SAP announced the release of SAP Asset Strategy and Performance Management to enhance asset intelligence across the digital supply chain. The new application helps customers define, plan and monitor optimal maintenance strategies for physical assets and monitor performance data across a network of connected assets in real time.
Using SAP Leonardo Internet of Things (IoT) technology, SAP Asset Strategy and Performance Management connects assets and ties asset management into core business functions, such as maintenance management, manufacturing, finance and human resources. It enables criticality assessments and segmentation of assets to help organizations choose a decision framework, such as failure modes and effects analysis (FMEA), for the optimal maintenance strategy for an asset or assets.
“The latest addition to our enterprise asset management suite provides unparalleled insight across connected asset environments, which is crucial for success in the converged, new world of physical and virtual assets,” said Dr. Tanja Rueckert, President, IoT & Digital Supply Chain at SAP. “Asset management is crucial to any IoT and digital supply chain strategy, and with SAP’s holistic suite, both equipment providers and operators can streamline business operations and fully execute on digital transformation strategies.”
SAP Asset Strategy and Performance Management is the latest addition to cloud solutions for asset management from SAP, which include SAP Asset Intelligence Network and SAP Predictive Maintenance and Service. The suite shares the same underlying data and architecture, offering a single easy-to-implement cloud solution tightly integrated to the SAP ERP application and SAP S/4HANA.
SAP Asset Intelligence Network allows customers to maintain digital twins of physical assets and make them available across networks. The digital twins can be managed across the asset lifecycle, including design, manufacture, sale and operations. This streamlines and automates business processes across the organization, reduces cost and time to market, and enables new collaboration.
SAP Asset Strategy and Performance Management works with SAP Predictive Maintenance and Service to provide real-time insight into asset history, performance, condition and cost. Organizations using the solutions can optimize maintenance, define best strategies for capital investment and risk management, improve customer service and avoid costly disruptions.