The objective of Asset Lifecycle Management (ALM) is to optimize the profit generated by assets over the course of their lifecycle. ALM integrates processes and technologies in order to manage asset portfolios, execute projects, and facilitate efficient asset management practices. Whereas Asset Health Management (AHM) deals with monitoring and optimizing the health the asset in real time, ALM extends across the lifecycle of the asset from design, to procurement, commissioning, operations, maintenance, and decommissioning. IoT technologies enable superior visibility, forecasting, and feedback loops across the ALM process.
In 2013, LumenData found itself in need of adding new real-time predictive analytics capabilities to its suite of services. To meet this need, LumenData acquired a state-of-the-art streaming data, capture and real-time predictive analytics company. This solved the pure predictive analytics end, but left LumenData with a need to be able to build IoT-targeted services.From an IoT perspective, LumenData was still missing the means to create suitable applications and dashboards that would make it easy for its customers to effortlessly make sense of whatever predictive analysis they might require.
Full-store audits involve making sure that items are in stock, in the right place, and marked at the correct price. These tasks must be repeated over and over, typically take several hours to complete, and tend to be very inaccurate when done by humans.
Hospitals are under enormous pressure to keep their costs down and improve the bottom line. They’re looking for ways to achieve greater operating efficiency to reduce costs. And new revenue opportunities are also needed to boost income. Patient satisfaction is also important, helping ensure that their beds stay full.With healthcare costs rising rapidly, hospitals are being asked to deliver an even higher quality of patient care at a lower price. They are also expected to do this profitably, with a strong bottom line that benefits shareholders. At the same time, hospital patients expect an in-hospital experience that’s much like a hotel stay. They expect all the conveniences of home with on-demand services that fit their situation. Among these is a demand for multimedia and Internet access – services that hospitals have so-far been unable to prescribe cost effectively. Patients also want their visitors and loved ones to feel equally cared for – expectations that increasingly add to a hospital’s costs rather than lower them.
The Application Lifecycle Management (ALM) market is expected to grow from USD 2.58 Billion in 2017 to USD 3.63 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period.