Mobile applications have helped Asset Management teams get rid of paper to a large extent by using smartphones and tablets to perform Inspections and Maintenance. The ability to work offline and integrate data with SAP, IBM Maximo, and other systems has increased Operational Excellence. Capturing data from IoT devices has made data collection at scale possible. This has set the stage for Artificial Intelligence (AI) technologies to now be embraced – both Predictive AI and Generative AI.

Various applications of AI in Asset Management:

• Automatic Damage Assessment- Predictive AI

Automatic damage assessment, powered by Machine Learning (ML) based image recognition, offers a transformative solution to reduce maintenance costs. Integrating ML models with the mobile asset management app and using offline makes the assessment process more efficient. The app can capture images of equipment and send them to the ML models for real-time analysis, providing immediate insights into any damages or potential issues. By leveraging automatic damage assessment, industrial organizations can make data-driven decisions, prioritize maintenance activities, and identify critical repairs swiftly. This reduces the constraints due to limited availability of Field Service technicians, lack of training, or travel difficulties. The ML model can perform the asset inspection and even give the damage a ranking.

• Visual Asset Inspections- Predictive AI

Visual Asset Inspection is a powerful tool for asset maintenance that involves capturing equipment pictures/videos using a mobile/drone camera and utilizing advanced image recognition and analysis. It efficiently identifies defects and potential issues in equipment, triggering automated workflows to create notifications or alerts in the SAP/asset management system. The key benefits include automated inspection, enhanced safety, increased productivity, and reduced maintenance costs.

• Leveraging Generative AI

Generative AI offers a myriad of possibilities to revolutionize asset maintenance. By utilizing Generative AI, companies can optimize knowledge search and access critical information such as maintenance manuals, SOPs, and installation guides more efficiently. Maintenance Virtual Assistants or Chatbots, powered by Generative AI, can provide real-time support and guidance to maintenance teams, resolving queries and offering expert advice. The technology also facilitates a conversational interface, suggesting text based on prompts, enabling quick and accurate reporting of issues. Pre-defined templates generated by Generative AI can streamline the reporting process, tailoring the format based on the specific type of equipment or maintenance task. Moreover, Generative AI can summarize lengthy documents, extracting key insights and enabling faster decision-making.

• Leveraging Predictive Analytics and IoT Technologies

Predictive analytics integrated with IoT technologies offer immense potential for predictive maintenance. IoT-enabled sensors and connected devices facilitate real-time monitoring and remote diagnostics. Predictive analytics analyzes historical data to detect patterns and predict failure probabilities, enabling proactive maintenance actions.

• Optimizing Inventory Management

An extensive spare parts inventory can tie up capital and increase storage costs. Organizations must analyze historical data and equipment usage patterns to manage maintenance costs effectively. Adopting a data-driven approach, they can streamline inventory usage, focus on fast-moving items, and negotiate favorable vendor terms. By implementing just-in-time inventory practices, they reduce carrying costs while ensuring the timely availability of critical spare parts.

Embracing these newer AI technologies is the key to transforming Asset Management. To lead the transformation, look no further than Unvired. Our SAP-certified mobile EAM solution, powered by advanced AI technologies, optimizes maintenance efforts, drives cost-effectiveness, and ensures seamless operations. Contact us today for a live demo, or write to us at sales@unvired.com to embark on this transformative journey toward industrial excellence. Together, let’s pave the way for a more efficient and successful future in equipment maintenance.