When EAM was launched, it was generally used to assist organizations to initiate requests for asset replacement. But with time, EAM software evolved and several new features have been incorporated. Now the tool is utilized not only for asset management but to gauge the overall asset performance while analyzing data and forecasting trends.
With EAM software in their suite, many organizations are overcoming the challenges they were facing earlier. Moreover, the software helps in saving time, reducing equipment and machine downtime, and eventually increasing asset life.
What is EAM Software?
EAM stands for Enterprise Asset Management. It is a system for managing the lifecycle of an asset in order to increase its operational life, from its procurement stage until its final phase of decommissioning. EAM thus minimizes costs and help enhance quality and productivity.
Enterprise asset management is equipped to monitor the company's assets, optimize and track its maintenance activity. It provides answers to all asset-related questions - What is the location? Who is using it? When does it need service/maintenance? - all data in a centralized system. The EAM solution materialized later than CMMS.
The main objective of EAM is to optimize asset quality and utilization of assets while reducing costs at the same time. It helps in achieving more flexibility in terms of operating and maintaining assets while pegging expenses at minimum level and ensuring full and effective utilization of assets. It keeps tracks of assets from their arrival until their retirement. The system also helps in identifying non-performing assets.
For Which Industries EAM Can Be Most Useful?
EAM can be useful to several industries. A few of them are highlighted below:
In a manufacturing unit, machines are running over long periods of time. Depending on how long and frequently each equipment and machine works, the organization can set a specific time for machine and equipment checkup e.g. 15 days, 1 month, or 2 months. This ensures the inspection of assets without failing or forgetting.
Consequently, the organization gets to know if machines and equipment are functionally fit or not. To preempt the first sign of trouble in an asset, an EAM solution should be implemented to avoid operational pitfalls.
EAM software is designed to detect potential issues as it employs preventive maintenance and also provides the facility to schedule regular maintenance. This means you do not have to manually track every piece of equipment for maintenance. The software precisely does this and also sends alerts in advance to the personnel for maintenance.
Manufacturing units and hospitals can have a lot of idle equipment. This can prove to be excess baggage to the organization. With this software in place, the entity can identify such items and re-purpose them for operational effectiveness and increased productivity.
With the help of enterprise asset management software, a hospital or a medical establishment can keep precise and updated stock records. This is especially critical for pharmaceuticals and surgical equipment stores. Maintaining the right level of inventories is one of the most significant activities for any healthcare organization.
As pharmaceuticals and surgical items are the most utilized items in a hospital, the establishment needs to consistently keep up a decent level of medicine stocks. Over and above that, they should also have enough vaccines and degradable products that are used during surgeries such as masks, syringes, gloves, etc.
As medicines and surgical materials are expensive, it becomes really important for the healthcare industry to keep track of all such supplies. The huge investment of providing healthcare is enough reason to keep track of all assets and inventories using a focused enterprise asset management solution.
Moreover, the sophisticated surgery equipment and tools need to be cleaned and sanitized as well for the next operation. If any machine needs maintenance then EAM software issues alerts to the personnel concerned.
EAM software is designed to detect potential issues as it is designed to implement preventive maintenance. It also provides the facility to schedule the maintenance, assign the same to personnel, etc. There is no need to manually track each equipment item for its maintenance. The software does it and notifies the responsible people for maintenance.
Asset tracking is another most powerful feature. As is well known, assets in the construction industry are mobile and frequently get transferred from one work site to another. Through enterprise asset management software, you can know the movement details of assets.
The system lets you know the exact details on a real-time basis. It also assists in scheduling maintenance of the asset. Regular maintenance plays a vital role in increasing the lifespan of an asset.
The functional teams in the organization are apprised of up-to-date asset-related information, e.g. what are the current assets owned by the enterprise? What are their current locations? How many of them are being utilized? Which employee is using the asset? When it will be in a free state?
As a result of such comprehensive coverage, no asset is lost or gets left out. They are all tracked and the real-time information helps in managing daily tasks and improving routine operations. Thus the operational planning and scheduling of tasks are enhanced with this feature of the system.
We see how through the asset tracking feature, no asset or equipment is out of the organization's radar at any time. Besides, such actionable information helps in not buying assets unnecessarily and always having complete asset information at the organization's disposal.
How Can Enterprise Asset Management Be a Reality Via Smartphone?
The mobile application plays a very practical role in managing assets. Nowadays, EAM software comes with an application available on Android and iOS platforms. With an on-the-go mobile application as a handy tool, managing assets has become quite an easy process.
Using a mobile application also helps explore new features of EAM. There is a functional network where employees are connected to each other. Technicians can update asset information right away without having to go to the office by simply using the mobile application.
Markets and Markets forecast the Enterprise Asset Management Market to grow from USD 5.1 billion in 2019 to USD 8.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. The increasing demand for cloud-based EAM solutions and the need to gain a 360-degree view of assets are some of the major factors expected to drive the growth of this market.
This clearly shows how more and more companies are moving towards this technology. In the next few years, most organizations are slated to be equipped with EAM in their software suite. If you are looking to implement enterprise asset management in your organization, you just need to contact us. We will be happy to assist.