EAM software can be extremely useful to an organization as it not only provides complete control and visibility of assets but also guarantees security and compliance. However, there are several challenges that EAM software overcomes. What are those challenges that we will explore in this blog now! So, without wasting any time let us begin. But first, let us cover the basics first!
What is EAM Software?
EAM software stands for enterprise asset management. It enables organizations to track and optimize, and so on.
With EAM software you can get data that is helpful in getting accurate information and based on this information long-term goals are planned, and a strategic approach & informed decisions are taken.
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What Are the Benefits of EAM Software?
The benefits of EAM Software are given below:
1. Centralize Information
It keeps everyone informed as the information is centralized. Whenever any update occurs in any specific work order all the people in the loop are also informed about the update. Moreover, centralized information is beneficial for ticket management.
It has been seen several times that more than one agent works on a single ticket and as a result, productivity suffers. This kind of scenario occurs when manual work is done. But with EAM software information is centralized and only one person can work on one ticket at a time.
2. Regulatory Compliance
With EAM software the organization can ensure assets are maintained & follow regulatory compliance. When organizations follow rules and regulations then during external audits organizations do not have to worry about penalties as EAM software is helpful in ensuring compliance.
Furthermore, it is also helpful in managing documents. If an organization is found not in compliance with the rules and regulations, it might end up paying huge penalties. But when you are equipped with EAM software, you do not have to worry about it.
3. Real-Time Information
Real-time information means you can check the exact asset location anytime. It is helpful in keeping track of inventory, it means you are always aware of stock availability all the time.
Asset managers can schedule maintenance easily when they find assets that require maintenance on a priority basis. The real-time information feature saves assets from theft, and displacement, and provides security to the assets.
What Are the Challenges That EAM Software Overcomes?
The challenges that EAM Software overcomes are discussed below:
1. Daily Work Operation
Lots of organization faces several challenges related to daily operations such as sudden equipment failure, Employees do not know what they had to do, asset maintenance priority is not decided. This type of scenario is regular in an organization that is not equipped with automated enterprise asset management software.
They struggle with their day-to-day operation. As a result, their productivity suffers. However, with EAM software you can plan your daily operations, and strategic decisions are made. with the help of this software, as this software centralizes information.
So, everyone knows what activities need to be done. Similarly, priority is also decided with this software & maintenance schedule.
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2. Spreadsheet Utilization
There are still organizations that utilize spreadsheets in order to keep track of assets and inventories and record data as well. Organizations expect a holistic view of asset utilization and asset maintenance with spreadsheets which is almost impossible because they do not have that type of functionality.
Another reason is spreadsheets have lots of errors and they are inaccurate. The reason being they are accessed by multiple people and data can be changed intentionally or unintentionally.
However, you do not have to worry about it when you are equipped with EAM software. With EAM you can get a holistic view of your asset, performance, maintenance due date, status, and so on!
3. Organizations Are Assets Intensive
A growing organization has lots of assets and equipment in abundance. Keeping track of them. For asset safety and for maintenance purposes.
Become hectic and complex. So, it has been seen several times that maintenance is skipped and as a result, certain asset failure occurs. These types of scenarios are seen every other day.
However, it can be easily avoided with EAM software. This software creates a checklist and work order for each asset maintenance. The work of the maintenance team is simplified with this software.
These are the benefits of EAM software and the challenges that are overcome with EAM software. There is no doubt that EAM Software provides several benefits to the organization that can be helpful in an organization’s growth.
However, it is important to ensure that you get the software as per your requirements. As we know all organizations, even those belonging to the same sector, have different requirements for the software. Customized as per your business give you more powerful features that will help you grow your ROI.
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Frequently Asked Questions (FAQs)
Q.1 - What Is Asset Management Compliance?
Asset management compliance is expected to oversee assets according to the norm of the business particular sector. An association should comply with the rules, regulations and guidelines, and internal policies. Compliance guarantees that the association keeps the guidelines made by the public authority and specialists.
Q.2 - How Is Real-Time Asset Tracking Done?
For real-time asset tracking, there are several writing techniques available, such as NFC (Near Field Communication), GPS (Global Position System), BLE (Bluetooth Low Energy), IoT (Internet of Things), and QR (Quick Response) Code. When they are equipped with asset management software. You get real-time information in your system, and you can check asset location and asset information anytime.
Q.3 - What Are the Features of EAM Software?
Features of EAM software are given below:
1. Maintenance tracking.
2. Cost tracking.
3. Inventory & asset tracking.
5. Cloud technology.
7. Data analytics.