Having the ability to identify, track, locate, and analyze physical assets can be a game-changer for pharmaceutical, biotech, and medical device firms in several ways.
First, it can help avoid downtime. The average cost of unplanned equipment downtime is $260,000 per hour, according to research by Aberdeen. Therefore, the pharmaceutical, biotech, and medical device companies' ability to avoid failures can help to increase uptime, reduce costs, and guarantee quality.
It can save significant amounts of money on equipment too. Through real-time monitoring functionality, maintenance can be scheduled intelligently, ensuring a longer lifespan for tools, equipment, and machinery. What’s more, operators can be preventively alerted to potential issues before they cause damage and unplanned down-time.
AXP 365 EAM™ helps meet regulatory requirements. Effective asset management technology will deliver a full audit trail and increase traceability of maintenance events, spare parts consumption, and machine/equipment availability. It makes compliance easy enforcing life sciences industry standards and improving product and process quality at the same time.
There are environmental benefits too. Asset management can help monitor energy consumption and optimize processes, driving new efficiencies as a result.
AX for Pharma 365’s Enterprise Asset Management solution, natively integrated with Microsoft, has been specifically built to deliver all of these benefits to the pharmaceutical, biotech, and medical device industries. By adopting Internet of Things (IoT) technology and deep machine learning, it enables firms to better understand the status of their equipment, facilitating a strategic data-driven approach that will deliver distinct advantages over companies that adopt a business-as-usual strategy.