Enterprise Asset Management or EAM is the optimal lifecycle management of an organization’s assets across various departments, business units and facilities. It covers various business aspects such as design, operations, construction, maintenance, commissioning and decommissioning/replacement of a plant, its facilities, and equipment. EAM software helps a company achieve its goal of maximizing the productivity and minimizing the costs. Managing assets and equipment is not an easy task, especially when they are of high value. The CMMS programs along with EAM track the financial and operational information in an organization. EAM software allows the managers to view the company-owned assets in a holistic manner. Further, it enables them to control and optimize operations for quality and efficiency. EAM facilitates operations by automating requests for upgrades, replacement and regular maintenance.
Why Use EAM Software
The design of EAM allows a business to shift from the habit of reacting to problems to being proactive about solving them. It organizes the fiscal and physical information of the assets on one platform and follows the workflows that are associated with managing assets. Moreover, it supports the business processes concerned with receiving, deploying, assigning and retiring assets. The cost of the life cycle and maintenance is included in EAM’s plan. This enables the organization’s information systems to support the management of assets that are both physical and nonphysical. From the operational perspective, the computerized maintenance management systems track the assets physically — who is using them, where are they located within the organization and the physical condition of the assets. Apart from that, EAM tracks the financial information about those assets too. In short, using EAM software will certainly impact the entire organization as it helps in managing the lifecycle of the assets, measure their usage, and control costs while ensuring that the assets are safeand available whenever required.
Why Should You Invest in EAM Software
EAM is all about managing the life of the physical assets of an organization to maximize their value. When you invest in EAM, you enjoy a plethora of benefits that include:
- High Return on Investment on assets
- Streamlined regulatory compliance activities
- Reduced risk
- Decreased costs
- Increased productivity and high efficiency
- Boost in responsiveness
- Aids in better decision-making related to company assets
- Overall cost of ownership is reduced
Areas Which Can Benefit from EAM Software
The following areas within a business gain tremendously from EAM software:
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Manufacturing
EAM is a major part of manufacturing maintenance management to avoid downtime. It strategizes effective preventive maintenance practices which help in evading expensive repairs and downtime. Even if there is a manufacturing malfunction in any equipment, it can easily be repaired through EAM, following which the production can be carried out.
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Distribution
You can use the CMMS software for recording crucial information of equipment. The data from service history, scheduled maintenance, breakdowns, downtime, etc., is available easily which can be used to establish the costs associated with the operation of specific equipment, conveyor models and individual units.
Investing Long-Term in EAM Software
You can be assured of high returns when you invest in the best CMMS software for an extended period of time. Various elements of CMMS maintenance software must be integrated into the EAM strategy. As the CMMS system can adapt to the changing culture and needs of a company, its fruits will be borne over a period of time. NEXGEN Asset Management software can greatly benefit your company by reducing costs and improving productivity. If these two agendas are at the top of your list, consider EAM software and see the changes almost immediately.
Related Article:
EAM vs CMMS : What Will Be Your Choice?
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