5 Tips to Measure the True Value of Enterprise Asset Management (EAM)
Are you getting the maximum value out of your Enterprise Asset Management? Asset-intensive organizations have to regularly track, evaluate as well as manage the operational efficiency and reliability of the assets. It involves constant maintenance and repair of the physical assets to increase their longevity and optimize the performance, health and safety procedures and regulatory compliance. Thus, holistic management of a vast range of human, physical and technological assets that are pivotal to efficiently run an organization is a complex task.
Today, more and more organizations are switching to cloud based Enterprise Asset Management (EAM) solutions for effective and qualitative asset management.
Enterprise asset management solutions offer an integrated approach to the organization in managing its assets.
Tip#1: Offers End-to-End Solutions to Organizations
Enterprise Asset Management offers visibility and insight into almost all the physical assets including their repair and maintenance. In the age of cloud computing and analytics, there are number of opportunities to gather, consolidate and then analyze the information about assets to enhance the overall performance.
In addition to asset management, EAM’s core functionalities cover health and safety, planning and scheduling, work management and supply chain management.
Tip#2: EAM Gives Automation, Better Control over Assets
Asset-intensive companies need integrated control and visibility across their crucial technology and business assets to effectively address the important business issues and run the full asset lifecycle.
Enterprise asset management solutions provide greater automation that assists organizations put more flexibility and agility in their business operations.
Tip#3: Improves Visibility
Visibility offers a view of the asset details across the organization. It also examines the processes throughout the organization for effective and improved decision making. The enterprises, with proper control over their assets, are in a position to efficiently manage as well as secure their investments. This also brings down the inventory costs.
Tip#4: Helps in Increasing Revenues
Cloud based Enterprise Asset Management solutions help the businesses successfully handle the current challenges in the domain of technology and business operations. It also effectively deals with the lifecycle of resources.
EAM implements standard procedures to effectively deal with operational risks by incorporating risk management into routine business operations, proper management of assets and enhancing maintenance practices. This, in turn, increases the life span of the aging infrastructure.
Tip#5: EAM Brings Down Cost
Enterprise Asset Management solutions consolidate the operational applications of a business organization, thus bringing down the total cost of ownership. By employing a single global enterprise application instance, asset management procedures as well as consistent metrics that are implemented and also managed on the same platform at all the sites, the organization can standardize best practices throughout almost all asset types.
Enterprise Asset Management brings to an end the hassles of consolidating various asset information reports generated by different departments in an organization.
A competent EAM solution must integrate the three vital domains – planning for along with managing the assets all through their life cycles, conducting the proper maintenance of the assets, and lastly management of the maintenance workforce.
SapphireIMS is a one-stop shop for the effective management of your organization’s assets. Our EAM solution makes sure that the asset information flows flawlessly between the financial and operations systems. Our focus is on offering the best Enterprise Asset management solutions to our clientele, after understanding their individual requirements.