Enterprise Asset Management (EAM) is recognized by Gartner and IDC as one of the core processes of an organization. What we understand from this statement is that EAM can be used to automate and improve business operations in a cost-effective manner. In addition, it is important for organizations to collect information on their assets which results not only in reduction of downtimes but also in an increase in productivity and profits.

What is EAM?

EAM software consists of an integrated suite of applications that provide functions related to asset management such as data collection, analysis, storage, retrieval and presentation in a highly scalable platform. The use of these tools allows companies to manage their complete physical inventory life cycle from maintenance planning to inventory management etc. The many benefits of EAM software are listed below.

Asset Management Benefits:

EAM software has become an essential component in the functioning of any enterprise. It provides a wide range of benefits to the functional areas of the organization. This software is necessary for tracking all assets, project management, and organizational efficiency. It helps in achieving business goals by providing business analytics on an easy-to-use interface. Overall EAM can reduce total asset lifecycle costs by 20% due to better efficiency in these ways listed below.

Increased Productivity and Profits

Organizations can save huge costs by using a single database for all their assets. In addition, the data collected from the system allows asset managers to identify operational trends which result in improved productivity and profits.

Improved Customer Satisfaction

The information required for improving customer satisfaction is known as customer insight. This includes the availability of assets, inventory levels, service contract management etc. By collecting this data from one source, companies can offer better services to customers reducing downtime through the right planning.

Better Project Planning Ability

Asset management tools allow organizations to create service contracts for maintaining assets helping them in managing projects more effectively. They can also generate a schedule for the replacement of assets which increases productivity and reduces costs.

Better Risk Management

With an accurate inventory of assets, organizations can have a better idea about the risks associated with their assets. Moreover, in cases where potential losses due to asset failures cannot be restored in a short time period, they can manage risks by using insurance policies in a cost-effective manner.

Improved Compliance

Large organizations are required to maintain an e-inventory list based on regulatory requirements such as Sarbanes Oxley Act 2002 (SOX), Health Insurance Portability and Accountability Act (HIPAA) etc. EAM tools help them in complying with these regulations by providing them complete data on physical infrastructure within a minimal time span.

Summary

Management is not just limited to maintenance and upkeep of the assets, but it also deals with planning and decision-making. EAM tools help organizations in achieving a comprehensive view of physical infrastructure by offering a solution that is also compatible with IT infrastructures. These tools support managing assets from any location using an internet browser which helps companies to achieve faster processes and improved productivity.

 

People also read: SwifDoo PDF to Increase Remote Work Efficiency in Thailand and Anywhere Else