Enterprise Asset Management, famously known in its abbreviated form as EAM, is used to track all assets in a factory throughout its lifecycle. It essentially lengthens the assets life process, schedules maintenance and repair orders, reduces overall operational costs and optimises all asset management processes through one central platform. Since its main functions involve managing assets, this is a must-have solution for even small businesses. As the market for EAM is expected to grow 17 per cent yearly over the next decade, managers should consider what features they should include when choosing the right EAM software vendor. This article will discuss essential aspects companies should look for when implementing an EAM system.
10 Must-Have EAM Features
While the features in an EAM vary and can be customisable according to the company’s needs, here are ten of the main features you must have in your EAM.
Know Which Assets Require Priority
An asset hierarchy is a great way to budget a company’s finances. An EAM that can utilise data analytics in its system can do wonders that save an organisation’s overall finances and resources. Predictive and prescriptive analytics, for instance, can monitor the health condition of all assets in a factory’s warehouse. It can detect the root cause of random breakdowns and predict impending risks. Thereafter, the manager that receives the warning message can schedule maintenance or repairs accordingly. The maintenance team can prioritise their work based on the asset that requires the closest attention. Therefore, adopting data analytics extends the life cycle of assets and eliminates downtime.
Generally, all reports and status reports on a company’s operations require them to be printed and assessed. With EAM, however, organisations can transition to sustainable practices. This includes going paperless and storing all data online. Whatever data the stakeholders or board of directors require can easily be accessed through an electronic device that has been granted access. Organisations can be more organised with a digital repository of files and data. Instead of looking for the correct information, a simple search gives the relevant personnel the information they receive. The best part is that the data obtained are the most updated. However, managers can yet compare metrics on a weekly, monthly or yearly basis to assess the success of operations. With digital files, there are rarely any duplicated files created, guaranteeing that storage is not wasted. Receive access to the latest reports to make data-driven decisions.
Adapting to Changing Markets
The demand for various products changes at a rapid pace. One month there could be a high demand for a specific product, whereas the next month, a new type of product used for the same purpose is trending. Understanding which factors change the market demand for an item the company produces is essential to continue growing or maintaining the organisation’s sales. The Artificial Intelligence (AI) and Machine Learning (ML) capabilities in the EAM system can self-learn the factors that lead to market changes. It provides accurate predictions for engineers, product managers and factory managers to consider and make changes. Alternatively, understanding the specific seasons a type of item is required chiefly and not is another way for factories to know how many products they should create. As a result, having such a feature in an EAM guaranteed the reduction of waste produced.
While EAM significantly reduces the need for humans to engage in repetitive tasks, it does not mean there is no longer a human labour force present. Instead, they can focus their energy on essential tasks that humans can only do. Hence, incorporating a feature to monitor their work helps to ensure that the team is not only carrying out their roles and responsibilities but also is equipped to do it to the best of their ability. This includes keeping track of each person’s credentials and implementing training programs if required to let them receive the necessary certifications that help guarantee standards are upheld.
Meet the Requirements Unique to Your Operations
An EAM is never meant to be a solution that helps all companies carry out their functions in a general manner. While EAMs have certain mandatory features, each production house has a set of needs. These needs or requirements could vary from company to company. This is why the EAM a company incorporates must be customisable. Remember to communicate to the software solutions providers what functions in the organisation need to be speeded up. This will help the solutions provider recommend modules that may be specifically beneficial.
Supply Chain Management
Managing inventory can be a hassle, especially if it is done manually. With EAM software, every item taken from the inventory is updated. Thus, when a specific raw material stock runs out, it will notify the manager, who can place an order for a fresh batch. All records of purchases made will be recorded. The software also helps to track any items that have been ordered, thereby receiving notices of any delays in the shipment. It also allows managers to manage the space for inventory more feasibly, making use of the existing space available. According to the forecasts on market changes, the EAM will also suggest the appropriate amount of raw materials that should be purchased based on seasonal demand.
Asset Decommissioning and Disposal
The data analytical tools only prolong the life of assets. That does not mean assets continue to withstand the test of time. Eventually, all assets will have to be replaced with new machinery due to their age. The decommissioning and disposing of finished assets can be a complicated procedure. However, an EAM simplifies this process for companies. This is handled by the procurement and sales module of the EAM, which helps companies carry out the reverse auctions for asset disposal. This module interactively works with other modules to ensure that the disposed application is reflected. For instance, the inventory management module will consider the number of operations done with one asset disposed of and how much material is now the most feasible to hold. On the other hand, the finance module will update its record to ensure any expenses budgeted for that asset are removed.
Increasing Transparency for Greater Customer Satisfaction
After an item is produced, the process followed to ensure the product reaches the customer is essential. It is, after all, through the customer that the value of a product is measured. Manufacturers assess whether product quality is maintained during delivery and whether the customer has a positive experience. One method to guarantee customer satisfaction is to increase transparency. If the delivery of a product is late, it is rare for it to be the manufacturing company’s fault. It could, for instance, be a fault on the part of the delivery partner or due to external conditions. Hence, the moment an order is made, allowing the customer to track its progress from start to finish would be efficient.
Ability to Access Information From Wherever You Are in the World
A trending feature that must be included in a modern EAM is the ability to access information from anywhere. Depending on the type of cloud adopted by a company, software vendors can provide authorised access to certain devices or individuals, no matter where they are physically located. This especially becomes beneficial for chain corporations. With the multiple subsidies a company may have across the globe, the headquartered company, for instance, may require access to their information. Thus, finding a trusted solutions provider that offers encrypted services and safeguards data whilst providing remote access is pivotal.
TigernixEAM: Find Solutions to All the Challenges You Experience
TigernixEAM is the ideal solution that addresses all challenges related to asset management and your enterprise system. It has multiple modules that can help you find customisable solutions to your unique needs. Our user-friendly solutions give you over 90 per cent of control over your business operations. It incorporates all of the above features in addition to a highly functional CMMS module, provides seamless integration, provides support service, includes reporting tools, manages your asset performance, and so much more.
Connect with us and tell us what you desire, and we will equip our EAM system with the modules that meet your requirements.
Power Up Your EAM With The Best Modules
Integrating EAM software into your business is a mandatory requirement. However, simply adopting any EAM software will not help you meet your company targets. Consider what you expect from an EAM and whether the specific vendor you approach has those modules incorporated. TigernixEAM is one of the most respected brands in Singapore that have a clientele of satisfied customers. Make sure to thoroughly research the vendor before you implement the most suited EAM software solution.