Being an organisation with numerous assets, you might already be aware of the various advantages offered by an EAM system. However, what you might not know is that it can also help your company become more organised.
Advanced technology has made EAM an excellent option for business optimisation.
What is EAM?
EAM is the abbreviation for Enterprise Asset Management, a system deployed to manage the life cycle of an asset to increase its lifespan. The system continuously minimises costs and improves an asset’s quality and productivity right from the first stage until its decommissioning.
You can get all your asset-related information from the EAM, including information about the user, the machine’s state of maintenance and the next service requirement, etc. An Enterprise Asset Management system’s primary objective is to enhance the quality and usage of assets alongside reducing operational costs.
Why do you need EAM software?
Let’s look at the reasons why EAM implementation is essential for your organisation:
Identification of potential problems
Different equipment has different usage frequency, and the extent of usage determines the frequency of inspections and maintenance of the asset. This periodic inspection helps you detect the potential decline of performance or likelihood of the machinery’s breakdown.
EAM is cloud ERP software that can detect likely problems and uses preventive maintenance and the ability to schedule maintenance. Thus, it frees you from the need to track all machines and their maintenance manually.
Return on Investment (ROI)
One of the most significant costs associated with machines is their maintenance cost. However, EAM helps you monitor and manage them systematically, thereby improving productivity and efficiency to boost your business ROI.
Real-Time Asset Tracking
The simplest and most powerful benefit of EAM is asset tracking. You can keep a real-time track of the machine’s operations and information such as availability, location, and utilisation of assets and the employees using each device. This information helps in optimum machine utilisation and better everyday operations.
You need all the assets to run your business, but when you plan expansion, you need detailed insights, actionable data, and analytics to determine the need for new machines. Thus, data is of the utmost essence here. An effective EAM offers accurate and timely reports and insights, improving your organisation’s strategic decision making.
Lowering Inventory Expenses
Since you know precisely about every asset you have, EAM helps you prevent over-stocking and redundant stock scenarios, thereby saving you money. The system also offers product history, enabling you to anticipate stock needs and leads to superior inventory management.
Let’s say if a customer came to buy an item, but you realised it was not in stock, you won’t only lose that sale, but probably a recurring customer as well. This is a situation that software-based inventory management would help you avoid.
In today’s competitive business landscape, you need all the leverage you can manage over your rivals. Technology such as EAM can make your business more efficient, operations economical, and asset management more effective. Thus, it can free up your valuable capacity for strategic business decision making and revenue generation, making your business grow faster!