A Brief Insight on Enterprise Asset Management (EAM) Solution

To start with, Enterprise Asset Management (EAM) is the management of the physical assets of a company such as Buildings, Facilities, Plant, Equipment, etc… for the entire lifecycle of the assets. It oversees the design, construction, handing over, commissioning, maintenance, replacement as well as liquidating of assets and facilities.

Then What Is Enterprise Asset Management (EAM) Software Solution?

Enterprise Asset Management Solution is computer software that helps in managing and running an Enterprise’s assets. A good EAM solution has features like total asset management, maintenance, portal-based user interface, proper scheduling, and product warranty care and consolidated remote wireless handheld solutions.

How is it different from ERP software solution?

Enterprise Resource Planning (ERP) software solution is a resources, financial and data management tool that uses a series of components to organize the company's business operations and processes. ERP combines all the company's computer systems into a single database, where users who have access rights can access this data.  ERP and EAM should be used hand in hand.

While ERP focuses much on resources and financial aspects like the profit and loss statements, balance sheets, income statements, etc… EAM is the proper tool to manage the assets of the company.

Benefits of EAM Solutions:

●      Scalable and Customizable

A good Enterprise Asset Management Solution should provide you with a decent uptime and should be flexible enough to accommodate any sudden changes in the company. Also, a good EAM solution should be customizable to your business needs, level and location.

●      Flexible Platforms

EAM should work on all mobile devices, operating systems, and screen sizes for remote updates for either on or off-station employees.

●      Reduced Risks and High Security

EAM solution should provide tracking options, reminders, and controlled documentation of every event so that it reduces your company's theft and viral risks as well as physical asset inventory control.

●      Increased Company Performance and Service Life

EAM helps in routine and daily internal inspections, maintenance checks that improve asset performance as well as the company’s profits proportionally. Also, service life increases exponentially.

●      Time Utilization

It eliminates time spent on searching physical data like files and facilities as everything in the company has its specific place. Also, asset information is preloaded to the software and who's occupying or using which asset is also documented.

●      Budget Optimization

EAM software assists to track all the costs associated with asset management. In addition, budget planning can utilize this data.

●      Remotely Manage Your Employees

EAM solution can be updated by your on-site employees like engineers, inspectors, workers etc... And can provide and transfer their updates to the headquarter.

●      Decreases Equipment Downtime

An expensive and unproductive downtime affects the company’s profits immensely. EAM can help managers to predict future situations of their workplace and act accordingly on the assets. This will increase the overall productivity much better than organizing situations in the last minute, where everyone will be stressful and without the necessary data needed to resolve the issue. Proactive inspections are the solution here.

●      Hazard Prevention

Detailed information lists about equipment and proactive inspections ensure safety from accidents by making the right alterations & changes and operational improvements.

●      Financial Management

EAM saves your company a lot of capital by avoiding emergency repairs and using preventative maintenance by monitoring asset conditions and depreciation. It also keeps track of assets warranty and can increase capital from the warranty premium.

Finally, EAM solution can handle space, workspace, prevents massive paperwork by computerizing everything related to your business in an organized fashion and also manages all company files. It is one of the best business management systems in place today.

In the next articles, features and advantages of related and complementary ERP Systems, Solutions and Services will be introduced.