Business Case: Asset Maintenance Solutions

Executive Summary

Over 55% of the 304 industrial executives interviewed in the Verdantix 2023 operational excellence global survey stated plans to increase investment in asset maintenance software to elevate operational efficiency, ensure compliance, and optimize overall maintenance practices (see Verdantix Global Corporate Survey 2023: Operational Excellence Budgets, Priorities and Tech Preferences). However, the market is still witnessing difficulty in quantifying the benefits of such solutions, and asset maintenance software project leads therefore struggle to justify investment. In this report, we provide operations executives with guidance to help them develop a numbers-driven business case to support an asset maintenance investment plan. We show how the core asset maintenance tools – computerized maintenance management systems (CMMS), enterprise asset management (EAM) solutions and asset performance management (APM) software – can help firms save millions in work order management, production losses and maintenance costs, as well as in insurance and inventory expenses. We set out the key activities needed to achieve a successful deployment and outline the applicability of the various solutions for firms’ needs.