Companies worldwide that rely on their assets pour vast sums of money into buying, deploying, maintaining, and replacing their infrastructure, mechanical, and other fixed assets. Despite the high cost of asset-related expenses, continuous asset utilisation is the key to success for most businesses. Therefore, a manager has a heavy burden in ensuring that all machinery and equipment function properly.
Enterprise Asset Management Software has supplanted EAM as the “Best Solution for Asset Management” due to the unfortunate results of conventional asset management methods, leaving most businesses with hopeless futures.
Does EAM software potentially elevate your business to entirely new heights? In this blog, we’ll outline strategies for your business to save a ton of cash. But let’s first clarify what the term “Enterprise Asset Management” means.
What exactly is Enterprise Asset Management (EAM)?
The maintenance and control of operational business assets is accomplished through various software, systems, services, and tools known as enterprise asset management.
Optimising asset quality and raising performance are its main goals. Additionally, it controls how assets are used at the same time.
As a result, organisations may maximize the use of their resources and experience increased productivity, efficiency, cost savings, and general health, safety, and well-being.
But that’s not all. EAM also assists with the following maintenance management duties:
- Management of the lifecycle of an asset
- Management of the budget
- Management of contractors
- Handling of work orders
- Preventative maintenance
- Preventative maintenance
- Maintenance of the environment, human health, and safety
How Does Enterprise Asset Management Help?
The following benefits of EAM are covered:
Maximised Return on Investment
As previously mentioned, an asset is regularly monitored by the EAM system to extend its life. When a purchase is in good working order, it also boosts return on investment. For example, if asset life rises by merely 5% or 10%, it will be quite advantageous for your company.
Maintenance on Schedule
This is one of the most crucial advantages and capabilities that allow you to schedule maintenance. We know how risky and expensive an unexpected breakdown can be for a business.
The effectiveness of the business may also be affected. Given that unexpected failures are more expensive to repair than normal maintenance, the solution is as straightforward as performing scheduled maintenance on time on each asset.
Additionally, it is possible to monitor maintenance.
Improvement in Decision-Making
You may make more informed judgements that are more beneficial and successful when accessing all the necessary information. It’s no longer required for you to base your decisions on conjecture.
Here is an illustration: if a piece of equipment isn’t functioning well and requires more maintenance, you may decide more effectively through EAM whether it needs to be changed.
The difficult task is reduced to a simple one
It takes a lot of work and is stressful to keep track of a company’s physical assets. Increasing operational productivity and cutting costs can be accomplished with the help of EAM.
Imagine yourself when you can quickly and effectively keep an eye on every aspect of your organisation’s physical asset. Furthermore, since the software will monitor maintenance, you no longer need to keep track of asset upkeep.
This program makes it easier for the maintenance team’s job by allowing them to see the tasks that need to be completed.
Reduction of paperwork and human error
Since everything is managed via the cloud, there would be less paperwork, meaning fewer human errors. It is simple to search for and store digital documents.
As all documents are available online, they are easier to retrieve and less likely to be lost. That’s it!
One tiny data input error can significantly impact a piece of paperwork; for instance, entering the incorrect shipment address might negatively impact a company’s operations.
The EAM software achieves reduced human engagement. You consequently receive data that is more accurate.
Productive use of resources
In organisations without EAM, top-level management may be involved in reporting, observing, and assessing the risk in operational units. As opposed to this, the EAM system helps manage the risk. Allocating the proper resources to lower risk also eliminates pointless procedures and boosts effectiveness.
It gives an accurate view of your assets, showing where and how they are being used. If they aren’t utilised regularly, they are transferred to another area where they will be used more frequently. You can exchange or sell them if they are not used at all.
Superior Efficiency
It is difficult to track when you have offices in several places or are responsible for many different locations, but if you have an EAM system, you won’t ever have to worry about that.
It aids businesses in lowering costs, meeting demands, and lifting performance. It also helps you comprehend stock & inventories so you can manage your working order to the best of your ability.
Enhancing Customer Experience
Your customers will be pleased if you give them the best customer service and address their issue immediately. You can acquire better insights into your client’s needs with EAM software and let them know when a new update is issued.
Greater word-of-mouth advertising can be obtained by providing better customer service. It improves customer confidence, keeps current customers, and gives you access to new potential customers.
The Way EAM Changes Organisational Procedures
EAM can change organisational practises from its advantages to supporting an asset-driven environment. Here are a few strategies EAM systems can use to advance your business procedures.
Maintenance Techniques: Moving from Reactive to Proactive
EAM is intended for a proactive strategy. You may manage maintenance and assets effectively with EAM software while pursuing a PM plan. When assets need upkeep and repairs, the system can notify you. Once configured, the system may automatically create work orders, purchase orders, requests for proposals, and much more, depending on your schedules, enabling on-time work order fulfilment.
Go Mobile
Mobile technologies are drastically altering asset and expense management. The good news is that many EAM systems have a corresponding mobile app for iOS, Android, and Windows operating systems to enable maintenance and asset management on the move. Technicians can execute new work orders, examine repair histories, audit trails, access parts catalogues, etc. Everything can be done using a mobile platform, which has changed organisational procedures.
Standardize ideal techniques
You can create checklists and procedures with EAM to ensure uniformity and best practices in your company. This is helpful for condition monitoring, problem-solving, accounting, and cost management.
Get rid of the maintenance backlog
A runaway maintenance backlog is one practice that can lower productivity, raise operational expenses, and lead to regular downtime. Many organisations that could have operated as effectively as possible have been rendered inoperable by it. The maintenance backlog can be eliminated with the installation of an EAM system.
EAM enables businesses to balance maintenance costs and resources, allowing them to finish the backlog of work. Additionally, it notices minor snags that could otherwise have gone unnoticed, avoiding the need for emergency maintenance and compliance problems.
Improve Health and Safety Procedures
For the welfare of the employees and the assets, robust health and safety procedures are essential. Powerful health and safety management features are included with contemporary EAM systems. The EAM simplifies inspection rounds, keeps track of everyone’s safety certification, and serves as a central repository for health and safety data. Accidents and unanticipated mishaps could become a thing of the past.
Follow the development of technology
Asset-driven enterprise companies must alter their operation and customer service methods to be competitive in the modern world. For this, EAM software utilises the most recent technological advancements. In this manner, the organisation can employ technology and innovations to provide customers better services and options while removing business units from maintaining ineffective and antiquated processes.
Modifying Decision-Making Procedures
It takes a variety of business, operational, and technical solutions to manage a top-notch and effective asset-driven environment. A company must know its operating costs and how it may reduce them if it hopes to find efficient ways to save money and enhance efficiency.
When it comes to understanding your asset-driven operations, understanding how your facilities are doing, and knowing what steps to take to reach your company’s objectives, EAM software is a vital resource. Making crucial organisational and operational decisions becomes simpler due to using an EAM software solution.
Conclusion
You need an enterprise asset management system if you want your business to be at the top of its game. It excels at enhancing your company by effectively managing assets.
Additionally, the asset will ensure that you never lose any purchases again. In one way or another, implementing enterprise asset management software will result in significant cost savings for your business.
But as is common knowledge, each organisation has different requirements. The EAM framework should always be built on an intelligence foundation because that is the ideal scenario.
Divergent frameworks are streamlined by an implicit approach, giving producers access to various EAM advantages. An EAM system is necessary for businesses to help them reduce costs and improve asset performance. As a result, they perform better in terms of profit margins and minimized costs.
Using EAM software is crucial if you have long-term plans for improving your organization.
