The enterprise asset management or EAM concentrates on dealing with the physical asset’s life cycle to enhance efficiency and quality, reduce expenses, and improve the usage length. In most cases, the enterprise assets are fixed like plants, machinery, and buildings. However, it can include moving equipment such as airplanes, vehicles, and ships.
An enterprise asset management system offers you data through the complete life cycle of the asset. It supports the business in various ways like:
- Human resources
- Payroll
- Project management
- Fleet management and tracking
- Assigning locations and responsibilities
- Time tracking, space management, and scheduling
- Management of documents
- Inventory management, supply chain, and stock ordering
- Asset tracking
- Service, maintenance, and operation management
- Financial management and asset accounting
- Design and commission
The main goal of the asset management application is to make sure that the asset remains gainful as much as they can. If you own a good system, it performs a step ahead and accomplishes a competitive advantage. But if your EAM is outdated or does not have the features necessary for your business, then you need to switch to a new EAM software.
When you should go for a new enterprise asset management system?
The latest EAM software can provide more than its predecessors. In the present era, attention is mainly on cost, performance, connectivity, flexibility, mobility, and ease of use. Several outdated EAM systems (enterprise asset management) or CMMS (computerized maintenance management systems) block better maintenance of service and assets to manufacturing and operations. It means the latest systems remain as a gateway to authorize users in a changing digital future.
In the present scenario, many manufacturers and companies are switching to a new enterprise asset management system to enable professional asset management and maintenance. Let us discuss the reasons why you need to switch to the latest enterprise asset management system.
When the existing system is complicated or hard to use:
If the application is not intuitive, it is common for all of us to lag or stop using the application. When you have an outdated EAM system, there are chances to experience issues such as complex workflow processes, nightmare integrations, outdated user interfaces, and much more. If the EAM is not user-friendly or intuitive then you need to switch to a simple and powerful EAM or CMMS. The software should not create issues but solve them. It must not distract but enhance. It should not create broken and miserable people but complement value to the business.
When the system cannot control the life cycle cost:
One of the main reasons for utilizing enterprise asset management is for controlling the life cycle expenses of the assets. A good CMMS or EAM can deliver profit for shareholders and business owners by estimating the exact life cycle expenses. Life cycle expenses mean expenses connected with the disposal, maintenance, operation, installation, purchase, and design of the asset. Are you wondering how enterprise asset management can help in all these stages? Let us discuss this in detail.
- Asset replacement or repair decisions can be finalized with accurate and quality data provided by the CMMS/EAM.
- Availability and reliability can be enhanced with asset and system analysis and data.
Maintenance expenses can be enhanced with specialized work order management.
- Operational expenses can be enhanced for development opportunities all over the life cycle.
- By monitoring, controlling, and offering costs visibility at every point.
In simple words, EAM helps in the intelligent decision-making process. It is very challenging when you are using spreadsheets or low capability systems.
When noticing possibilities of knowledge loss:
It is one of the common issues faced by many businesses around the world that is mainly engineering and manufacturing operations. Organizations that are focused know that a good EAM is best for knowledge retention and transfer. It also standardizes processes and data in the form of asset history, PM inspections, and maintenance procedures.
When you want to increase workforce productivity:
If you want to notice productivity gains, switching to a new CMMS or EAM serves as the best option. The latest EAM and mobile software help your team to:
- Understand the tools that are needed to accomplish the job
- Learn whether the backup spare is available
Understand the asset spares needed to complete the job
- Follow and see clear job orders, step by step
- Learn the permits that are necessary before they begin
When you want to maintain an advanced workspace:
The latest technological developments are transforming the maintenance work administration landscape.
Cloud-based software: Employees who have a login can view the maintenance information and data using a cellular network connection or Wi-Fi from anywhere.
Mobile solutions: The engineers can use phones and tablets at the workplace to close and open work orders, check for emergency spares in stores, follow instructions, and look for manuals.
No more paper: The engineers no longer require piles of paperwork, pens, and frustrating clipboards.
Thus, by incorporating a modern EAM, you can make your business progressively efficient and effective.
When your existing EAM is not up to mark:
As the time changes, anticipations change. If your existing EAM does not fulfill your requirements for the latest maintenance management, you can think about customizing. But if you have been using it for more than 10 years, then there are certain that cannot be changed as per your need. In this situation, it is best to opt for an updated or latest EAM which means better insights, better employee engagement, and business intelligence.
Know about Zed Axis’s Enterprise Asset Management Software
Zed Axis’s Enterprise Asset Management Software comes with some of the latest features and functions such as:
Maintenance management: Zed Axis’s Enterprise Asset Management Software provides robust maintenance management features to make sure your assets are in peak condition. The technicians will be aware of each asset and know what to perform and when ranging from preventative maintenance preparation to automated alerts. Moreover, the software modules assist users to plan maintenance a few months in advance thus making sure that it does not fall any time. By integrating the best EAM, important asset data such as MTBF (mean time between failure), depreciation estimates, and previous maintenance is safeguarded within the profile of the asset for easy access.
Integrations: EAM systems can interact with, export, connect, and import with other data sources. Ensure to discuss with the Zed Axis team to get an idea about how the system can be integrated with your existing tools and software before purchasing.
Facilities management: This feature helps you concentrate on the repair and maintenance of physical assets such as factories, plants, grounds, apartment complexes, etc. It lets you manage the spaces, occupants, and buildings effectively along with asset management.
Inventory and supply chain management: Inventory and stocks are important assets and EAM manages well. It permits users to stay organized from maintaining equipment to spare parts. A portion of this feature serves as a database for record metrics such as substitutions, inventory transfers, or stock levels.
Work order management: It helps in maintaining streamlined workflows for workers across various departments. When the users input the latest work order request, it can be assigned to particular technicians for competition. Thus, every member of the team would know what has to be performed and who is responsible for what. This way, the works will be performed more efficiently and quickly.
Asset lifecycle management: With Zed Axis’s Enterprise Asset Management Software, asset management is simple and possible. Tracking the condition of asset and development and its lifecycle permits the users to think about budget replacements, updates and prepare for the transformations that affect the functions of the assets.
Real-time reports: EAM software generates real-time reports that are valuable for analyzing the current condition and life cycle of important assets. Thus, it prolongs the operational life of the assets and maximizes usability. When it comes to gathering real-time data, it is possible through the connected IoT devices. It receives and sends data automatically to the EAM system. The users can customize the reports to analyze numerous business assets like IT assets, inventory, manufacturing equipment, employees, vehicle fleets, and much more.
Who should utilize Zed Axis’s Enterprise Asset Management Software?
- It is useful for any person in charge of the following:
- Consultants and change managers
- Auditors
- Security team
- Customer support and service teams that are associated with asset management
- IT teams that are responsible for asset management
- Operation and maintenance teams
Procurement, finance, and accounts management
How Zed Axis’s Enterprise Asset Management Software is better than the competitor?
Zed Axis’s Enterprise Asset Management Software assists you to treat assets as valuable possessions as they are. It is known for computerized asset management and maintenance risks. It has preventative maintenance structures that assist engineers to be updated regarding equipment upkeep, reduce the chances of complete breakdowns or asset failures. It keeps the employees safe and also saves money.
Zed Axis’s Enterprise Asset Management Software is superior to the competitors because it helps you to accomplish several important goals such as a safer workplace, save money, facilitate teamwork and better communication, and centralized asset management.
If you are comparing software vendors, you should see whether the EAM software you are planning for integration caters to the unique requirements of your organization. Before comparing, determine your specific requirements as it will help in making the entire shopping simple and transparent.
Zed Axis’s Enterprise Asset Management Software offers the functions that are necessary to accomplish:
- Inventory and labor management
- Procurement and purchasing management
- Asset Reporting and analytics
- Work order management
- Asset tracking and management
To conclude, analyzing, managing, and collecting asset performance information through Zed Axis’s Enterprise Asset Management Software can offer a positive influence on the overall asset management plan of the business. It permits you to analyze your bottom line instantly and make sure that the assets are profitable. For more details, call us and book a demo session.