Enterprise Asset Management (EAM) refers to a software solution which monitors the health of assets in a company. It is an application that integrates all assets into one central platform, making it easy to keep track of each device. Manufacturing companies are specifically known to be asset-heavy; hence, incorporating an EAM is a great way to eliminate unnecessary costs. Traditionally, asset-centric companies must carry out manual checks on their assets daily to ensure they function well. Not only is this an extremely labour-intensive and time-consuming process, but it does not provide timely warnings and may lead to problems which the naked eye cannot detect that will escalate. As a result, the asset could completely break down, requiring exorbitant amounts to be spent on its replacement.
Repairs and maintenance are, in contrast, financially feasible in the long team. This is where EAM helps. As EAM detects any change in each asset, it instantly informs managers that it requires maintenance or repairs. The manager is thus able to carry out such repairs before the asset completely breaks down and increases downtime. This article will explain the advantages the manufacturing industry gains from infusing an EAM solution into its operations.
Eight Ways An EAM Solution Strengthens The Manufacturing Sector
The manufacturing industry contributes more than 20 per cent of Singapore’s annual GDP. As an important sector, the government has consistently encouraged factories to transition digitally. With advanced digital solutions, factories will not only gain more yield but can also reduce overall production costs and gain more profit. Small-scale manufacturing companies typically use an EAM. However, larger companies may find EAM solutions even more advantageous. Here are eight ways how an EAM solution can help:
Scheduling Routine Maintenance Accurately
A great way to automate manual maintenance is by implementing an EAM solution. An EAM understands that no two assets function the same, even if brought by the same manufacturer, shop, price and purchased on the same day, the specific time an asset requires maintenance differs. Hence, managers often harm the asset lifecycle when they carry out maintenance randomly. In a matter of seconds, an EAM can determine the right time for each asset to be maintained. This way, factory managers have the flexibility to plan ahead and ensure that it does not affect valuable production time.
Detecting Anomalies At Its Root
When check-ups are carried out manually, once a team member finds an asset not functioning smoothly, time would be wasted trying to find out the cause of the dysfunction. Until such time, either the maintenance teams will be going in blind and will have to face a series of trials and errors to guarantee that the anomaly is fixed. All this wastes precious time and limited resources available in the vicinity, making the repairs costly. An EAM system that has been studying it for a longer and processes all its data allows managers to find out what is wrong with it easily.
Foreseeing Risks
Most EAMs have predictive maintenance technology infused into their solution. Consequently, through the various data processed by the software, the solution can detect patterns and predict impending anomalies. This is then notified to the team, who can schedule maintenance and prioritise repairs according to criticality. Lengthen the life of each of the assets by acting upon the warnings executed by the system. This way, companies can completely prevent an issue from ever forming. Expenses incurred on repairs can be significantly reduced, whilst this is an excellent method to cut down on downtime that may occur.
Detecting Emission Levels of Assets
As a factory consisting of various machines, when assets are not consistently performing in their best condition, it releases toxic chemicals. Since polluted air cannot be seen and only breathed in, the long-term consequences of being subjected to such an environment could lead to life-threatening diseases or create a hazardous ecosystem. The ability to detect emissions in a factory gives the company control of the number of emissions released and absorbed into the atmosphere. Hence, where such levels rise, this can be detected through the ERM system, after which steps can be taken to curtail it. When climate change is at its climax, the manufacturing industry can utilise an ERM system to monitor and control its emission levels.
Monitoring Product Quality
An important part of a manufacturing factory is ensuring the end product meets industrial standards. Suppose each stage of the manufacturing process is not executed properly. In that case, it could affect quality, resulting in the product in question being a factory reject. Alternatively, if an expensive product that lacks quality is sent to the consumer, it will lead to a negative rating and may also result in the product being sent back to the manufacturing company for repair. Durability, quality of products and other factors play a key role in measuring overall product quality. One way to ensure the product is perfect is by providing the assets are in their best condition. The better condition they are in, the higher the guarantee that each product is made better in every stage.
Have Access to Reports with Expert Insights for Decision Making
An EAM solution goes the extra mile to produce autogenerated detailed reports. Check the factory’s progress, and assess the overall profits made in seconds. Decision-makers can find out what is holding the company behind and strategise operations accordingly. Instead of wasting resources by consistently producing products at a consistent volume every month, managers should be smart in their conduct. Hence, use the expert insights gained to adapt products according to the market changes for each season. Additionally, consider consumer changing trends to figure out other ways the company can expand and scale the business.
Manage Inventory
As products are manufactured in bulk, keeping up with an updated list may be hard. Various raw materials of different shapes and sizes are required to make the most minute objects. This is why it is essential always to ensure the company is well stocked in inventory. An EAM solution that can automatically update the system whenever a resource is used makes it easy for the business. This is also a far more reliable method to ensure the collected information is correct. Orders for new materials can then be made, and consistent updates on their status can easily be viewed through the system.
Ensuring Safety
Other than the safety employees enjoy from EAM’s ability to monitor emissions; it further prevents them from risking themselves by attempting to manually detect anomalies in a machine. In the manufacturing industry, as most assets function 24/7, they could be prone to overheating if not appropriately maintained. Instead of endangering an employee while doing their job, automating this process allows factories to relocate teams to workstations that focus on innovation or other important tasks.
EAM Is the Way to Go For Manufacturing Companies
A range of digital solutions is now available for manufacturing companies to advance ahead. An EAM solution is one of the most budget-friendly solutions that can be infused into a small-scale corporation. Since EAM is also highly compatible with manufacturing corporations that hope to scale in the future, it can handle ample amounts of data and is, thus, a long-term solution. The heart of any factory is its assets. Hence, ensuring that they meet their routine maintenance whilst using predictive maintenance capabilities, analytical insights, and more are ways to help you surge ahead in the manufacturing sector.
