The industry is predicting a paradigm shift in 2024 that will redefine efficiency and productivity across various sectors using technology – and enterprise asset management (EAM) will be a paramount part of the discussion.
According to a report from industry analyst firm Gartner, Global IT spending was expected to reach $4.7 trillion last year, up 4.3 percent from 2022 and continued growth is expected. Another industry report predicts that the EAM market is expected to reach 11.24 billion USD by 2032 – growing at a 10.4% CAGR from 2023.
What is driving the overall focus and growth in EAM? Some of the most significant trends include the increasing reliance on automation and demands for self-service. Here is a breakdown of these two trends.
The rise of automation is a game-changer
Automation is poised to take center stage, revolutionizing the way industries handle EAM. We predict a significant surge in the adoption of automated processes, particularly in critical sectors such as emergency services. Police, firefighters, and emergency healthcare providers will increasingly leverage automation to streamline operations and enhance response times.
With an automated enterprise asset management (EAM) system, emergency service workers can seamlessly track and manage their assets in real time, allowing for quicker and more efficient responses to crises. Automated asset management will not only minimize manual errors but also empower frontline heroes to focus on what truly matters – saving lives. For instance, in a fire emergency, firefighters equipped with automated asset management tools can instantly locate and deploy necessary resources. Whether it’s fire trucks, specialized equipment, or medical supplies, automation ensures that every asset is precisely tracked, reducing response times, and increasing the effectiveness of emergency interventions.
The reduction in manual workload translates to increased accuracy, allowing emergency service workers to operate with confidence in high-pressure situations.
Besides emergency services, another important industry that requires automated processes is the education sector. EAM (enterprise asset management) systems can serve education districts to track thousands of assets and require automated procurement and maintenance processes to streamline and implement these workflows in a timely manner. Automated QR code generation and asset tracking workflows also help to ensure that assets are in the right place and with the right person to quickly change custodians and locations.
Self-Service empowers industries to take control
Another noteworthy trend is the growing preference for self-service capabilities within EAM systems. Organizations are increasingly recognizing the need for autonomy, allowing their teams to check in, check out assets, and raise requests without relying on IT personnel for every small task. This shift towards self-service is a testament to the democratization of technology within enterprises.
In the coming year, we anticipate a surge in user-friendly interfaces that empower employees across various industries to manage their assets independently. This not only reduces the burden on IT departments but also fosters a culture of accountability and efficiency. Picture a future where every team member can seamlessly interact with the asset management system, leading to faster decision-making processes and increased overall productivity.
A self-service EAM system is often used to process simple requests such as checking an item out, flagging an issue, and making a service request. However, without a simple self-serve portal, all the burden can be on IT personnel or the main account administrator to process these easy requests – an unnecessary hindrance in the workflow and a waste of time.
The use of a self-service EAM self-service portal can allow users to log requests. check-in/check-out assets and check the status of their requests without having to log into the main system – saving time, which is a highly important value proposition for businesses and institutions alike.
Many organizations, like school districts, businesses, and emergency services struggle with the challenge of optimizing the usage of limited technology resources. Self-service EAM systems will offer a solution by providing real-time insights into the availability and status of assets.
What does the future hold for EAM?
The future holds immense promise for the overall EAM landscape. The convergence of automation and self-service capabilities will redefine how industries operate, bringing about unprecedented levels of efficiency and control. As technology leaders, it is our responsibility to embrace these trends, staying ahead of the curve and driving innovation that propels our industries into a more connected future.
Here’s to a transformative year ahead!
