Use Enterprise Asset Management Software to Optimize Assets and Improve ROI

Use Enterprise Asset Management Software to Optimize Assets and Improve ROI

8:39 am
14 October 2023

As the business environment continues to evolve, the complexity of managing assets also rises. Every asset plays a critical role in a company’s production, costs, and, ultimately, profits. Hence, the spotlight falls on tools that can bridge the gap between assets and strategic business outcomes. This is where enterprise management system software comes into the picture, offering clarity and actionable insights.

The Growing Importance of Assets in Modern Business

In the past, businesses often relied on basic tools and manual efforts to track and manage their assets. Today, as companies grow and expand, so does the volume and variety of their assets. Naturally, this transition demands a shift in the way assets are managed.

So, why are assets gaining so much attention? Firstly, assets are directly tied to a company’s bottom line. If an asset performs optimally, it can boost production and reduce operational costs. On the flip side, underperforming assets can become a financial drain and hamper business growth. Thus, recognizing the pivotal role assets play is essential for a business’s longevity and success.

Another point to consider is the role of data in modern decision-making. In the age of digital transformation, decisions backed by data have become the gold standard. And this is precisely what EAM software delivers – a data-driven approach to asset management.

What is Enterprise Asset Management Software?

At its core, EAM software is a sophisticated tool designed to manage and optimize the performance of assets throughout their lifecycle. But what sets it apart from traditional methods, such as Computerized Maintenance Management Systems (CMMS)?

EAM doesn’t just schedule maintenance; it provides insights into when and why maintenance should happen. It tracks every aspect of an asset, from its acquisition to disposal, ensuring optimal performance and cost-efficiency.

Now, let’s delve deeper into what makes enterprise asset management software the superior choice for modern businesses:

  • Comprehensive Data Management: Enterprise managementsoftware centralizes asset data, eliminating the hassles of juggling multiple platforms or databases. With all information in one place, businesses can gain clearer insights into asset performance.
  • Lifecycle Management: EAM tools offer visibility into the entire lifecycle of assets. This feature is vital for planning maintenance, predicting failures, and ensuring maximum asset utility.
  • Integration Capabilities: Modern EAM solutions can seamlessly integrate with other tools and technologies, such as the Internet of Things (IoT) and Artificial Intelligence (AI). This integration further enhances predictive maintenance capabilities and real-time monitoring.

Read More – Asset Tracking Software for Mining Industry

Key Benefits of EAM Software

Key Benefits of EAM Software

Business leaders often seek solutions that promise tangible benefits, both in terms of operations and financials. So, what can an enterprise management system bring to the table?

Reducing Reactive Maintenance

Preventive maintenance is not just a buzzword. It’s a cost-saving strategy that has proven its merit time and again. The Federal O&M Best Practices Guide, for instance, points out that companies can trim their costs by nearly 18% simply by adopting a preventive maintenance approach. By scheduling maintenance activities in advance, businesses can cut down on unexpected downtimes.

Transitioning to an 80% preventive maintenance strategy is no longer a distant dream, thanks to EAM solutions that offer a clear view into asset lifecycles. For larger organizations, the benefits of such a strategy are even more pronounced.

Consider the case of Metro Group – By leveraging an EAM platform, this multi-million-dollar metal recycling company slashed its reactive maintenance tasks by 67%. As a result, their preventive maintenance completion rate shot up to an impressive 93%. This transformation was made possible as the company’s decision-makers had deeper insights into the total cost of owning their assets, enabling them to make informed choices.

Improving Asset Performance

Combining enterprise asset management with sensors and other connected technologies paves the way for predictive maintenance. Rather than just scheduling maintenance based on time or usage, predictive maintenance dives into real-time data to gauge when equipment might fail.

A classic example here is General Electric and its use of digital twins. These digital replicas of physical assets enable maintenance teams to remotely assess equipment health. They can identify possible faults by comparing real-time data with a simulated model, ensuring that assets operate at their best.

Understanding the Total Cost of Ownership (TCO)

Every asset comes with costs – from acquisition and maintenance to eventual disposal. Recognizing the total cost of ownership (TCO) is imperative for gauging an asset’s ROI. EAM software illuminates this, providing visibility into equipment runtime and operational costs.

With a clear picture of TCO, businesses can easily spot underperforming assets. Let’s say two machines have similar utilization rates, but one has significantly higher operational costs. That’s a red flag, signalling potential inefficiencies. Top-tier EAM software makes such insights accessible, allowing businesses to pinpoint and address inefficiencies. In turn, innovative strategies can be crafted to cut down on unnecessary expenses.

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Simplifying Equipment Inspections

Inspections play a dual role. They ensure compliance with industry regulations, and they’re instrumental in prolonging equipment lifecycles by catching and addressing issues early on. But with growing assets and tighter regulations, managing inspections can be daunting.

This vital process can be streamlined by using EAM software to store all inspection records. Cloud-based EAM systems promote seamless collaboration by bridging the gap in communication between the operations and maintenance teams. Because of this synergy, reliability engineers can sort through inspection data, optimising schedules and tactics for best results.

Inventory Optimization

In the realm of asset management, inventory is a recurring challenge. Mismanaged inventory can lead to cost overruns, inefficient operations, and lost opportunities. By offering a real-time view of available parts pre and post-maintenance, EAM software eliminates the chaos of manual inventory management.

Assets Best Managed with EAM Software

Navigating the vast landscape of assets in today’s businesses, one might wonder which assets stand to benefit the most from enterprise software solutions. As we delve deeper, it becomes evident that EAM’s versatility extends to a broad spectrum of assets, each with its unique requirements.

  • Physical Infrastructure: From office buildings to warehouses, physical spaces represent substantial investments for businesses. By utilizing EAM software, companies can schedule timely inspections, predict wear and tear, and allocate resources efficiently, ensuring these assets stand the test of time.
  • Mobile Assets: This category includes fleets of vehicles like cars, delivery trucks, and even drones. Managing such assets requires tracking their location, maintenance needs, and utilization rates. EAM software, with its integrated asset tracking system, offers a comprehensive solution.
  • Industrial Equipment: In sectors like manufacturing and construction, equipment efficiency is paramount. Whether it’s a conveyor belt in a factory or a crane at a construction site, EAM software aids in predictive maintenance, reducing unexpected downtimes.
  • Digital Assets: In an increasingly digital world, software licenses, digital tools, and other intangible assets are becoming crucial. EAM tools can monitor the utilization of these assets, ensuring they’re updated and compliant.

Ready to try Genic Assets Management System for your business?

Are you ready to switch from Excel and Spreadsheets to Cloud-based Asset Management Software? Get started with Genic Assets Management System!

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