Data is very important for every organization. Every organization has crucial data that is also a type of asset for them. Furthermore, there are several areas through which data is collected and that information is processed for better decision-making.
EAM helps in analyzing data, improving daily operations and asset performance management. It assist in calculating asset life, asset value & where you need to allocate resources. However, the main concern is data security. Identity theft, frauds, and phishing are a few of the biggest issues in developed countries and developing countries as well!
According to Statista, “In 2020, about 393,207 complaints filed with the Federal Trade Commission (FTC) were due to credit card fraud in the United States. An additional 406,375 complaints were filed with the FTC due to government documents/benefits fraud.”
Enterprise asset management can save from frauds and offer security that is why EAM becomes more important for organizations.
What Is EAM?
Enterprise asset management is the procedure of managing the asset lifecycle physically. It is done to maximize asset life, minimize expenses, improve the performance of the asset and it can also help in improving asset efficiency.
Some people refer to EAM as CMMS (Computerize maintenance management system). But both are very different from each other. CMMS is used to track maintenance, scheduling maintenance, manage spare parts and work orders. Whereas EAM mainly focused on asset life and most importantly EAM has all the features of CMMS as well.
EAM system helps in maintaining compliance as it helps in tracking maintenance and asset health as well. When assets are healthy their failure chances are decreased and they are good for employees from a health point of view.
EAM system allows you to track all work orders and each work order is assigned to whom and when it will be finished! All these types of information can be collected with enterprise asset management.
Enterprise asset management also comes with cloud technology and it helps in keeping assets secured. One of the main benefits of cloud technology is EAM security.
What Are the Best EAM Software Features?
Below we have mentioned the best EAM software features:
1. Data Security
Data safety is one of the best EAM software features. Cloud technology provides data security giving protection to data by adding multiple layers of security & data is kept in the encrypted method. Furthermore, whenever any cyber-attack takes place, it alerts the team. In simple words, you do not have to worry about data as this will be the responsibility of the service provider.
According to Statista, “the importance of data security to various business goals, as of March 2016. According to the survey, 43 percent of respondents reported that data security was critically important to brand reputation, while 76 percent felt that data security was very or critically important to customer support and service.”
2. Physical Asset Safety
Enterprise asset management keeps assets secured by tracking each asset. For this purpose, asset tags are used & they assist in providing the exact location of the asset. These tags send the location to the software and you can see the asset's exact location. Asset tags keep assets safe from theft and misplacement. Asset tags provide accurate information on every asset.
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3. Customized & Automated Alerts
EAM provides alerts whenever any danger or suspicious activity is spotted. Furthermore, you can use the EAM customized feature of alert for keeping track of maintenance activity so that you do not have to remember manually. This software keeps track of it and allows you to focus on other important things. Meanwhile, you can use the alert feature as per your daily operation nature where it can be adjusted for increasing the productivity of the business.
4. Authority & Authentication
Many times asset theft occurs by internal employees of the organization. That is why you must provide limited access to the employee as per their work requirement.
Every employee shall have limited access to data so that they do not have complete information, only to that information that is important for them. Authority and authentication allow you to manage access control. Only valid users have access to restricted data.
5. Password Protection
By having password protection usefulness organizations business can guarantee the information is simply noticeable to the people who need it. Thus, minimizing the danger of misusing data and is effective in avoiding data breaches.
This software also helps the organization by avoiding human error. A lot of cyberattacks occur due to human error however organizations can protect themselves.
This software not only helps in security but also helps by increasing productivity of employees as well as organization. Furthermore, they help in effective asset management and managing asset life as well. EAM software features assist in data security purposes and maintaining assets.
EAM is also a type of asset management software that is helpful to organizations in tracking maintenance and improving enterprise asset performance. It helps in keeping accurate records and this accurate data can also help in boosting performance and finding the pitfall or in which areas resources can be added to grow business. This software helps in making future goals and an effective business decision-making process.
Frequently Asked Questions (FAQs)
1. What are the advantages of Enterprise Asset Management?
Advantages of Enterprise Asset Management are given below:
1. Increased asset life
2. Enhanced asset efficiency
3. Centralized information
4. Track maintenance
5. Work order management
2. In which areas EAM is helpful?
All those organizations that have lots of assets and equipment will require enterprise asset management. EAM is helpful to several sectors such as manufacturing, healthcare, travel, hotel, Data communication, logistics, etc.
3. What are the benefits of cloud computing technology?
The benefits of cloud computing technology are that it is cost-effective, provides security, automated process, & most importantly it can be accessed from anywhere.