The Path to Value for Enterprise Asset Management

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The Path to value for Enterprise Asset Management

As organizations grow, managing the lifecycle of assets becomes increasingly complex and critical to operational success. From ensuring optimal utilization to maintaining compliance and reducing operational costs, asset management can significantly impact a business’s bottom line. ServiceNow’s Enterprise Asset Management (EAM) solution provides a comprehensive platform that enables organizations to streamline and automate asset-related processes, delivering both short-term efficiencies and long-term strategic value.

This article outlines the customer’s path to value when adopting ServiceNow EAM, detailing how businesses can progress through various stages—from identifying challenges and implementing solutions, to realizing operational improvements and unlocking innovation. Whether you’re in the early stages of exploring asset management solutions or looking to enhance your existing processes, this path to value will guide you through key milestones and best practices to help you maximize the return on your EAM investment.

 

1. Discover: Understanding the Need for Change

• Challenge Identification: As a customer, you may recognize challenges with managing assets across their lifecycle—such as lack of visibility, high maintenance costs, and manual processes.
• Value Insight: You’ll start to understand that adopting a modern asset management solution like ServiceNow EAM can provide real-time visibility, automated workflows, and better control over your asset base.
• Business Case: You’ll build a business case internally by highlighting the potential benefits of improving asset efficiency, reducing costs, and enhancing compliance

2. Onboard: Aligning Business Goals with EAM

• Goal Setting: During the onboarding phase, you’ll work closely with the ServiceNow team to set clear business objectives based on your asset management challenges, such as reducing asset downtime, streamlining procurement, or enhancing inventory accuracy.
• Vision Alignment: You'll align these goals with the capabilities of ServiceNow EAM, understanding how it fits your unique business processes and industry requirements.

3. Implement: Gaining Control and Efficiency

• Quick Wins: Early in the implementation, you’ll experience initial wins—such as improving visibility into asset inventories or automating routine tasks (e.g., asset tracking and contract renewals).
• Simplified Workflows: You’ll begin to replace manual, spreadsheet-driven processes with automated workflows within the ServiceNow platform, significantly reducing the time spent on repetitive tasks.
• Centralized Data: By consolidating asset information into a single system of record, you’ll gain real-time insights into asset locations, usage, costs, and status—helping to make more informed decisions.

4. Adopt: Empowering Teams and Driving Productivity

• Improved Collaboration: With ServiceNow EAM in place, your teams will have a centralized platform to collaborate across departments (e.g., procurement, finance, IT). Everyone can access the same up-to-date asset information, reducing silos and miscommunication.
• User Empowerment: You’ll empower employees by giving them access to the tools and data they need to manage their specific responsibilities more effectively, whether it's handling asset procurement, managing contracts, or ensuring compliance.
• Operational Efficiency: As automated processes take hold, you’ll see productivity improvements as teams can focus on higher-value tasks rather than mundane administration.

5. Optimize: Realizing Operational Improvements

• Cost Optimization: You’ll start to optimize costs by leveraging ServiceNow’s analytics and reporting to uncover areas of inefficiency, such as underutilized assets or unnecessary maintenance.
• Compliance and Risk Mitigation: Your organization will experience enhanced compliance with regulatory requirements through automated tracking of contracts, warranties, and asset life cycles—reducing the risk of penalties or audit issues.
• Scalability: As you use the platform more, you’ll appreciate its scalability, being able to manage everything from a small asset pool to thousands of assets without losing control or efficiency.

6. Transform: Strategic Asset Management

• Predictive Insights: As you mature with the platform, you’ll unlock advanced capabilities like predictive maintenance, where asset data can help forecast maintenance needs before problems arise—reducing downtime and avoiding costly repairs.
• Proactive Decision-Making: Leveraging ServiceNow’s powerful data insights, your leadership team can make proactive decisions about asset investments, disposals, and procurement strategies based on real-time data rather than guesswork.
• Enterprise-wide Impact: Asset management is no longer just a maintenance function. You’ll begin to see enterprise-wide impact—where optimized asset management directly supports broader organizational goals like reducing total cost of ownership (TCO) and enhancing customer service.

7. Innovate: Continuous Improvement and Growth

• Continuous Improvement: As your organization grows, you’ll continuously refine asset management processes based on evolving business needs. You’ll leverage new features and technologies (e.g., AI, IoT) that ServiceNow introduces to further optimize your asset lifecycle management.
• Maximized ROI: By fully utilizing ServiceNow EAM’s capabilities, you’ll maximize your return on investment (ROI) through improved asset utilization, cost savings, and better decision-making.
• Strategic Advantage: Ultimately, you’ll gain a strategic advantage over competitors by ensuring your assets are effectively managed, contributing to your overall business growth and efficiency.

Customer's Path to Value Overview:

1. Discover: Recognize asset management challenges and understand how ServiceNow EAM can help.
2. Onboard: Define clear goals and align them with ServiceNow EAM’s capabilities.
3. Implement: Achieve initial wins through automation, centralized data, and efficiency gains.
4. Adopt: Empower teams, improve collaboration, and drive operational efficiency.
5. Optimize: Experience cost optimization, better compliance, and scalability.
6. Transform: Move from reactive to strategic asset management with predictive insights.
7. Innovate: Continuously improve and maximize ROI, gaining a strategic advantage.

This path highlights your journey from discovering ServiceNow EAM as a solution, through implementation and adoption, to eventually realizing significant business value and driving continuous innovation.