Benefits of Enterprise Asset Management

Companiesworldwidethatrelyontheirassetspourvastsumsofmoneyintobuying, deploying,maintaining,andreplacingtheirinfrastructure,mechanical,andotherfixed assets.Despitethehighcostofasset-relatedexpenses,continuousassetutilisationisthe keytosuccessformostbusinesses.Therefore,amanagerhasaheavyburdenin ensuringthatallmachineryandequipmentfunctionproperly.

EnterpriseAssetManagementSoftwarehassupplantedEAMasthe"BestSolutionfor AssetManagement"duetotheunfortunateresultsofconventionalassetmanagement methods,leavingmostbusinesseswithhopelessfutures.

DoesEAMsoftwarepotentiallyelevateyourbusinesstoentirelynewheights?Inthis blog,we'lloutlinestrategiesforyourbusinesstosaveatonofcash.Butlet'sfirstclarify whattheterm"EnterpriseAssetManagement"means.

WhatexactlyisEnterpriseAssetManagement(EAM)?

Themaintenanceandcontrolofoperationalbusinessassetsisaccomplishedthrough varioussoftware,systems,services,andtoolsknownasenterpriseassetmanagement.

Optimisingassetqualityandraisingperformanceareitsmaingoals.Additionally,it controlshowassetsareusedatthesametime.

Asaresult,organisationsmaymaximizetheuseoftheirresourcesandexperience increasedproductivity,efficiency,costsavings,andgeneralhealth,safety,andwellbeing.

But that's not all. EAM also assists with the following maintenance management duties:

• Managementofthelifecycleofanasset

• Managementofthebudget

• Managementofcontractors

• Handlingofworkorders

• Preventativemaintenance

• Preventativemaintenance

• Maintenanceoftheenvironment,humanhealth,andsafety

HowDoesEnterpriseAssetManagementHelp?

The following benefits of EAM are covered:

MaximisedReturnonInvestment

Aspreviouslymentioned,anassetisregularlymonitoredbytheEAMsystemtoextend itslife.Whenapurchaseisingoodworkingorder,italsoboostsreturnoninvestment. Forexample,ifassetliferisesbymerely5%or10%,itwillbequiteadvantageousfor yourcompany.

MaintenanceonSchedule

Thisisoneofthemostcrucialadvantagesandcapabilitiesthatallowyoutoschedule maintenance.Weknowhowriskyandexpensiveanunexpectedbreakdowncanbefora business.

Theeffectivenessofthebusinessmayalsobeaffected.Giventhatunexpectedfailures aremoreexpensivetorepairthannormalmaintenance,thesolutionisas straightforwardasperformingscheduledmaintenanceontimeoneachasset. Additionally,itispossibletomonitormaintenance.

ImprovementinDecision-Making

Youmaymakemoreinformedjudgementsthataremorebeneficialandsuccessfulwhen accessingallthenecessaryinformation.It'snolongerrequiredforyoutobaseyour decisionsonconjecture.

Hereisanillustration:ifapieceofequipmentisn'tfunctioningwellandrequiresmore maintenance,youmaydecidemoreeffectivelythroughEAMwhetheritneedstobe changed.

Thedifficulttaskisreducedtoasimpleone

Ittakesalotofworkandisstressfultokeeptrackofacompany'sphysicalassets. Increasingoperationalproductivityandcuttingcostscanbeaccomplishedwiththehelp ofEAM.

Imagineyourselfwhenyoucanquicklyandeffectivelykeepaneyeoneveryaspectof yourorganisation'sphysicalasset.Furthermore,sincethesoftwarewillmonitor maintenance,younolongerneedtokeeptrackofassetupkeep.

Thisprogrammakesiteasierforthemaintenanceteam'sjobbyallowingthemtosee thetasksthatneedtobecompleted.

Reductionofpaperworkandhumanerror

Sinceeverythingismanagedviathecloud,therewouldbelesspaperwork,meaning fewerhumanerrors.Itissimpletosearchforandstoredigitaldocuments.

Asalldocumentsareavailableonline,theyareeasiertoretrieveandlesslikelytobe lost.That'sit!

Onetinydatainputerrorcansignificantlyimpactapieceofpaperwork;forinstance, enteringtheincorrectshipmentaddressmightnegativelyimpactacompany's operations.

TheEAMsoftwareachievesreducedhumanengagement.Youconsequentlyreceivedata thatismoreaccurate.

Productiveuseofresources

InorganisationswithoutEAM,top-levelmanagementmaybeinvolvedinreporting, observing,andassessingtheriskinoperationalunits.Asopposedtothis,theEAM systemhelpsmanagetherisk.Allocatingtheproperresourcestolowerriskalso eliminatespointlessproceduresandboostseffectiveness.

Itgivesanaccurateviewofyourassets,showingwhereandhowtheyarebeingused.If theyaren'tutilisedregularly,theyaretransferredtoanotherareawheretheywillbe usedmorefrequently.Youcanexchangeorsellthemiftheyarenotusedatall.

SuperiorEfficiency

Itisdifficulttotrackwhenyouhaveofficesinseveralplacesorareresponsibleformany differentlocations,butifyouhaveanEAMsystem,youwon'teverhavetoworryabout that.

Itaidsbusinessesinloweringcosts,meetingdemands,andliftingperformance.Italso helpsyoucomprehendstock&inventoriessoyoucanmanageyourworkingorderto thebestofyourability.

EnhancingCustomerExperience

Yourcustomerswillbepleasedifyougivethemthebestcustomerserviceandaddress theirissueimmediately.Youcanacquirebetterinsightsintoyourclient'sneedswith EAMsoftwareandletthemknowwhenanewupdateisissued.

Greaterword-of-mouthadvertisingcanbeobtainedbyprovidingbettercustomer service.Itimprovescustomerconfidence,keepscurrentcustomers,andgivesyou accesstonewpotentialcustomers.

TheWayEAMChangesOrganisationalProcedures

EAMcanchangeorganisationalpractisesfromitsadvantagestosupportinganassetdrivenenvironment.HereareafewstrategiesEAMsystemscanusetoadvanceyour businessprocedures.

MaintenanceTechniques:MovingfromReactivetoProactive

EAMisintendedforaproactivestrategy.Youmaymanagemaintenanceandassets effectivelywithEAMsoftwarewhilepursuingaPMplan.Whenassetsneedupkeepand repairs,thesystemcannotifyyou.Onceconfigured,thesystemmayautomatically createworkorders,purchaseorders,requestsforproposals,andmuchmore, dependingonyourschedules,enablingon-timeworkorderfulfilment.

GoMobile

Mobiletechnologiesaredrasticallyalteringassetandexpensemanagement.Thegood newsisthatmanyEAMsystemshaveacorrespondingmobileappforiOS,Android,and Windowsoperatingsystemstoenablemaintenanceandassetmanagementonthe move.Technicianscanexecutenewworkorders,examinerepairhistories,audittrails, accesspartscatalogues,etc.Everythingcanbedoneusingamobileplatform,whichhas changedorganisationalprocedures.

Standardizeidealtechniques

YoucancreatechecklistsandprocedureswithEAMtoensureuniformityandbest practicesinyourcompany.Thisishelpfulforconditionmonitoring,problem-solving, accounting,andcostmanagement.

Getridofthemaintenancebacklog

Arunawaymaintenancebacklogisonepracticethatcanlowerproductivity,raise operationalexpenses,andleadtoregulardowntime.Manyorganisationsthatcould haveoperatedaseffectivelyaspossiblehavebeenrenderedinoperablebyit.The maintenancebacklogcanbeeliminatedwiththeinstallationofanEAMsystem.

EAMenablesbusinessestobalancemaintenancecostsandresources,allowingthemto finishthebacklogofwork.Additionally,itnoticesminorsnagsthatcouldotherwise havegoneunnoticed,avoidingtheneedforemergencymaintenanceandcompliance problems.

ImproveHealthandSafetyProcedures

Forthewelfareoftheemployeesandtheassets,robusthealthandsafetyprocedures areessential.Powerfulhealthandsafetymanagementfeaturesareincludedwith contemporaryEAMsystems.TheEAMsimplifiesinspectionrounds,keepstrackof everyone'ssafetycertification,andservesasacentralrepositoryforhealthandsafety data.Accidentsandunanticipatedmishapscouldbecomeathingofthepast.

Followthedevelopmentoftechnology

Asset-drivenenterprisecompaniesmustaltertheiroperationandcustomerservice methodstobecompetitiveinthemodernworld.Forthis,EAMsoftwareutilisesthe mostrecenttechnologicaladvancements.Inthismanner,theorganisationcanemploy

technologyandinnovationstoprovidecustomersbetterservicesandoptionswhile removingbusinessunitsfrommaintainingineffectiveandantiquatedprocesses.

ModifyingDecision-MakingProcedures

Ittakesavarietyofbusiness,operational,andtechnicalsolutionstomanageatop-notch andeffectiveasset-drivenenvironment.Acompanymustknowitsoperatingcostsand howitmayreducethemifithopestofindefficientwaystosavemoneyandenhance efficiency.

Whenitcomestounderstandingyourasset-drivenoperations,understandinghowyour facilitiesaredoing,andknowingwhatstepstotaketoreachyourcompany'sobjectives, EAMsoftwareisavitalresource.Makingcrucialorganisationalandoperational decisionsbecomessimplerduetousinganEAMsoftwaresolution.

Conclusion

Youneedan enterprise asset management systemifyouwantyourbusinesstobeat thetopofitsgame.Itexcelsatenhancingyourcompanybyeffectivelymanagingassets. Additionally,theassetwillensurethatyouneverloseanypurchasesagain.Inoneway oranother,implementingenterpriseassetmanagementsoftwarewillresultin significantcostsavingsforyourbusiness.

Butasiscommonknowledge,eachorganisationhasdifferentrequirements.TheEAM frameworkshouldalwaysbebuiltonanintelligencefoundationbecausethatistheideal scenario.

Divergentframeworksarestreamlinedbyanimplicitapproach,givingproducersaccess tovariousEAMadvantages.AnEAMsystemisnecessaryforbusinessestohelpthem reducecostsandimproveassetperformance.Asaresult,theyperformbetterinterms ofprofitmarginsandminimizedcosts.

UsingEAMsoftwareiscrucialifyouhavelong-termplansforimprovingyour organization.