Asset-dependent companies worldwide are sending hoards of money to acquiring, deploying, maintaining and replacing mechanical assets, infrastructure and other fixed assets. Despite the hefty price of asset-related expenses, uninterrupted asset utilisation is the core of success for most companies. Therefore, a manager bears a huge brunt in ensuring that all equipment and machines run smoothly. Unfortunately, conventional asset management techniques have led to unresourceful fates for most companies; which is why Enterprise Asset Management Software took over the title of the ‘Best Solution for Asset Management’.
This article explores the 6 biggest perks of enabling an Enterprise Asset Management Solution and helps the reader appreciate and comprehend EAM software’s capabilities to facilitate asset-oriented organisations. Before understanding how EAM software helps optimise equipment and operational assets, let us know what Enterprise Asset Management Software actually means.
Enterprise Asset Management System in Easy-to-understand Terms
Enterprise Asset Management System is a software suite that allows a manager to supervise an asset or a group of assets through entire life cycles. This software delivers the needful insights a person wants to:
- Enhance the quality, performance and productivity of the asset
- Increase the lifetime of assets
- Minimise assets costs (maintenance costs, repair costs, reallocating costs etc.)
- Oversee assets from a remote location
- Set accurate budgets to meet the actual requirements of assets
- Track asset maintenance activities through optimised scheduling and more.
In short, this software is capable of answering all asset-related questions starting from where the assets are, how long will it survive under certain operating conditions, when its next maintenance requirements are, and who is the most eligible technician to attend to a maintenance call and more. Therefore, Enterprise Asset Management Software is a solution that cannot be overlooked not only by large-scale conglomerates but also by small and medium-sized industrial players. Are you still not convinced? Let us read a few benefits of acquiring an Enterprise Management System and see if it changes your mind.
Perks of Employing an EAM Software
Understanding the most exciting advantages of adopting an EAM can guide you in capturing the specific benefits you can gain from an EAM to optimise the asset management efforts of your company. Here are 6 of the most compelling features of adopting an EAM system.
Consolidate asset applications to one technology system
Centralising all asset data sources into a unified technology system allows asset managers to oversee assets via a virtual lens. The user can use EAM to standardise and compile disparate fixed assets deployed in wide-range planes- maybe across a factory, city or even across a country. Asset decision-makers can execute all asset functions without being physically next to the asset due to the integration of EAM software with all asset data sources like applications, websites, cloud platforms, databases, sensors and more. Therefore, EAM acts as a single source of truth to all asset-related decision-makers of the organisation. For example, it says the position, the condition, criticality, maintenance requirements and all other information about an asset throughout its lifetime.
Predict future asset parameters
EAM software can be embedded with data analytics models that preempt the future asset conundrums that can impact the seamless operations of your organisation. It produces actionable insights that asset managers can use to pinpoint preventive capabilities to ensure an undisrupted operation. The data collected from the diverse data-rich points can be fed into these models to understand how an asset will fail or meet a critical risk before it happens. This allows the asset decision-makers to amalgamate intelligence, prepare service teams and gather the resources required to maintain an asset so that it won’t meet with the inefficient fate that is predicted by predictive analytics models.
In-depth financial analysis
EAM is best for asset managers who are trying to excel in improving asset performance from the bottom line while saving a lot of time and money. Understanding the actual conditions and tending to assets based on their criticalities helps asset-oriented organisations to cut down a higher percentage of otiose costs. Investors and other financial solution providers of your organisation can use the EAM software as a source to tailor financial routines and allocate budgets to generate TCO (Total Cost of Ownership) in an optimal manner. By using AI technology, they can even analyse budgets for impending financial years- 5 to 10 years ahead.
Know when to dispatch your maintenance crew
EAM software facilitates asset managers by consolidating risk indexes, maintenance requirements and service availability models to elevate the maintenance programs of your organisation. You can enhance your fixed asset maintenance practices by tracking and tracing assets at a granular level. Instead of spending a lot of time, money and effort on routines, the users gain the advantage of monitoring how the asset degrades due to uncontrollable parameters like environmental impacts, weather, exposure to human disasters, asset exhaustion and other influences that hinder the asset performance. By gaining a realistic, data-driven insight into when you should expect a breakdown, your maintenance team can simply go and repair the asset even before it fails.
Maximise asset efficiencies throughout their life cycles
EAM software also ensures the reliance and sustenance of your asset spread even under extreme operating conditions. The condition-based analysis of your asset can help asset managers to improve the return on investment by embedding risk control measures that keeps your asset healthy from deployment to replacement. It extends the life of your asset while enhancing their productivity, performance and quality, allowing you to make the best out of your assets till their near-zero levels. By managing the entire lifecycle of assets, organisations can avoid confusion and keep a close eye on the major phases of all assets’ lifecycles by using a single glass pane.
Real-time asset monitoring
EAM software optimises the asset lifecycle of your fixed assets, starting from planning, procurements, deployment, operation, maintenance, decommission and transfer to sale or disposal. You can gain a real-time perspective of all asset changes, states and positions without physically being present in your industrial premises. This software allows the ability to monitor all asset costs and streamline work orders associated with any asset lifecycle stage in real-time. Based on asset conditions, you can send work assignments for your labour by integrating their schedules and skills based on asset requirements. For example, you can effortlessly transfer assets between your sites based on the production processes so that you do not have to invest in several fixed assets when you can streamline operations with a single asset.
Optimise Industrial Operations Across A Multitude of Industries
The application of EAM capabilities is not confined to a single set of industrial players; the EAM software facilitates a range of industrial spheres, including:
- Aerospace,
- Automotive,
- Commodity,
- Education,
- Energy And Utilities,
- Food And Beverages,
- Healthcare,
- Hospitality,
- Life Sciences,
- Manufacturing,
- Mining,
- Nuclear Power,
- Petroleum,
- Research,
- Space,
- Transportation and more.
This is why the competence of an EAM software should never be disregarded because it certainly sets the record straight for conventional asset managers.
