What Is An Enterprise Asset Management System?

Take care of the complete lifecycle of physical assets by utilizing an enterprise asset management system from ZedAxis.

enterprise asset management

Enterprise Asset Management or EAM is the method of dealing with the physical asset’s lifecycle to make the best use of, enhance efficiency and quality, save money, and maintain the environment, safety, and health. The EAM system is widely utilized in industries that completely depend on complex and expensive physical assets like heavy equipment, plants, and vehicles. Some prominent utilizers include the gas and oil, defense and aerospace, utility, government, energy, shipbuilding, and mining industries.   EAM can be taken care of utilizing desktop software or paper and it is mostly performed by utilizing specialized enterprise asset management systems.

The EAM system provides numerous benefits to the organization, mainly those deploying numerous assets. The best part is EAM application can help organizations to get organized. It is said to be successful for optimizing the business and also has chances to get very powerful very soon.

Why do you need to switch to the Enterprise Asset Management System?

Some of the common issues that happen due to the lack of asset management software are as follows:

Inaccurate information:

Data and information are important features of the planned resource. Most businesses depend on the traditional spreadsheet where there are high chances of error. If the wrong information has been entered about your asset, then the decision you make based on the collected data will be wrong. Such mistakes happen when the business has not implemented an automatic process. To maintain exact information of the asset, it is a must to have the software. It also aids in avoiding various risks and shares all the important details. You can use the data for making a plan as well as for setting future goals.

Too often or too much maintenance:

In the entire operational life of the asset, when you give too much maintenance than required, it has chances to become an issue, or when you do not offer it also becomes an issue. Therefore, it is necessary to balance the maintenance activity and perform only when it is required. If it gets inefficient, you would notice hefty maintenance bills. With EAM, you can schedule maintenance and perform maintenance only and when needed. The tool monitors the maintenance activities and thus directs you to the type of maintenance and management. It results in a better asset lifecycle, increased productivity, and full asset utilization.

No asset data:

If you do not have any idea regarding the number of assets in your business and also their status, you would not know what to maintain and what to retain. It is important to have a brief idea of the status of each asset. The software assists you in maintaining a record of your assets up to date. It collects and saves complete details about the asset. By setting notification for asset maintenance, you would be notified. It is recommended to make use of the notification feature since it is useful for businesses that have several equipment and assets.

Ghost asset:

As it affects the bottom line of the business, it can hurt the business completely. Ghost assets mean they will be mentioned in the book but do not remain physically. The companies may pay taxes without even using such assets. If you wish to eliminate ghost assets, it is important to utilize an asset tracking system. It offers real-time data of assets. It shows the status and location of each asset, check-in and check-out details, and also who is currently using the asset.

Zed Axis Enterprise Asset Management System

If you are searching for the best enterprise management system in India, Zed Assets assists in the administration of your resources across business units, geographical locations, departments, and facilities. It plays an important part in monitoring the assets of the company, tracking and optimizing its maintenance activities. Zed Axis Enterprise Asset Management System is designed with several goals like:

  • ·         Reduced TCO or total cost of ownership
  • ·         Enhanced efficiency and increase asset service reactions
  • ·         Compliance with necessary regulations
  • ·         Enhanced asset decision making
  • ·         Reduced risks and costs
  • ·         Maximized ROA or return on assets

In simple words, it is an important tool that assists the organization to meet the above goals. The functionality of EAM is completely different from other particular software. It can track and monitor physical assets. It also permits to track physical location and asset lifecycle change, current custodian, possible maintenance requirements, and extra information that assists with asset management. Since certain features of the application can be automated, you can notice an increase in overall efficiency and decreases in overhead.

Features of Enterprise Asset Management System

We have clearly described why businesses should implement an enterprise asset management system.

Identify potential issues:

The company can fix a particular time for equipment and machine check-ups according to the frequency of the functioning of the machine and equipment. For example, it can be two months, one month, or fifteen days. Thus, the assets can be inspected frequently. Enterprise Asset Management System is developed to determine possible problems since it offers the facility to plan maintenance and employs preventative maintenance.

Saving inventory expenses:

With the help of EAM software, it is possible to avoid overstock and dead stock situations. When the inventory is not managed efficiently, it has chances to result in revenue loss as well as overspending of money. By streamlining the inventory management, it is possible to avoid expenses connected with human errors and at the same time save money by eliminating superfluous expenditure. The best part is you can receive a complete history of the product in terms of stock refilling date and thus manage the inventory effectively.

Data analytics:

When you want to run the business successfully, assets are very important. The main problem begins when you want to expand your business. The solution depends upon analytical reports, intelligent data, and actionable data. If you wish to remain on the growth route, it is important to collect information and data. If EAM is implemented accurately, exact actionable information and reports become easily available. The analytics and reports can be utilized by the organization to enhance tactical and strategic decision making.

Return on investment:

It is expensive to maintain any software or hardware and at times it can also be time-consuming. Moreover, it is also challenging to maintain and constantly check the overall software and device. Due to this, there are high chances for a low return on investment. With proper asset management application, the management can manage and monitor assets utilizing a systemized approach.

Why Choose Zed Axis Enterprise Asset Management System

·      Financial audits: The asset managers can integrate the software to financial software such as Quickbooks to support their labors with the financial department of the organization. The data sync reorganizes financial audits and assists organizations in managing the complete lifecycle of the asset with needing financial departments to determine how to steer the EAM software.

·       Maintenance reports: The data that is input in EAM software showcases the performance of the asset in regards to reliability instead of production output. Tracking the reliability of the machine over time notifies procurement and asset management whether that particular model is worth purchasing again. Moreover, maintenance reports assist technicians to troubleshoot problems. They can get the historical record of earlier problems to learn how and why the asset fails.

·         Downtime tracking: If the equipment fails to function, the asset manager can’t log downtime manually through the EAM software. When the equipment has been marked as non-functional by the technicians during PMs and repairs, the software automatically tracks the downtime.

·      Maintain a complete record of assets: Equipment or assets utilized in the everyday work of the business remains as a backbone for several organizations. If you wish to take care of them, it is important to maintain complete data of assets like purchase date, maintenance plans, user details, warranty details, etc. With Zed Axis EAM, you can easily manage and track the entire details of your assets. It maintains the record from the time the asset is set up, repairs, and replacement along with warranty period and lifetime period. Thus, it remains simple for the business to trace information about the assets.

·     Gather information about damaged assets: Zed Axis EAM assists in maintaining the movement of the business’s assets and distribution appropriately. If the assets get repaired or damaged, it gets recorded in the software.

·         Track asset’s history: Zed Axis EAM is the best option for tracking and checking updates regarding the equipment, devices, and assets of the company. It offers the complete repair history of the assets with the date and other associated details.

Who Can Get This Product?

Zed Axis Enterprise Asset Management System is best for industries such as consumables and medical equipment, engineering automobile, auto ancillaries, electronics and electrical, faucets, sanitary ware and kitchenware, computer networking and hardware, wellness products, equipment maintenance software, computer peripherals, and home appliances industries.

It is recommended for industries with numerous physical assets. Their assets can be furniture like desks in school, manufacturing parts, scientific measurement tools, or equipment like a bulldozer. EAM software assists in tracking inventory like clothing for a large online retailer. If you are interested in purchasing the best enterprise asset management software in India, contact the Zed Axis team.