MOUNTAIN VIEW, Calif., Oct. 11, 2012 /PRNewswire/ -- Based on its recent analysis of the enterprise asset management (EAM) solutions market, Frost & Sullivan recognizes IFS with the 2011 Global Frost & Sullivan Award for Customer Value Enhancement. IFS's vendor-agnostic EAM solution seamlessly integrates with automation solutions from other vendors, thereby improving asset management capabilities.
IFS's overall equipment efficiency (OEE) and corporate performance management tools aid in analyzing production disruptions, determining the causes of maintenance issues, inadequate training, and design faults. Once end users identify the scope of improvement, IFS costing tools can gauge their cost-effectiveness. The data harvested from IFS's costing tools reduces decision-making time and improves operational efficiency.
Max OEE, a tool from IFS with a graphical interface, is much easier to use than competing units and adapts to existing systems. It has built-in analysis tools and integrates with the plant's work order system. Further, IFS's integrated asset design application helps in the planning and design of production plants from the conceptual stage to commencement.
"The asset design information is integrated with IFS purchasing, project, document management, and maintenance applications, which facilitates the planning of maintenance activities at the beginning of the plant design stage rather than after its completion," said Frost & Sullivan Research Analyst Vinay Pujari. "This leads to shorter lead time and more efficient use of internal and external personnel in new construction or rebuilding projects."
IFS provides EAM solutions with the configurable functionality of enterprise resource planning (ERP), as required by customers, and can manage the complete life cycle of an asset—from design to decommissioning. IFS Applications is a component-based extended ERP suite, built on service-oriented architecture, which takes care of four core processes: service and asset management, manufacturing, supply chain, and the project.
IFS solutions uniquely practice a three-step approach—the basic level, the proactive level, and the workforce optimization level. The component-based ERP suite gives end users the flexibility to choose the component that suits their specific business needs. IFS has exhibited significant product bundling capabilities, thanks to its customer-specific approach. For example, IFS's ERP suite for the energy sector comprises IFS Financials, IFS eBusiness, IFS Business Performance, IFS Document Management, IFS Distribution, IFS Maintenance, IFS Human Resources, IFS Project Management, and IFS Mobility. These modules can be configured, added, or removed per requirements.
IFS Applications help in creating a single database covering all critical business processes and aids in high levels of coordination and synchronization between key functions and operations. This service increases employee productivity and augments performance quality. It also helps in reducing data redundancy.
"IFS Applications' component-based architecture facilitates the addition of new components whenever required, as with mergers and acquisitions, and the system is reconfigured with minimal business disruption," notes Vinay Pujari. "IFS Application differentiates itself with its open standards and ease of integration."
For example, if the acquired organizations use disparate ERP, supply chain management, inventory, or purchase solutions, IFS's open component-based architecture will expedite their integration with existing IFS solutions. This maximizes enterprise agility, while minimizing performance variability.
Each year, Frost & Sullivan presents this award to the company that demonstrates excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on the investment. This award lauds the company's focus on enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and, ultimately, customer base expansion.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
IFS is a public company (OMX STO: IFS) founded in 1983 that develops, supplies, and implements IFS Applications™, a component-based extended ERP suite built on SOA technology. IFS focuses on industries where any of four core processes are strategic: Service & asset management, manufacturing, supply chain and projects. The company has 2,000 customers and is present in approximately 60 countries with 2,800 employees in total. Net revenue in 2011 was SKr 2.6 billion.
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