Are your physical technology assets and equipment causing poor performance for your organization? If so, this can result in increased downtime, leading to poor productivity and inefficiency.
No organization can afford to have its physical assets hinder productivity. This will damage relationships with customers and adversely affect business reputations and results.
Enterprise Asset Management (EAM) can help improve the performance of your physical assets and equipment, resulting in better productivity and efficiency.
COEO understands how important reliable physical equipment is to maintain uptime and business operations and has helped thousands of organizations replace their outdated technology equipment with top-performing equipment to achieve better results.
By the end of this article, you will understand what Enterprise Asset Management is, its features and functionality, its benefits, and whether it would be beneficial for your organization.
What is Enterprise Asset Management (EAM)?
Enterprise Asset Management (EAM) is the process of managing physical assets to maximize the results of the equipment, improve quality and efficiency, and safeguard the health, safety, and environment of your equipment.
EAM is typically used in industries like shipbuilding, mining, or 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.
EAM is often integrated with Enterprise Resource Planning (ERP) to manage the supply chain and health and safety functions.
EAM can also be integrated with niche software such as Computerized Maintenance Management Systems (CMMS) that automatically handle part of the EAM process.
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 key features and functionality of Enterprise Asset Management
EAM focuses on maintaining accurate databases and a registry of assets. History and characteristics of assets are recorded, as well as documents regarding regulatory compliance. Some of the key features and functionality of EAM that are used to accomplish these tasks include:
Management of asset lifecycles
One of the key features of EAM software is that it monitors the life of each physical asset from initial design or construction to disposal.
This helps track performance throughout the asset's life and highlights any abnormalities in performance. As a result, your team can proactively diagnose and find a solution to the problem with the help of EAM.
Improved supply chain management
EAM software helps improve supply chain management by helping secure materials and components for building and maintaining assets. Most EAM features help provide better inventory and material management.
Scheduled maintenance
EAM can also help organizations schedule and plan for maintenance, with the ability to track maintenance, personnel, and skills required to do this.
Using this feature, organizations can issue work orders for maintenance and repair jobs, perform work order management, and record work hours.
The benefits of Enterprise Asset Management
It is important to understand the benefits of Enterprise Asset Management in order to determine how it can improve your organization. This will help you decide if your organization should invest in these processes. The benefits of Enterprise Asset Management include:
Minimize risks
EAM software can minimize risks by alerting operations managers to potential machine part failures. The software provides information to a technician to repair the part before the machine fails, avoiding organizational downtime and safety risks.
Decrease in costs
EAM processes can help inventory management, ensuring the appropriate number of spare parts are available controlling inventory costs. This avoids the need to rely on expensive or less reliable suppliers.
Is Enterprise Asset Management appropriate for your organization?
Now you understand what Enterprise Asset Management is, its key features and functionality, as well as the benefits of using it. However, it is also important to understand whether EAM is an appropriate solution for your organization.
If your organization relies on multiple applications and systems with hundreds or thousands of employees accessing them daily, Enterprise Asset Management may be appropriate for better centralized control over applications and employees.
If your organization is in a regulated industry, such as healthcare with HIPAA compliance requirements, or has any other strict compliance standards, EAM may be a good solution to help enforce policies and stay compliant with these standards.
EAM may also be a good choice for your organization if you have previously experienced security issues such as unauthorized access, data misuse, or data breaches.
However, EAM may not be the best solution if your organization has fewer than 25 employees and minimal access complexity. Additionally, if your organization only relies on a few applications, EAM may not be necessary.
Determining whether Enterprise Asset Management would be beneficial for your organization
Now you understand what Enterprise Asset Management is, its key features and functionality, the benefits of using EAM, and whether it is the right solution for your organization. This will help you determine whether Enterprise Asset Management is a solution your organization should invest in.
The ramifications of these physical assets performing poorly include lost productivity and efficiency, legal consequences, and lost customers and revenue. Enterprise Asset Management can help centralize the management of these assets, tools, and applications, resulting in better overall security and performance.
COEO understands how important machinery and other assets are to organizations that rely on them daily and has helped thousands of those organizations improve reliability, security, and performance with solutions like EAM.
We want you to understand what EAM is, its key features and functionality, as well as the benefits it offers organizations, so you can determine whether it would be 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.
