Potentially helping organisations save up to 30% of lost revenue
LONDON, Feb. 9, 2023 /PRNewswire/ -- Class-leading Enterprise Asset Management specialist, Peacock Engineering Ltd, has launched a new data management solution, MX+ Data Studio, in a move to help clients streamline their data management strategies, helping to save time, reduce costs and improve data reporting accuracy and compliance.
Digital transformation remains one of the largest investment areas for British businesses, with research estimating that organisations and enterprises, across all industries and sectors, will invest close to $150B by 2030. The continued funding of digital technologies comes as a further report, from a global technology intelligence firm, which evaluated organisations working in the 'FMCG manufacturing, pharmaceuticals, steel production, chemicals, and the mining, oil and gas sectors', also highlighted that 'digital technologies, such as automation and data analytics, are key to helping organisations overcome significant pressures.'
Poor quality data, as a consequence of human error, duplication and inaccurate inputting, is thought to cost UK businesses an estimated 10% - 30% of revenue. For organisations and businesses operating complex assets and facilities, the impact of poor data can lead to an increase in maintenance costs including wasted field trips, poor workflow management and maintenance scheduling. Other negative outcomes can also include higher first-time fix failures, poor asset performance and availability, a reduction of an asset's lifespan and, potentially, failing to meet regulatory compliance.
Liam Knapp, Chief Commercial Officer at Peacock Engineering said: "There is monumental pressure on UK businesses across all industries at this current time. Digital transformation will continue to be a shrewd investment, helping organisations to streamline processes, improve efficiencies, better plan expenditure and procurement, and capitalise on new business opportunities. Through conversations with our customers, we have recognised the need for better data management solutions and technologies that will enable our customers to benefit from better data driven decisions in their asset management strategies."
He added: "The inability to assess and improve data can hinder an organisation's ability to change to modern maintenance strategies, such as condition-based maintenance. Our clients spend significant time and effort on data quality. On a relatively small site with a moderate level of change to static data, our clients can now redeploy a full-time employee by replacing manual, labour intensive changes which carry a significant risk of error, with process controlled, validated changes though the MX+ Data Studio interface."
Peacock Engineering provide digital asset management solutions to some of the UK's largest energy and utility, pharmaceutical, transport and logistics, and manufacturing organisations. Its new data management solution, MX+ Data Studio, works exclusively with IBM Maximo Application Suite (MAS) and IBM Maximo, and is designed to make data management more straight forward and cost effective, transforming client's abilities to drive value through their EAM solution.
MX+ Data Studio, a role-based, scalable data management solution, will enable organisations to benefit from enhanced, secure data capture capabilities, that promote a reduction in costly human error and duplication. The application's enhanced data analysis technology highlights errors and restricts data upload until irregularities are corrected and ensures a smoother, faster upload to EAM systems, ensuring the quality of data is maintained throughout. Through improved data capture and faster, more accurate data uploads, the application will help deliver purer EAM strategies, that give organisations a clearer, richer view of their asset bases, helping to improve workload and maintenance scheduling, increase first-time fix rates, better meet regulatory compliance and improve data validation standards.
Alan Cambridge, CEO and Co-founder of Peacock Engineering, said: "Cleaner, clearer data helps organisations make better informed decisions. These decisions can be felt across all operational processes, from asset management and first-time fix rates, supply chain management, procurement of new machinery, the purchasing of spare parts and ultimately improving the management of projects, teams and time.
"Our investment in our new Mx+ Data Studio application will give organisations the platform to secure their data management strategies, improve overall data quality, reduce enterprise risk, and help optimise spending and streamline business processes."
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