Enterprise Asset Management (EAM) refers to software that helps asset managers monitor and strengthen physical assets’ lifecycles. Many asset-centric companies rely on such a system to improve quality standards, safeguard their staff, ensure environment-compliant practices are in place and, most importantly, save costs that are wasted unnecessarily. EAM was initially a system that required multiple users to add data manually. Today, with the advancement of technology, however, and the integration of digital tools such as IoT, EAM software is more advanced and has automated a range of mundane processors. This blog will explain how an EAM helps industrial manufacturers.
How Can Industrial Benefit From an EAM?
There are many ways an EAM can benefit the manufacturing sector. Here are seven ways it contributes to the industrial manufacturing industry:
Track and Monitor Asset Performance
Tracking and monitoring their performance is important to ensure assets are executing their respective roles accurately. Hence, where there is evidence to suggest that there is a defect in the end product or it lacks quality, the majority of the time, it would be because of the ill-performing asset. In a traditional setting, however, it may be hard for asset managers to detect that the asset’s performance is decreasing. By the time they do, it would mean that they would have to incur high costs to rectify the issue. Since the asset was ill-managed for some time, it would also consequently hinder the life span of the asset. As a result, even the most recently purchased asset could be rendered useless or decrease its performativity by half its original capacity.
Since it is hard for humans to defect anomalies in assets at early stages, having a system to automate it may lead to more accurate results. Hence an EAM could help ensure all assets are functioning to their best potential and could further strengthen an asset’s life cycle. The great thing about an EAM is that it can simultaneously monitor multiple assets. Hence in a growing industrial manufacturing factory, you can keep up with all assets without any issue.
Since it is hard for humans to defect anomalies in assets at early stages, having a system to automate it may lead to more accurate results. Hence an EAM could help ensure all assets are functioning to their best potential and could further strengthen an asset’s life cycle. The great thing about an EAM is that it can simultaneously monitor multiple assets. Hence in a growing industrial manufacturing factory, you can keep up with all assets without any issue.
Maximise Equipment and Machinery Uptime
Every time an asset breaks down, it significantly affects your business. Hence, in industrial manufacturing, which largely depends on its assets to carry out its functions, putting out an asset for repair may affect your entire manufacturing operations. In other words, there is a high chance that your manufacturing process will face a standstill or be completely halted until the asset is repaired and replaced. Alternatively, if multiple assets of the same kind are available, the loss of one could slow down productivity.
Additionally, since there is no certainty as to when the repair will be made, it would mean that your factory assets will face prolonged periods of downtime. By incorporating EAM, however, the chances of you having to stop your operations will be at a minimum. This is because many EAM solutions are infused with predictive analytical capabilities, which can help warn asset managers of impending breakdowns. Thus, the moment the EAM dispatches such a warning, asset managers can quickly send a maintenance team to rectify the problem before it occurs. By adopting a colour coding system to heighten the criticality level, asset managers can also prioritise repairs accordingly. This demonstrates that an EAM solution adopts a proactive role to fixing anomalies and, as a result, increases machinery uptime.
Additionally, since there is no certainty as to when the repair will be made, it would mean that your factory assets will face prolonged periods of downtime. By incorporating EAM, however, the chances of you having to stop your operations will be at a minimum. This is because many EAM solutions are infused with predictive analytical capabilities, which can help warn asset managers of impending breakdowns. Thus, the moment the EAM dispatches such a warning, asset managers can quickly send a maintenance team to rectify the problem before it occurs. By adopting a colour coding system to heighten the criticality level, asset managers can also prioritise repairs accordingly. This demonstrates that an EAM solution adopts a proactive role to fixing anomalies and, as a result, increases machinery uptime.
Stay Compliant with Safety Regulations
Traditionally, one of the biggest drawbacks of manually carrying out routine checks and maintenance was subjecting humans to hazardous situations. As there was no way to assess what the issue with the machine was in advance, humans could be entering a site which could put them at immediate risk. This is why the manufacturing sector has a higher burden of ensuring safety. Due to the nature of the industry, industrial disasters could be more prone to occur while at work. Thus, an EAM system can be considered a mandatory tool to meet safety regulations.
An EAM can ensure safety regulations are met by informing the asset manager when a specific zone of the industrial factory is subjected to warmer temperatures which would make it dangerous for anyone to enter. The EAM system can, in such a situation, activate a contingency plan to ensure no one will enter that part of the factory. At other times, an EAM can warn asset managers of future anomalies or inform you of any risk within the asset itself; the prior knowledge of the anomaly would allow maintenance crews to take measures to protect themself. This could be in the form of wearing protective gear or addressing a repair correctly, which would not put them or others at risk.
An EAM can ensure safety regulations are met by informing the asset manager when a specific zone of the industrial factory is subjected to warmer temperatures which would make it dangerous for anyone to enter. The EAM system can, in such a situation, activate a contingency plan to ensure no one will enter that part of the factory. At other times, an EAM can warn asset managers of future anomalies or inform you of any risk within the asset itself; the prior knowledge of the anomaly would allow maintenance crews to take measures to protect themself. This could be in the form of wearing protective gear or addressing a repair correctly, which would not put them or others at risk.
Reduce Maintenance and Operating Costs
Asset-intensive industries are known to be very expensive. They are companies that are costly to invest in, repair and maintain. Having an EAM, however, can significantly help to eliminate unnecessary costs. This is a natural result of the other advantages listed above. Hence, for instance, by having predictive analytical capabilities to warn you of future anomalies and by consistently monitoring your assets 24/7, the amount that managers will have to incur to prevent anomalies from worsening is comparatively much cheaper than having to repair or, worse, replace it entirely when it completely breaks down. Hence, while spending money is inevitable in the industrial manufacturing industry, keeping costs low is possible with a software solution like EAM. By ensuring all assets are functioning well and lengthening the asset lifecycle, an EAM can help you to be financially feasible in the long run.
Moreover, EAM allows asset managers to create more realistic budgets for projects. Since such systems have the capacity to take in every risk that could occur in a project, an EAM is a great tool for making reliable estimations for the future. Depending on the vendor, some EAMs have the capacity to provide futuristic budgets that look to be around ten years ahead.
Moreover, EAM allows asset managers to create more realistic budgets for projects. Since such systems have the capacity to take in every risk that could occur in a project, an EAM is a great tool for making reliable estimations for the future. Depending on the vendor, some EAMs have the capacity to provide futuristic budgets that look to be around ten years ahead.
Manage Inventory Procurement
It is important to note that industrial manufacturing projects take much time. Hence, it may be hard to keep up with the status of your inventory to ensure the resource you need is available. Due to this, many manufacturers tend to face delays because of the lack of resources in their inventory. Such delays can, however, be avoided with an EAM.
An EAM can record all your inventory and update it automatically. Hence, instead of manually updating a system, an EAM removes such a burden by automatically updating it. Based on the status of your inventory, you can schedule orders and restock resources without having to deal with unnecessary delays. By ensuring your inventory is fully stocked, you can also guarantee higher customer satisfaction as the possibility of you finishing a project according to the timeline would be assured. This will also help you ensure your inventory is never fully or understocked. For instance, an EAM can assess the market and consumer demand for certain resources based on the season. Thus, order stocks that are just right for your factory that would not lead you to face losses. You can also keep track of replenishable items, taking note to use them before expiration.
An EAM can record all your inventory and update it automatically. Hence, instead of manually updating a system, an EAM removes such a burden by automatically updating it. Based on the status of your inventory, you can schedule orders and restock resources without having to deal with unnecessary delays. By ensuring your inventory is fully stocked, you can also guarantee higher customer satisfaction as the possibility of you finishing a project according to the timeline would be assured. This will also help you ensure your inventory is never fully or understocked. For instance, an EAM can assess the market and consumer demand for certain resources based on the season. Thus, order stocks that are just right for your factory that would not lead you to face losses. You can also keep track of replenishable items, taking note to use them before expiration.
Become More Cost Effective, Sustainable and Productive with a Functional EAM Solution
An EAM solution is a valuable asset to have in any asset-intensive industry. Whatever kind of manufacturing company you are, having end-to-end control of your operations is important. This extends to having control of the condition of your assets. Without such power, you cannot effectively control your sales, customer satisfaction and profit margins. By monitoring assets throughout the day and having access to futuristic insights, eliminate any random downtimes or related surprises completely. Take intelligent decisions based on the futuristic insights you receive while spending only the minimum amount required to help you thrive in the industry. Are you ready to take calculated actions based on the data-driven insights your EAM solution will provide you with?
