INTERNATIONAL Business Machines Corp. (IBM) is optimistic on the growth of artificial intelligence (AI)-driven asset management solutions in the Philippines as companies look for cost-effective ways to track their information technology (IT) assets throughout their lifecycle.
“The objective is to reduce the total cost of ownership, and that aligns with our single platform effort where we try to provide maximum benefits using the same application across different asset classes,” Neeraj Gupta, principal asset management sales leader at IBM Technology, Asia Pacific, said in a briefing on June 26.
“It also aligns with the overall goal of the organization to reduce their carbon footprint, so we manage and maintain emissions.”
Many industries find it challenging to manage varied asset classes amid technological advancements, the company said.
IT asset management can also be affected by unexpected downtimes and integration and compatibility issues, it added.
One of IBM’s key products, the IBM Maximo Application Suite, is a unified platform that streamlines the maintenance, inspection and reliability of companies’ critical equipment and infrastructure by leveraging generative AI, advanced analytics and the Internet of Things (IoT).
Launched in 1985, the company has integrated AI solutions by enabling real-time monitoring, forecasting asset conditions, and ensuring sustainable operations.
According to Mr. Gupta, the product’s key benefits include improved asset utilization, real-time data-driven decisions, workforce efficiency and safety, predictive and prescriptive maintenance, lower ownership costs, and sustainability and ESG (environmental, social, and governance) alignment.
At present, IBM Maximo is being used by over 20 companies in the Philippines, mainly in the power generation and transportation industries, Mr. Gupta told BusinessWorld on the sidelines of the briefing.
“So, we do see opportunity from a market standpoint in the manufacturing and renewables [sectors],” he said.
“We want to maximize in our presence [in the Philippine market], even catering to small to medium enterprises through our software-as-a-service version of Maximo,” Mr. Gupta added.
A 2023 study by the International Data Corp. commissioned by IBM showed that IBM Maximo can extend the lifespan of company assets by over 17% and reduce maintenance and operations costs by $243,000.
It also reduced unplanned downtimes by 47% and increased workforce productivity by 26%, according to the study. — Beatriz Marie D. Cruz