If your organization has poor network security, it can be difficult to secure network and physical assets, leaving them vulnerable to attacks and breaches.
This can result in damaged equipment, extended network downtime, decreased employee productivity and efficiency, damaged business reputation, compromised data, lost customers, and lost revenue.
Attacks on network and physical assets not only end up with these results but often cost hundreds of thousands to millions of dollars to remediate.
To prevent these consequences from happening, it is important to understand the best practices for Enterprise Asset Management so you can secure your network and physical assets.
COEO understands the importance of securing your network and physical assets and has helped thousands of organizations improve security to prevent cyberattacks and data breaches from happening within their network.
By the end of this article, you will understand what Enterprise Asset Management is, the best practices for Enterprise Asset Management, and whether it is appropriate for your organization.
What is Enterprise Asset Management (EAM)?
Enterprise Access Management (EAM) is the process of managing physical assets to maximize the use of the equipment and improve quality and efficiency, while safeguarding the health, safety, and environment of your equipment.
EAM is typically used in industries like government that use and rely on expensive physical assets such as vehicles, plants, and other heavy equipment.
Most of the data on physical assets comes from sensors that are placed on the equipment and connected over wireless or wired networks to the EAM system, enabling mobile and remote access and monitoring.
If you would like to speak with our team to learn more about EAM or ask any questions you may have, you can schedule an appointment.
The best practices for Enterprise Asset Management
Using Enterprise Asset Management can improve the security of your physical assets. If your organization utilizes large equipment and machinery that are connected to wired or wireless networks for daily work tasks, Enterprise Asset Management will help secure these assets.
Understanding the best practices for Enterprise Asset Management will help you determine how best to integrate them into your organization. These best practices include:
Track equipment
It is important to track equipment and always know its location as part of Enterprise Asset Management. Some maintenance departments track equipment in spreadsheets; however, most EAM software can track every company asset.
This process will help your organization ensure that equipment does not go missing and that employees return the equipment to the correct place after they finish using it. Missing equipment often leads to production delays, so it is important to track equipment as part of the EAM process.
Stay up to date with equipment maintenance
One important aspect of Enterprise Asset Management is staying up to date with equipment maintenance. EAM software can keep track of scheduled and required equipment maintenance so your team doesn’t have to.
EAM uses automation capabilities to approve the purchase of machine or equipment parts when needed, as well as alert team members when routine maintenance is needed on equipment.
Review and report on data to improve EAM
Enterprise Asset Management should always be improved and updated to address changing technology. Analyzing and reporting on data in your network will help identify potential areas in your network and operations department that may need improvement.
EAM software’s reporting and analytics capabilities give insight into frequently requested parts and repair trends for equipment.
For example, EAM software can reveal that equipment has needed repair three times over the last few months. This enables your organization’s manufacturing team to decide whether to continue repairing the equipment or replace the equipment to avoid continuous repair costs.
Communicate internally about EAM strategies
EAM software helps employees communicate about equipment maintenance. Otherwise, employees may forget to communicate the need for equipment maintenance due to other priorities in the workplace.
EAM software will help streamline approval processes and provide users with further details about purchase order requests. EAM also enables users to add notes about certain assets that may need maintenance work.
Is Enterprise Asset Management appropriate for your organization?
Now you understand what Enterprise Asset Management is and the best practices for executing this strategy. However, it is also important to understand whether EAM is the best solution for your organization.
If your organization uses large equipment that requires expensive maintenance and new parts periodically and needs to secure them from malicious actors, EAM may be the right solution for your organization.
If your organization is in a regulated industry, such as healthcare requiring HIPAA compliance, or has any other strict compliance standards, EAM may be a good choice to help enforce policies and stay compliant with these standards.
EAM may also be a good solution if you have experienced security issues such as unauthorized access, data misuse, or data breaches, to drastically reduce risk.
However, EAM may not be a good solution if your organization has 25 or fewer employees, with minimal equipment to manage. Additionally, if your organization only relies on a few applications, EAM may not be necessary.
Determining whether EAM is appropriate for your organization
Now you understand what Enterprise Asset Management is, the best practices to ensure success, and whether it is appropriate for your organization. This will help you determine whether your organization should invest in EAM software to help secure assets within your organization.
No organization can afford to have its expensive equipment, network, data, or other assets compromised by malicious actors. It is important that your organization has the correct security in place to avoid these challenges.
Consequences such as extended network downtime, compromised data, damaged business reputation, lost revenue, and lost customers can result from these attacks. In addition, it can cost hundreds of thousands or even millions of dollars to recover from an attack.
COEO understands the importance of securing your network and assets and has helped thousands of organizations improve their security by implementing solutions like SASE to help protect against vulnerabilities.
We want you to understand what EAM is and its best practices so you can determine whether it is beneficial for your organization.
If you would like to speak with our team to learn more about EAM or ask any questions you may have, you can schedule an appointment.
Now you know what EAM is and its best practices. However, if you would like to learn more about network security, read the article below:
