Saturday, July 20, 2024

What is EAM? A guide for asset-intensive businesses

Organizations that operate in asset-intensive industries have a number of challenges to contend with that counterparts in other fields might find surprising.

Managing these many assets efficiently is the most prominent obstacle that many businesses have to overcome, and this is where EAM software comes into play. But what is it exactly, and what can it do for your company?

What is EAM? A guide for asset-intensive businesses

Introducing EAM

Understanding enterprise asset management (EAM) software is important if you want to take full advantage of what it has to offer.

The aim of this type of solution is to manage a multitude of physical assets throughout their lifecycle within your organization.

This starts with the procurement of an asset, and concludes with its replacement, although there are of course several crucial steps in between that EAM is able to optimize as well.

Exploring the potential applications of EAM

When EAM is put to use, the assets it is responsible for can be tracked, managed and overseen at both a micro and a macro level.

This holistic approach means that after you have acquired an asset, you can use the software to issue work orders to fix problems on the fly, schedule routine maintenance and see that it is completed, implement the necessary training for employees to operate it, calculate the costs associated with its implementation, and much more besides.

In essence, EAM is all about recording data and extrapolating insights from it so that you can act according to these findings. Whether a physical asset is proving too costly to run and maintain, or whether it is being underutilized because you lack adequately experienced and educated staff to harness it, this should all become apparent from the software.

Automation is a big part of this as well. EAM will ensure that things like preventative maintenance takes place through automatic reminders and alerts, rather than you needing to manually check to see what work needs to be done from day to day.

Ideally, EAM will help you weed out weaknesses in the way you manage assets, and wring additional value from those that are already at your disposal. In a time of increased market volatility, such improvements can make a major difference to all sorts of asset-intensive businesses.

Unpicking other advantages

If you are still not sold on EAM, it may help to think about it in the broader context of your business tools.

Lots of firms choose to integrate software alongside EAM so that information-rich analytics can be implemented, and decision-making can further be enhanced.

Likewise, the best platforms in this space are set up to offer their own lower-level integrations, combined with things like computerized maintenance management systems (CMMS) to expand or contract to suit the needs of individual organizations.

In terms of convenience and accessibility, EAM can run in the cloud and allow you to interact with the software via a browser-based dashboard. This means you can review data and glean insights wherever you are, rather than having to be on-site in person.

As mentioned, managing assets throughout their lifecycle is part and parcel of this software. This means that EAM can also help with the removal and resale or recycling of now-outmoded assets, as well as starting afresh with a suitable replacement for the outgoing equipment.

Final thoughts

From the rigorous requirements of the innovative construction industry to the asset-intensive world of the manufacturing sector, EAM services are becoming essential.

You might be anxious to move away from the tried and tested manual management processes you have put in place, but even with the potential learning curve to overcome, taking the plunge will be worth it almost immediately.


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