21 May 2020

How Enterprise Asset Management (EAM) System benefits your Organization

EAM or Enterprise Asset Management is a process of managing an asset’s lifecycle so as to increase its life, decrease costs, improve quality, and productivity. It is put into effect for the purpose of monitoring the asset of the company, for tracking maintenance activities, and so on. It offers answers to every question related to assets that you may have. For instance, when it requires maintenance or service or who is using it or where it is currently located. So, you can see how it can benefit a company in a number of ways.

Here is a detailed list of benefits that an enterprise asset management system offers to an organisation/ business to shed more light on the subject:

1. Simplifies a massive task

It is actually a hectic job to keep track of the physical assets of a company. An EAM simplifies this huge task. It is a useful means of improving operational productivity.

2. Costs

EAM or Enterprise asset management has the ability to shrink capital costs, decrease asset-related operating costs, increase an asset’s lifespan, and therefore improve the return on assets (ROA). It is an essential strategy to integrate control over every business function in an effective manner by using a great communications platform.     

3. Utilization

The most obvious advantage of EAM software for an enterprise is the senior management’s control over the productivity and cost of every business asset. As you are able to see every aspect of the process of your business and accordingly make adjustments, you get an edge over your competitors who are not doing the same thing.

4. Reduced risks

Enterprise asset management lets you integrate data and processes information on a real-time basis. It does so across every external and internal channel. Such software provides you with increased visibility into the physical assets of your organisation and lets your business predict future risks and respond to the initial update requests. These features let the management to track expenditure, risks, and performance in a more effective manner.

In the operational units of organisations without ERM, the reporting, noticing, and concluding risk requires the inclusion of the top-level management. EAM helps to take care of such risks. It enhances effectiveness through correct resource allocation to decrease risk.

5. Improved decision making

EAM helps you in making better decisions. For instance, consider a case where a particular piece of machinery is not working in the correct manner and is taking more than the necessary amount of maintenance.  In such a case, with the help of your EAM, you can make a decision of whether you wish to change it or not.

Therefore, you can see how an EAM benefits your organisation or business. EAM software or asset management software has the capability of taking your organisation to a whole other level. So, going for EAM for your organisation will be a step in the right direction.