Do you know that Enterprise Asset Management Software can take your company to a whole new level? In this blog, we will show you 8 ways through which your company can save a lot of money. But first of all, let us understand this term so-called “Enterprise Asset Management”.
What Is Enterprise Asset Management?
It is a procedure of managing the lifecycle of an asset in order to increase its life, minimize costs, enhance quality and productivity. EAM is executed to monitor the company's assets, optimize and track maintenance activities.
It will provide you with answers to all assets-related questions, such as what's the location? Who is using it? When it needs service/maintenance etc.
According to Markets and Markets, “The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020.”
Now that we have a basic understanding of enterprise asset management. Now we are coming to the main part!
What Are the Benefits of Enterprise Asset Management?
Below we have discussed the benefits of EAM:
1. Maximized ROI
As we have told you earlier, an asset is monitored continuously via the EAM system to increase its life and when an asset works properly it also increases return on investment.
For instance, if asset life increases by just 5 or 10 percent it will be very beneficial for your organization.
2. Scheduled Maintenance
This is one of the most important benefits & features through which you can schedule maintenance. As we all know, an unexpected breakdown can be very dangerous for a company, and it can make a dent in your pocket.
It can also impact the productivity of the organization. As we know sudden failure is more expensive than other maintenance the solution is simple to provide regular maintenance to each asset on time.
Moreover, you can keep track of maintenance as well.
3. Enhanced Decision Making
When you have all the crucial information on your fingers, you can make better and effective decisions based on solid information. Now you don't have to make decisions on assumptions.
Here is an example, one machinery is not working properly and taking more maintenance than required in that case you can make a better decision through EAM either it needs to change or not.
4. The large task becomes a simple task
Keeping track of a company's physical assets is a huge & hectic job. EAM can be a great way of enhancing operational productivity and reducing expenses.
Imagine yourself when you have the ability to easily and efficiently monitor every perspective of your company's physical asset.
Moreover, now you do not have to keep track of asset maintenance as this software will keep track of maintenance.
The maintenance team can check what are the activities that need to be done in this software, so it simplifies the task of the maintenance team.
5. Eliminating paperwork & human error
Since everything is managed on cloud-based there would be less paperwork which would lead to fewer human mistakes. Digital documents can be searched & stored easily.
They are faster to fetch and when every document is online so no chance for deletion too. As simple as that!
Paperwork is prone to error and one small data entry can turn into a huge problem, for instance entering the wrong shipment address can be drastic for business.
This software decreases human involvement. As a result, you get more accurate data and fewer errors.
6. Productive utilization of assets
In companies without ERM, top-level management might be included in reporting, observing & concluding the risk in operational units. Whereas the EAM system assists in taking care of the risk. It also removes unnecessary procedures & improves effectiveness by designating the appropriate resource to reduce risk.
It provides a complete picture of assets where your assets are how they are utilized. If they are not used frequently then they are sent to some other location where they can be used more. If they are not used at all you can sell them or exchange them.
7. Better Efficiency
When your office is at multiple locations or you are handling multiple locations then it is hard to track, but if you have an EAM system, you will never have to worry about that.
It helps companies in cost-cutting, meeting demands, and lift performance and also gives you an understanding of stock & inventories so you can manage your working order at its best.
8. Improved Customer Experience -
Providing the best customer service and resolving their problem as quickly as possible can make them happy. With EAM software you can get better analytics about what your customers want and whenever a new update is made you can inform them.
Better customer service can get you unimaginable word-of-mouth promotion. It increases the faith of customers in you & retains your existing customer moreover, it can also get you, new potential clients.
If you want your company to be at the top of its game then you need an Enterprise Asset Management solution. It has an outstanding capability to improve your business, managing assets efficiently.
Moreover, you will never lose assets again with the asset. One way or another your company will be saving lots of money after using Enterprise asset management software.
However, as we all know that a company's requirement varies from each other. The perfect situation is to construct the EAM framework on an establishment of intelligence.
An implicit methodology streamlines divergent frameworks and empowers producers to gain numerous EAM benefits. In order to assist companies to decrease costs and increase asset performance, a company needs an EAM system and you will see better company performance in terms of profit ratio & minimized expenses.
If you are planning a long-term goal for organization optimization, then EAM software is essential for your needs.