Part of The Midis Group
7 Best Tips To Invest In Enterprise Asset Management System

Home > Blog > 7 Best Tips To Invest In Enterprise Asset Management System

25 July 2021

7 Best Tips To Invest In Enterprise Asset Management System

In today's society, humans are completely reliant on technology. We are unable to finish our job, task, or labour without the assistance of technology. In truth, we have established a dependency on machines and machinery.

When there is machinery, there is a need for maintenance and administration. In other words, it plays a vital part in quality improvement, which is where the enterprise asset management system comes into play. Enterprise asset management plans maintenance in order to maintain assets and equipment running at peak performance.

What is Enterprise asset management?

EAM is an abbreviation for Enterprise Asset Management. It is a method for managing an asset's lifespan in order to extend its operational life, from its first stage through its last step of decommissioning. EAM reduces expenses while increasing quality and productivity.

Enterprise asset management is capable of monitoring the company's assets, as well as optimising and tracking maintenance tasks. It answers all asset-related queries such as, ‘where is the asset?’ Who is making use of it? When is it due for service/maintenance? as well as others The EAM system arrived after the CMMS system.

After the basic understanding of EAM here are 7 tips to Invest In Enterprise Asset Management System:

1 Lifecycle of an Asset:

The life of an asset can potentially be extended if implemented appropriately. It is one of the most essential reasons why your firm should use an enterprise asset management system. It's also useful for planning maintenance.

As we all know, an unexpected failure may be quite harmful to a business and can be extremely costly. An EAM, on the other hand, can aid you in avoiding these sorts of maintenance.

2 Order of work:

The primary goal of enterprise asset management is to take a proactive strategy in order to extend the asset lifespan. In other terms, it implements preventative maintenance in a business. This EAM can assist and alert you when assets require maintenance or repairs.

It can generate work and purchase orders automatically once it is set up. It may also make a request for a proposal according to your schedule, allowing you to complete job requests on time.

3 Asset Monitoring in Real Time:

Asset tracking is the simplest basic yet most powerful function. It provides you with precise information in real-time. Second, it aids in the asset's maintenance schedule. It also plays an important function in extending the life of an asset.

All asset-related information is shared with the organization's functional teams, for example, what are the organization's present assets? What are their present whereabouts? How many of these are actually in use? Which employee is utilising the asset? When will it be free?

4 Inventory Costs Can Be Reduced:

With the aid of this programme, you can avoid dead-stock and overstock issues. In addition to overspending money, inefficient inventory management might result in revenue loss.

When you streamline your inventory management, you not only minimise the costs of human mistakes but also save money by eliminating unnecessary spending. Most significantly, it can get product history, allowing inventories to be replaced on time and inventory to be efficiently managed.

5 Analytics and Reporting:

EAM enables venture businesses to reduce the amount of paperwork they have to handle. The problem with recorded documents is that they only allow companies to collect limited information about their assets.

EAM, on the other hand, provides extensive analytics and reporting on all of the organization's assets. It helps a company to achieve extraordinary results by finding areas for development.

6 Identify Potential Problems:

The company can designate a particular time for machine and equipment checkups based on how frequently each piece of equipment and machine is used, such as 15 days, 1 month, or 2 months. After that, the assets will be inspected. As a result, you can determine whether or not machinery and equipment are in good operating order. Implement EAM software to avoid operational errors by anticipating the first indication of problems in an asset.

Preventative maintenance is a feature of EAM software, and it also allows the facility to plan maintenance. Its purpose is to identify potential problems. It means you won't have to manually keep track of every piece of equipment that has to be maintained. The software does this perfectly, and it also sends out maintenance warnings in advance.

7 Streamlining the process:

Those days are gone when you needed a certain piece of paper concerning an asset but couldn't find it.  EAM can help you find the information you need in a matter of seconds. It improves your organisation. EAM eliminates the need for paper-based processes. As a result, every piece of information is available online.

It is critical to recognise that the specifications and requirements of companies vary. In an ideal world, the EAM system would be built on a foundation of insight and intelligence. A flawless plan enhances day-to-day operations and enables a company to make the most of its assets. Because every business strives to be the best in its field. This goal is substantially met through enterprise asset management. It has an innate capacity to develop the business and successfully manage the assets.

GartnerMagic Quadrant for EST Software

Check out the new 2017 Gartner Report and see why IBM has been named a leader in Gartner Magic Quadrant for Enterprise Asset Management Software.

Get The Report