What is an Enterprise Asset Management and why is it Crucial for Businesses?
An introduction to Asset Management A business buys several assets to improve business processes, increase the efficiency of human resources, and most importantly, to enhance profitability. It invests a great amount in buying assets that are critical for business growth and expansion. When a business spends so much money in purchasing assets, it expects the returns to be higher. This requires proper maintenance and management of assets and for this, the business must have the process of enterprise asset management in place.
What is Enterprise Asset Management? Enterprise asset management, also known as EAM, is the process of taking care of the assets throughout its lifetime and in the end, disposing of it in a cost-effective manner. It is the process that involves managing the lifecycle of an asset to increase its life, lower costs, improve quality, and increase productivity. The upcoming slides mention some reasons EAM asset management is crucial for businesses.
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Enhanced Asset life During the process of enterprise asset management, a preventive approach is followed. The software installed keeps a record of the maintenance cycle of the assets and gives an intimation whenever the asset maintenance is due and who will perform the task. This keeps the assets protected from unexpected breakdowns and increases the life of the assets.
Effective Planning for Expansion
While performing enterprise asset management, data is accurately recorded and analysed. Once the asset-related data is recorded and analysed, thereafter reports are generated that are given to management. Basis these reports, the management strategise business growth and expansion by taking decisions like the assets needed for growth, assets that need to be disposed of, and more.
Higher Return on Investment Every business wants a higher return on the investment and efficient enterprise asset management significantly contributes to it. Preventive maintenance reduces the chances of sudden breakdown and increases the life of an asset. This increases the return on the investment made in the assets.
Enterprise asset management helps in the growth and expansion of business and increases its operational efficiency.
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