A survey of 500 APM practitioners reflects how more manufacturers recognize the business benefits of technologies like predictive maintenance (PdM) and the Industrial Internet of Things (IIoT) – and how these benefits will only amplify with AI enhancements. However, the report also comes with a warning: there needs to be more focus on increasing employee satisfaction.
The leading technology research and advisory firm ARC Advisory Group published the report ‘Advanced Asset Performance Management and Its Impact on The Workforce’. Based on an in-depth survey of over 500 end users from various industries in North America and Europe who follow an advanced Asset Performance Management (APM) program, the report contains many relevant recommendations for tracking key metrics, managing expectations around ROI, and scaling.
However, the report’s key insights relate more to employee satisfaction and how embracing AI seems like the next logical step in continual improvement.
“About 90 percent of the respondents indicated that since the adoption of advanced PdM programs, they were able to add more assets to their asset management programs.”
A Solid Business Investment – One That Keeps Giving
According to the report, the three top reasons for investing in an advanced APM solution are:
- Improve maintenance practices
- Reduce safety incidents
- Improve employee job satisfaction
And happily, “the majority of survey respondents indicated that they are able to bring in continuous improvements to their asset management processes and practices as they have adopted advanced PdM practices. About 90 percent of the respondents indicated that since the adoption of advanced PdM programs, they were able to add more assets to their asset management programs.”
“The one area that clearly needs attention is around employee satisfaction, where a greater number of participants indicated that the benefits were not realized. The same is true for employee retention.”
There Are Only Losers With Employee Dissatisfaction
“While business benefits are very well recognized, what remains to be understood is the impact of advanced APM technology adoption on the industrial workforce,” according to the report.
“The one area that clearly needs attention is around employee satisfaction, where a greater number of participants indicated that the benefits were not realized. The same is true for employee retention.”
Hence, manufacturers need to examine APM programs more closely from an employee perspective and ensure these align more with employee needs. After all, in an industry already finding it hard to attract and retain talent, there are only losers when it comes to dissatisfied employees. Turnover can, in turn, lead to not only increased recruiting and training costs but also increased downtime and decreased production.
“Many manufacturers recognized how AI-driven tools can be deployed to increase employee satisfaction through training and retention and skillset expansion. The use of AI can even work to attract talent.”
Can AI Provide More Than Purely Business Benefits?
Now, back to the good news. “AI is another key technology that will have a significant impact on how we manage our assets. Among a list of key areas that AI can impact, survey respondents felt process optimization and PdM benefit significantly with AI enhancements,” notes the report.
Many manufacturers recognized how AI-driven tools can be deployed to increase employee satisfaction through training and retention and skillset expansion. The use of AI can even work to attract talent.
However, almost half of the respondents saw that the most significant potential for AI was process optimization. “With this asset management focused survey, it was interesting to see process optimization at the top of the list. This highlights the ongoing trend of Process Health and Machine Health coming together. As APM becomes closely tied with business goals, asset management professionals are also thinking about process optimization opportunities.”
Meanwhile: “As PdM becomes more effective, affordable, and easier to implement, end users are able to expand their PdM programs, this not only ensures better and comprehensive asset care but also simplifies asset maintenance and offers a helping hand for employees.”
Now, that definitely sounds more like a win-win.
Read the full report: ‘Advanced Asset Performance Management and Its Impact on The Workforce’.
