Have you implemented enterprise asset management software in your business? If your answer is ‘no’, then there are high chances for you to experience the following issues in your business. Many people think that EAM is recommended only for large or medium businesses. But in reality, it plays an important part even for small-sized organizations. If you do not have EAM, you may face various issues like missing invoices and other important documents, and much more. Some of the major problems an organization may face because of the absence of EAM or enterprise asset management software are as follows:
- Failure of asset maintenance
- Reduced efficiency
- Human error
- Asset theft
- Inventory shortage
Due to a lack of good asset management software, you may face various consequences, resulting in bad or careless decisions in your business. Some of the common consequences are:
- Equipment failing before its final stage
- Disposal of machinery
- Because of downtime, overtime of labor
- Material depletion from resources that are not utilized yet
- Rescheduling of entire projects
- Production loss
EAM software offers real-time location details of each asset in form of a check-out and check-in feature. This way, you would know about the user and the location of the asset. It prevents ghost assets and reduces asset theft chances in a great way.
When it comes to inventory tracking or asset tracking, businesses traditionally utilize spreadsheets thinking that it will offer exact data. For example, the assets may contain long numbers and there are chances for the data entry operators to make mistakes while entering the number. At a later date, it becomes challenging to determine the same asset again. EAM consists of advanced features where the numbers are scanned and it automatically captures the product’s number and preserves it in the database.
In simple words, when you do not have an effective enterprise asset management system, it is challenging to manage and handle inventory besides being stressed with mistaken data. If you want to avoid such issues and develop your business, it is a must to implement EAM in your business. When asset tracking is achieved perfectly, you can avoid certain main problems like misplaced assets or asset thefts since these are affecting the industry adversely.
What is enterprise asset management software?
EAM or enterprise asset management software contracts with the maintenance, replacement, operation, commissioning, construction, and design of the facilities, equipment, and plant. The solution helps in the maintenance and management of physical assets all over their life cycles to maximize environmental safety, asset health, efficiency, and quality, reduce costs, and improve lifetime. It includes high valuable physical assets that need execution and planning for lifecycle management. The resources include fixed assets such as machinery, plants, and buildings and also moving resources such as vehicles.
Enterprise Asset Management system consists of features like portal-based software interface, warranty management, preventive maintenance scheduling, and asset lifecycle management. The application is utilized to track, execute, optimize, and plan maintenance activities by utilizing optimum tools, materials, skills, priorities, and information.
Also referred to as CMMS or computerized maintenance management system, EAM stores a database regarding maintenance operations to assist maintenance employees in carrying out their tasks efficiently and effectively. It assists the management team members to make well-versed decisions based on exactly calculated expenses of machine depreciation, maintenance, and breakdowns.
EAM systems have several applications in asset demanding industries that request careful execution and planning to accomplish the desired output. Moreover, it maximizes the utilization of physical assets, safeguards the organization’s operations, improves efficiency and quality, and minimizes costs. The application tracks assigned tasks when they are accomplished and gather exact records of entire maintenance activities to enhance compliance.
It is mostly utilized in heavy industries and large businesses that depend upon complex and expensive physical assets like vehicles, heavy equipment, and plants. It is also utilized in various verticals like gas and oil, aerospace and defense, utility, government, energy, mining, and shipbuilding.
Benefits of Enterprise Asset Management Software
Some of the top benefits of EAM are as follows:
EAM can strengthen business value by determining opportunities to move old machinery to assist new lines of enterprise.
EAM helps business users by systematizing the supply chain to make sure optimal inventory of materials and parts, therefore evading rush preparations or the requirement to depend on unreliable or expensive suppliers.
Timely maintenance utilizing the EAM system assists in preventing injury to employees because of improperly functioning equipment.
EAM makes sure high-value assets function efficiently and safely to minimize costs and risks and enhance business value.
Supply chain management is highly important in enterprise asset management since spare parts and associated materials are required to be held for repairing, maintaining, or building assets. Some of the core features of EAM include materials procurement and planning, demand planning tools, and inventory management.
Also, scheduling, maintenance planning, and asset registry are important features of EAM. Advanced and full-fledged enterprise asset management solutions assist in maintaining a comprehensive and accurate database of assets, documents for controlling compliance, and their history and characteristics.
Who should consider enterprise asset management system?
EAM remains useful for several industries. We have listed some of the top industries that utilize EAM in their business operations.
Construction industry:
In the construction industry, asset tracking is an excellent and powerful feature. As resources in the construction domain frequently get transferred and are mobile, EAM plays a major role. With the help of EAM, you can understand the asset’s movement details. The application showcases the exact information on an instantaneous basis. Moreover, it helps in scheduling asset maintenance. Regular maintenance is necessary for enhancing the asset’s lifespan.
The teams using the assets in the organization will get updates regarding the current status of the assets, current locations, who are utilizing, which employee currently using, and when it gets into a free state. Thus, no asset gets left out or is lost due to such complete usage. Each asset can be tracked and you can obtain real-time data that assists in enhancing routine operations and managing daily tasks.
Pharmaceutical and healthcare industry:
By implementing EAM software, a medical establishment or hospital can maintain updated and precise stock records. It is important mainly for surgical equipment and pharmaceutical stores. In any healthcare organization, one of the important activities is maintaining an appropriate form of inventories. The surgical and pharmaceutical items are highly used in the hospital. So, the establishment has to regularly update a standard range of medicine stocks. Moreover, they should have sufficient degradable products and vaccines that are utilized during surgeries like gloves, stocks, masks, etc.
So, the healthcare industry has to keep tracking the medicine supplies regularly to serve the patients at all times. With EAM software, there is no requirement to manually track each item and schedule its maintenance. The application performs and also notifies the staff who are responsible for maintenance.
Manufacturing industry:
Machines run for a long duration. The organization has to set a time for checkups according to the frequency of usage and type of equipment. This way, the assets can be inspected without overlooking or failing. The organization also knows whether the equipment and machine are capable of running or not. If you want to take action exactly at the first and small sign of trouble, the EAM solution has to be implemented as it aids in avoiding operational pitfalls in a great way.
The best part of the EAM application is it is developed to determine possible problems since it comes with an option to plan regular maintenance and preventative maintenance. There is no requirement to track each piece of equipment for maintenance as the software sends notifications in advance to the concerned team.
Who utilizes enterprise asset management software?
- EAM software remains useful for the following professionals:
- Managers of developing enterprises seeking accountability and transparency
- Maintenance technicians and managers in the field
- Business leaders
- Business leaders who are focusing on regulatory compliance
- Managers of asset-heavy and large enterprises
Other EAM software users include machine technicians, line supervisors, inventory managers, safety supervisors, facility managers, and reliability managers. For example, technicians are in charge of submitting task reports and executing work orders. EAM provides visibility into important metrics and it is also utilized by accounting departments, materials management, and procurement.
The accounting team utilizes the EAM application to comply with regulations, prepare credentials for audits, and plan budgets. Business leaders who are responsible for making informed and timely decisions with instantaneous data utilize enterprise asset management software as well as its reporting features. In the same way, data analysts utilize the collected data that exist in EAM to improve workflows and examine asset life cycles.
Getting in full swing with Enterprise Asset Management Software
Regardless of your company size, industry, or role, you have to take care of the assets efficiently. If you are thinking to enhance the life of your entire assets, you need to track the ownership cost and enhance accountability and transparency across the organization by investing in the EAM software. Zed Axis provides a cloud-based, lightning-fast, and powerful enterprise asset management system. We offer solutions that take your business into the future. Call us and schedule a live demo now.