Enterprise Asset Management (EAM) is vital in enhancing operational efficiency and reducing business costs across industries. By using asset management software to track them throughout their lifecycle, EAM systems have become indispensable tools.
The software comprises tools and techniques, making the job of facility managers less hard. Moreover, these asset tracking solutions help in optimising maintenance and repair schedules and streamlining asset management processes.
This article explores the key features that every effective EAM should possess, enabling businesses to make informed decisions when selecting an EAM software vendor.
Why Is EAM Essential For Any Business?
Enterprise Asset Management, commonly referred to as EAM, is a solution that effectively allows businesses to manage their assets from acquisition to disposal. Using asset management software offers numerous benefits, including extending asset life cycles, reducing operational costs, and improving efficiency.
With the EAM market expected to grow significantly in the coming years, facility managers must consider the essential features a robust EAM system should offer.
Optimised Asset Lifecycle
One of the primary EAS features is to track and manage assets throughout their lifecycle, from acquisition to disposal. By implementing an EAM system, businesses gain visibility and asset control, allowing them to make beneficial decisions about maintenance, repairs, and replacements.
This optimised asset lifecycle management ensures that assets are utilised to their fullest potential, reducing unnecessary costs associated with premature replacements and maximising their value over time.
Reduced Operational Costs
Custom asset management is directly linked to cost reduction. EAM systems enable businesses to schedule preventive maintenance, identify potential issues before they escalate, and minimise equipment breakdowns and failures.
By implementing proactive maintenance strategies, businesses can avoid costly repairs, minimise downtime, and extend the lifespan of their assets. Additionally, asset management software provides insights into asset performance and utilisation, allowing organisations to optimise resource allocation and minimise unnecessary expenses.
Streamlined Maintenance and Repair Processes
EAM systems streamline maintenance and repair processes, ensuring that assets are adequately maintained and serviced at the right time. This asset management software utilises data analytics and predictive maintenance techniques to identify patterns and trends in asset performance.
By analysing historical data, EAM systems can predict when maintenance or repairs will be required, allowing businesses to schedule these activities proactively. This approach minimises unplanned downtime, reduces the likelihood of asset failures, and improves overall operational efficiency.
Data is a valuable asset in today’s business landscape. EAM systems provide businesses with comprehensive and real-time data on asset performance, maintenance history, and costs. With advanced analytics capabilities, businesses can derive actionable insights from this data, enabling data-driven decision-making.
Managers can analyse asset performance trends, identify areas for improvement, optimise resource allocation, and make informed decisions regarding asset acquisitions, replacements, and upgrades.
Critical Features Every EAM Should Have
Here are some critical features that are a must for EAM.
Flexible Scheduling Protocols
Effective asset management software should provide flexible scheduling protocols for proactive maintenance and repairs. Using data analytics, EAM can monitor asset health, detect potential issues, and predict maintenance requirements. This ensures that maintenance activities are scheduled based on priority, minimising downtime and optimising asset performance.
Health and Safety Mandates
Compliance with safety regulations is essential for businesses. An EAM system should incorporate features that enable companies to track and enforce health and safety mandates related to asset maintenance. This ensures that assets are maintained safely and compliant, reducing the risk of accidents and improving workplace safety.
Analytics and Cloud Storage
EAM systems with robust asset management software analytics capabilities offer valuable insights into asset performance and enable data-driven decision-making. Predictive and prescriptive analytics help identify the root causes of breakdowns and predict potential risks, allowing managers to schedule maintenance and repairs proactively. Additionally, cloud storage facilitates secure and centralised access to asset-related data, eliminating the need for paper-based documentation and enhancing overall efficiency.
Phase-Based Maintenance Cycles
Implementing a phase-based maintenance approach with asset management software is essential for maximising asset performance and minimising unplanned downtime. An effective EAM system should support phase-based maintenance cycles.
This will involve planned maintenance activities at specific intervals, such as preventive, predictive, and corrective maintenance. As a result, this will optimise asset performance, extend asset life cycles, and reduce operational costs.
An EAM system should be compatible with multiple platforms and devices in today’s interconnected world. This ensures authorised personnel can access asset-related information and perform necessary tasks from anywhere, enhancing flexibility and productivity. Whether accessing data from a facial recognition system, desktop computer, laptop, or mobile device, multi-platform compatibility enables seamless asset management across the organisation.
Integration with Other Systems
An effective EAM system should integrate seamlessly with other systems, such as procurement, finance, and inventory management. This integration allows for real-time updates and synchronisation of data, eliminating manual data entry and reducing the risk of errors. By enabling smooth communication between different departments, the asset management software system enhances overall operational efficiency and improves decision-making processes.
We know Enterprise Asset Management is a critical component of modern businesses, enabling efficient asset tracking, optimised maintenance schedules, and cost reduction. When selecting an EAM system, consider the key features that contribute to its effectiveness.
Flexible scheduling protocols, compliance with health and safety mandates, and integration with other systems are all crucial features to look for. Businesses can streamline their asset management processes by choosing asset management software incorporating these features, increasing operational efficiency, and driving long-term success.