Transformative Impact of AI on Enterprise Asset Management
Chris Van den Belt, Head of Product Management at Ultimo (an IFS company), shares insights on how AI is reshaping Enterprise Asset Management (EAM). Ultimo serves over 2,000 companies across manufacturing, logistics, and healthcare, providing software that helps manage physical assets, optimise maintenance, and boost operational efficiency.
Clarifying AI Types in EAM
Distinguishing between automation, AI, generative AI, and agentic AI is crucial for managers evaluating technology options. Automation handles rule-based tasks with no learning ability. AI adds adaptability and the capacity to learn from data. Generative AI can create content based on prompts, while agentic AI operates independently, making decisions and acting with minimal human input.
Van den Belt compares agentic AI to training an apprentice: it begins under human guidance and gradually takes on more responsibility as trust builds.
Key Challenges in Asset Management
- Ageing workforce and skill shortages
- Preserving institutional knowledge
- Shifting from passive record-keeping to proactive management
AI helps address these issues by transforming EAM systems into active digital collaborators that suggest improvements and automate routine work.
Ultimo’s Agentic AI in Action
Ultimo’s initial agentic AI application focuses on safety incident reporting. The AI autonomously scans maintenance requests for potential safety risks and reports incidents, complementing manual procedures.
Early feedback shows improved incident reporting and enhanced safety outcomes. Van den Belt explains, “It feels natural to add this capability. If turned off, risk is low because manual reporting remains, but it demonstrates AI’s potential.”
Overcoming Adoption Barriers
Cultural resistance, job displacement fears, and concerns over data quality and sovereignty present the biggest hurdles. Ultimo addresses these by:
- Prioritising data privacy
- Exploring local AI model options
- Implementing transparent, incremental adoption strategies
Starting with small, evidence-based use cases helps build trust and prove value.
Industry Adoption and Outlook
Manufacturing leads in AI adoption for EAM, while healthcare moves more cautiously. Customer expectations now regard AI as essential for future-proof asset management.
Ultimo collaborates closely with early adopters to refine the role of agentic AI in asset management.
For managers interested in expanding their AI knowledge and skills, exploring targeted courses on Complete AI Training can provide practical insights and training.
To hear more from Chris Van den Belt, consider listening to the full podcast.
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