All businesses want to expand while reducing other expenses, like operating costs and equipment maintenance expenses. However, as businesses have a lot of assets, it is not an easy method, and organizations require support with this process. That is when EAM takes over. It supports the reduction of expenses and the optimization of corporate activities. This blog post will explain what EAM is and why businesses should invest in EAM solutions. So, let us get started!
What Exactly Is “EAM Solutions”?
Enterprise asset management, abbreviated as EAM, aids organizations in the monitoring and management of their assets. EAM is critical in tracking the life of each asset that an organization owns.
The entire organization can use them to their full potential throughout its productive existence, increase profit from speculation, protect working environments, work on the cost of proprietorship with lower lifecycle costs, and further enhance proficiency.
EAM reduces asset downtime and optimizes performance by ensuring that each asset is maintained.
EAM solutions assist enterprises by physically monitoring and controlling assets and guaranteeing that each one receives timely maintenance, so that the asset’s productive life can be extended.
It is utilized by companies with a large number of assets, such as oil and gas, medical, transportation, hotel, and manufacturing associations, which require EAM solutions to aid with their current infrastructures and sophisticated asset maintenance.
The EAM market is rapidly expanding. According to Allied Market Research, “The global enterprise asset management market was valued at $3.4 billion in 2021, and is anticipated to reach $9.9 billion by 2031, rising at a CAGR of 11.5% from 2022 to 2031.”
The following are the primary reasons for adopting EAM solutions:
Gain Useful Insights
With EAM software, you can obtain crucial information that will assist you in making an informed decision. With data support that enhances performance, this software can play a critical role in extending asset lives.
You can use data to improve predictions of asset failure occurrences and avert costly asset breakdowns.
We all understand the value of data insight — it improves daily operations, optimizes equipment performance, and allows organizations to fully utilize their assets.
Improved Asset Performance
With EAM software, you can quickly schedule asset maintenance so that no asset’s performance suffers. Most importantly, by scheduling asset maintenance, you can avoid asset breakdowns.
This program inspects, monitors, and tracks each asset’s performance, so that during maintenance, all elements are considered and the best asset performance is introduced.
EAM Solutions Help To Lower the Total Cost of Ownership
Maintenance fees may rise if maintenance is not delivered on time. When work is done manually, however, many assets are held in another location, and employees search for assets in another location. As a result, new assets are bought in. In many circumstances, assets are underutilized.
All of these variables raise the cost of ownership while decreasing the return on investment (ROI). By focusing on all of these elements, EAM software ensures that the ROI does not grow and that the cost of ownership is lowered.
Avoid Copying Errands
By incorporating EAM into your ERP, you may improve resource-board interactions. When you use distinct EAM programming, you may overlook the impact resources the board has on your project.
It is incredibly simple to copy tasks or misuse data when you need to integrate numbers into two distinct frameworks.
Remove Duplicate Tasks
Many duplicate activities and repetitive tasks occur when information is not consolidated. It has been observed that when more than one employee works on the same activity, efficiency suffers and productive work is not delivered.
However, with EAM software, you can simply avoid this problem as it centralizes information and prevents duplicate work. This trait is critical in all industries, particularly manufacturing, construction, and oil and gas.
When information is centralized, the collaboration between teams improves and productivity rises. Indeed, managers can identify who is working on specific tasks and schedule them accordingly. Everyone is on the same page when information is centralized.
If your company is medium-sized or large, you must invest in an EAM solution. Such software is extremely beneficial to a developing firm as it automates the procedure and eliminates the manual system. As a result, the likelihood of human error is reduced, and productivity rises.
EAM uses cloud technology, which means you can access it from anywhere. Plus, it also protects your data, so you don’t have to worry about data security as the cloud service provider will take care of it.
Cloud technology makes you more efficient as it allows you to adjust operations and maintenance as needed. As a result, it is critical to invest in EAM software as it can play a determining role in streamlining your business and increasing your return on investment.