Competition Intensifies: ServiceNow Launches New EAM Solution To Optimize Asset Lifecycle Management

Competition Intensifies: ServiceNow Launches New EAM Solution To Optimize Asset Lifecycle Management

According to Verdantix research spend on Enterprise Asset Management (EAM) software is expected to reach $5.4 billion in 2026 as customers digitize their asset management processes to reduce asset maintenance related costs. Although EAM software has been available to firms for over four decades, the availability of new technology is rejuvenating this market. The past decade has witnessed the entry of a new generation of EAM software vendors offering easily configurable mobile-first workflows, lightweight fit-for-purpose functionality, cloud deployment and integration with IIoT sensors and wearables.

To take advantage of this growing opportunity, ServiceNow recently launched its EAM software application. Headquartered in Santa Clara, California, ServiceNow is known for building cloud computing platforms for enterprise operations. Its new EAM software application incorporates enterprise asset lifecycle management, enterprise asset workflow automation and enterprise asset inventory management onto one mobile enabled platform. Mobile apps have been fairly common in the EAM market the last few years, but ServiceNow’s mobile application takes it a step further by allowing customers to gather all impacted asset information across any location by quickly scanning serial numbers or VIN ranges, allowing asset information to be easily streamlined back into the portal. 

ServiceNow’s cloud-based, FedRAMP certified EAM application is built to help customers drive transparency, reduce expenses, mitigate risk and optimize processes. Its task-based, workflow driven approach is also industry agnostic which allows them to target a variety of industries, including defense, government, healthcare, law enforcement, life sciences, manufacturing, retail, and transportation. ServiceNow’s EAM software comes with a library of 4.5 million unique pre-configured asset models to make things easier for large firms with a variety of assets. If issues with the application do arise, the low-code environment allows firms to quickly update the application based on their needs.

Service Now’s EAM solution also integrates operational risk management processes into its asset management software by incorporating an asset risk scoring system. The scoring system allows customers to set their own risk scores on different assets to gauge the likelihood of failure and the impact on operations. This allows customers to not only see what the impact an asset failure has on the business but keeps operations running safely and smoothly. Expect more vendors in the EAM market to follow the one platform trend. Increasing the breadth of applications available on a single platform is already gaining popularity in the asset management market with 55% of operations and maintenance decision-makers listing it as ‘important’ when evaluating software for industrial asset management.

For more information on EAM software read the following Verdantix reports: 10 Vendors Shaking Up The Industrial Asset Maintenance Management Software Market, Green Quadrant: Enterprise Asset Management Software 2022