards an AI-inspired EAM future

Today’s industrial firms want to overcome the multiple challenges that can get in the way of improving uptime, optimising maintenance schedules and elevating asset performance. Today’s AI-powered EAM systems are capable of analysing asset information and suggesting diagnostic and mitigation actions that enhance troubleshooting processes and reduce unplanned interruptions.

One thing is for sure: AI will take EAM to the next level and here at IFS Ultimo we’re focused on the addition of AI features that make it easy for organisations to incrementally apply AI to real-world use cases and generate measurable value – at a pace that works best for them.

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Business

Need for speed: The importance of businesses acting fast!

John Kelleher, VP UKI & ME, UiPath

With significant economic disruption over the past few years, the ability to adapt to changing circumstances quickly has never been more important for businesses. Increasingly, there are instances of sudden pressure on organisations to adopt the latest technology, such as the push to move to cloud computing models or embrace artificial intelligence (AI).

In the past couple of years, the AI industry has thrived as the technology becomes indispensable for businesses. From chatbots to aid customer service interactions, to machine learning models that produce accurate financial forecasts, AI has found a place in all areas of business.

Soon, AI will become the standard customers expect, meaning organisations must adopt it at pace. Those who manage to implement the technology correctly will reap benefits in productivity, employee satisfaction and, ultimately, profitability. But to do this, organisations need to transform how they operate.

Customers won’t be patient

In an AI-driven world, patience is a virtue of the past. The expectations of service delivery and response times have drastically changed as the norm becomes swift response times delivered from digital-first organisations.

Customers continue to prioritise convenience with the purchases they make and demand more from the organisations they are loyal to. This ‘convenience economy’ is also lucrative for businesses as customers are willing to pay a 5% premium for convenience, which rises among younger consumers.

With these customer demands, the convenience attached to a business is a point of differentiation in a competitive marketplace. However, it is not possible to provide a service at pace unless the business offering it is set up in the right way.

The important takeaway from this is speed should be the top priority for businesses. With companies across all industries increasingly adopting AI to transform the services they offer, and the experiences customers have, convenience is no longer a competitive differentiator – it is a necessity. Businesses need to get ahead of the curve to ensure they don’t lose out to competitors.

Speed as a core business value

The capacity for your business to respond quickly to emerging market conditions and offer innovation at pace doesn’t only influence the experience for customers, but is transformative to how a business operates. Promoting speed and flexibility in internal business operations can support organisations to adapt quickly to any external challenges and uncertainties faster than their competitors.

Supply chains have experienced significant unforeseen disruption in recent years, and this has caused shortages, delays, and increased costs. For companies to stay ahead in this increasingly volatile environment, they must be prepared for uncertainty and be able to adapt to deliver at a fast pace for consumers. Across uses such as inventory management, supplier analysis and demand forecasting, AI can be an effective tool in boosting speed, in both issue identification and handling possible fall out should something go wrong. We’re already starting to see new expectations being set for supply chain organisations in response to this, with 50% expected to invest in AI and advanced analytics to prepare themselves for unexpected delays and disruption.

Another area speed is invaluable to is complying with increasingly complex regulation. Around 34% of businesses globally are using AI for regulatory compliance already, and businesses need to maximise this opportunity. The ripple effects of falling behind on compliance can’t be overstated. From adjusting privacy protocols and HR policies to incorporating updated environmental guidelines, move too slowly and you could see heavy fines, legal repercussions or a tarnished reputation.

AI and automation are key to accelerate business functions

AI and automation are key to helping organisations streamline processes and innovate faster. By simplifying how a business operates and reducing time spent on repetitive work, 90% of employees report a significant boost to productivity. Further, AI and automation can help predict and manage employee’s workloads better. If provided with the right data, AI algorithms have the capacity to predict and offer recommendations on business decisions, helping to eliminate crunch periods.

Integrating AI into your business’s workflows provides flexibility, productivity, and the capacity to handle unanticipated events. Companies will be able to respond faster to changes and manage their operations better and, as AI and automation are used to remove the repetitive drudgery from people’s work, employee satisfaction will improve.

Harnessing efficiency to maximise opportunity

Investing in AI and implementing it quickly is now a business imperative. Businesses in the UK are increasingly open to using AI as the number of UK AI companies has grown by over 600% over the last 10 years.  Rapid implementation of AI not only enhances efficiency but also ensures companies can capitalise on new opportunities before other competitors do. Those who take advantage of AI will be better prepared to anticipate trends, refine the customer experience and improve their bottom line.

Operational efficiency creates a more favourable cost structure and boosts margins. Ensuring compliance mitigates risks and helps companies avoid fines and reputational harm while streamlining customer service not only lowers costs and reduces turnover but also strengthens customer retention and acquisition, driving top-line growth.

Today, more than ever, time is money.

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Business

Wearable AI: How to supercharge adoption of consumer wearable devices 

By Kevin Brundish, CEO of LionVolt 

As we look toward the future, the global wearables market is projected to reach $265.4 billion by 2026. This growth is further fuelled by advancements in AI, which promise to enhance the functionality and performance of wearable devices. For instance, in the healthcare industry, artificial intelligence (AI) may use the massive volumes of data gathered by wearables to communicate with patients and offer precise diagnosis, advice and support.

Despite the remarkable features and capabilities of modern wearable devices, battery life remains a significant challenge. Most smartwatches, for example, still struggle to last a full 24 hours, making it difficult for users to monitor sleep patterns and daily activities continuously without frequent recharging. With the use of AI and applications that demand increasing amounts of data, this limitation prevents wearables from becoming fully integrated tools in our daily lives.

Advances in battery technology are looking to address this issue. At LionVolt we are working on a 3D lithium-metal anode technology which helps to significantly enhance lithium-ion battery performance.

Smaller Batteries, Same Energy 

The most significant advantage of lithium-metal anode batteries is their ability to provide the same energy from a smaller size battery. This gives designers greater freedom and opens new possibilities for wearable technology by enabling the miniaturisation of existing wearable designs. In addition, lithium-metal anodes may allow manufacturers to lower overall prices by moving away from costly cathode materials they use now, to cathode materials being used in automotive industry, where there is a cost advantage through economies of scale. 

Higher Energy Density and Faster Charging Times 

When we compare conventional lithium-ion batteries to lithium-metal anode battery technology, the lithium-metal anode batteries have a superior energy density. For users of wearable devices, this translates to longer usage periods and fewer charging interruptions as well as faster charge times, which minimises downtime and guarantees that gadgets remain operational when needed.

Enhanced User Experience 

Fast charging periods and increased energy density which is key to longer usage periods improve wearable technology’s overall performance, enabling consumers to maximise its benefits without sacrificing dependability or quality

Lithium-metal anode powered batteries also improve wearable gadgets’ dependability and durability. Users can count on their wearables to function reliably day or night and to enable a variety of applications, such as health monitoring and exercise tracking. These batteries are made to endure the demands of regular use, guaranteeing that gadgets continue to be reliable and operational for long stretches of time. 

The use of the highest performing materials in wearables typically comes at a high cost. However, with the advancement of new technology, it becomes possible to utilize more widely available and cost-effective anodes without compromising on performance. This approach allows for the efficient operation of wearables while also offering a cost benefit, addressing the economic challenges associated with high-performance materials.

Overcoming Adoption Barriers 

One of the key reasons for the slower adoption rate of consumer wearables is the charging rate. The utility of these products can be increased, along with their consumer appeal by extending their battery life and charging timeframes. The advantages of the next generation of batteries—faster charging, longer battery life, and improved device dependability—can greatly accelerate wearables’ uptake.  

Advancing Wearable Technology 

By tackling the crucial problem of battery duration, coupled with a fast charge capability, lithium-metal anode technology would propel the wearables business forward. An emphasis on sustainability and safety guarantees that these developments help both consumers and the environment, while our smaller, more efficient batteries provide designers the freedom to develop creative new gadgets. 

Transforming the Landscape of Wearable Technology

Lithium-metal anode battery technology brings numerous benefits to the consumer wearables sector: 

  • Longer Battery Life: Wearable devices will last much longer on a single charge, addressing a significant pain point for users. 
  • Increased Monitoring Time: Faster charging means users can monitor their health and activities for extended periods without interruption. 
  • Reduced Equipment Needs: With longer battery life and faster charging, users will need fewer duplicate products to cover charging times, simplifying their tech ecosystem.

Imagine being able to monitor your heart activity and more to manage health conditions without worrying if your device has enough power? With improved battery longevity, users can rely on their wearables for consistent health insights, making it easier to identify trends and make informed lifestyle changes. This seamless integration into daily life not only promotes better health management but also empowers users to take proactive steps towards their well-being.

These enhancements not only improve the user experience but also pose the potential to increase the adoption rate of consumer wearables.

Looking Ahead: Shaping the Future of Wearable Technology 

Wearables have a bright future because of AI and cutting-edge battery technology, which will greatly enhance their usability, dependability and functionality. The next generation of batteries are revolutionising the wearables market and paving the way for a new era of technological innovation by emphasising sustainability, increased energy density, quicker charging times, and improved safety features. 

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Business

The Future of Observability: Empowering businesses through data-driven transformation

 Karthik SJ, General Manager AI, LogicMonitor

The tech industry is at the cusp of a revolution, where digital transformation has shifted from aspiration to necessity. At its heart lies observability – a critical enabler for organisations navigating the complexity of modern IT infrastructures. Observability goes beyond monitoring systems or tracking performance; it transforms vast streams of system data into actionable insights that drive real-time decisions, improve operational efficiency, and ensure business resilience. 

Observability: The foundation of digital transformation

The digital transformation journey requires businesses to adopt a more sophisticated approach to managing their IT ecosystems. As organisations scale and evolve, they rely on a growing array of technologies, from cloud services to hybrid infrastructures, microservices, and containers. Parallel to increasing complexity, is a need for more granular visibility into system performance, security, and user experience.

This is where observability becomes essential, unlike traditional monitoring which typically tracks basic metrics like uptime and system health, observability provides a much deeper understanding of how systems are functioning and why. It enables businesses to not only detect issues but also diagnose the root causes, empowering data-driven decisions that improve performance across the organisation.

Converting raw data into insightful knowledge is vital in a world where companies need to function more quickly and efficiently. Beyond simply detecting issues, observability’s power lies in its ability to help organisations foresee problems before they cause operational disruptions. This proactive strategy helps businesses maintain uptime, optimise resources, and, ultimately, deliver superior customer experiences.

The rise of AI-powered observability

As organisations grapple with increasingly complex hybrid IT environments, AI-powered observability has emerged as a cornerstone of innovation. These solutions go beyond ensuring uptime-they provide actionable intelligence that enables businesses to optimise IT operations and address challenges proactively.  With 68% of organisations leveraging AI tools for anomaly detection, root cause analysis, and real-time threat detection, the demand for advanced observability tools is surging. This trend reflects a growing recognition that these tools are no longer just a technical necessity but a strategic enabler of business success. Observability empowers enterprises to stay ahead by driving efficiency, resilience, and adaptability in an ever-evolving digital landscape. 

The path ahead: The convergence of AI and observability

As we approach 2025, businesses harnessing AI-powered observability are poised to gain a significant competitive edge over those still relying on traditional monitoring solutions. This shift is underscored by the fact that 81% of enterprises plan to boost their AI investments in the coming year focusing on predictive analytics, automation, and anomaly detection to further optimise data centers and support AI-driven innovation. The integration of AI with observability is not just about identifying problems – it’s about enabling businesses to anticipate challenges, enhance operations, and sustain a competitive edge.

For LogicMonitor, the coming year is about driving innovation in an industry that’s evolving as fast as our customers’ needs. By working closely with our clients like TopGolf and Franke, we’re helping them navigate this transformation with confidence. As observability technology becomes increasingly essential, we’re committed to empowering businesses to thrive without being held back by technological limitations.

Observability’s ever-more-important role in 2025

As 2025 approaches, observability is set to become even more integral to IT operations, compliance, and innovation. Regulations like the EU’s Digital Operational Resilience Act (DORA) which mandates robust ICT risk management and incident reporting for financial services,highlight the critical need for continuous observability throughout the development cycle. This shift will accelerate the adoption of Observability-Driven Development (ODD), a strategic approach to managing the complexities in distributed systems and microservices architectures.

The expansion of observability is driven by the increasing necessity to monitor applications, infrastructure, and services across diverse and dynamic environments while staying resilient and improving customer experience. As data volumes grow, organisations will face increased scrutiny over observability spending, making it even more crucial that they align with regulation to enhance operational resilience and compliance. AI-powered observability systems will continuously learn from new data, user feedback, and past incidents, allowing them to improve over time and become more accurate and effective at identifying anomalies, reducing noise, and pinpointing root causes.

One thing is clear as the observability landscape develops further: businesses that make investments in cutting-edge, AI-powered observability solutions will be better prepared to meet tomorrow’s problems and thrive in the rapidly shifting digital economy.

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