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Best practices in enterprise asset management can assist in effectively overseeing assets and running your business more smoothly.
This blog post includes several enterprise asset management best practices.
What Is Enterprise Asset Management (EAM)?
Enterprise Asset Management is a system that allows organizations to track and oversee physical assets in their possession.
By tracking their assets, companies can more accurately plan maintenance, repair, and replacement expenses. Asset tracking also facilitates better decisions regarding asset allocation and usage.
There Are Different Types Of EAM Systems
- Computerized Maintenance Management Systems (CMMS): A CMMS is a useful way for organizations to track and oversee their maintenance activities more efficiently while streamlining decision-making around repairs, maintenance, and replacement costs.
- Enterprise Resource Planning (ERP) System: ERP systems provide software that assists businesses in overseeing their processes more efficiently, helping track assets, finances, and inventory.
- Facility Management System An organization's facilities management software assists it in overseeing its facilities effectively, tracking assets, inventory, finances, and maintaining operations. Facility management systems offer an effective way for organizations to oversee these aspects.
- Asset Management System: Asset management systems provide organizations with software applications that help track and organize assets more effectively, helping to streamline decision-making about allocation and usage decisions.
Select the enterprise asset management software best suited to the organization's needs and assess each system type's advantages and disadvantages carefully before making your choice.
ERP systems tend to excel at managing business process management than CMMS systems. Asset management systems are more effective at overseeing assets than facility management systems.
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Enterprise Asset Management Best Practices
Enterprise asset management solutions can bring many advantages to any business. Still, in order to maximize return on investment, you should use best practices for asset management solutions.
Enterprise asset management includes the following best practices such as:
- Standardized guidelines
- Mobile Accessibility
- Communication between departments
- Total visibility
- Easy & Quick Implementation
- PdM strategies (accurate, real-time data)
- Quality Risk Management
Establishing Standardized Guidelines
Standardizing guidelines is an effective way to enhance EAM within any business, so rules and guidelines must be established as your company grows.
Standardizing asset management processes can help your organization establish an organizational structure to ensure employees follow guidelines, are aware of important policies regarding health and safety and maintenance, and understand any key automated processes necessary for implementation. Digitizing paper documents may even facilitate these goals.
Mobile Accessibilite
Due to the increasing use of mobile technology and people preferring managing and accessing vital company information via their phones, Mobile Accessibility stands out among the best TEAM practices.
Mobile technology is an indispensable asset in modern life. A cloud-based and mobile-first EAM system is essential. Can your technicians access an iOS or Android app from anywhere? Legacy systems cannot always be reached.
Employees can access vital data anytime, from anywhere around the globe, and in real-time. Utilizing solutions, employees can quickly gain access to equipment sorted according to location and work cells, as well as maintenance schedules, repair cycles, and historical performance data about assets - providing maintenance technicians with vital insights for making important decisions about company assets.
Communication Between Departments
Heavy assets usually undergo several stages in their lifespan before being sold off or otherwise disposed of. To ensure they meet business needs effectively, this lengthy and intricate process requires cross-departmental coordination and dialogue among maintenance technicians.
As businesses evolve and their technologies become more complicated, their technology environments can become increasingly complicated.
This may involve outdated or siloed software, making it hard to access critical information. Therefore, enterprise asset management (EAM) practices require total visibility and integration of assets - your EAM solution must provide one source of truth with complete information that's easy to comprehend.
Total Visibility
Your EAM solution should make tracking critical assets and maintenance programs simpler for you and improve management processes, allowing employees to locate assets easily while accessing vital information like asset performance, inventory levels, and work orders.
Asset Management System (CMMS+) makes this easier while showing who is working on them in real-time as well as their status.
Implementation is Quick and Simple
Unfortunately, many enterprise asset management (EAM) solutions available on the market can be complex to set up and offer little support after installation.
Therefore, it is crucial that any EAM solution chosen can be tailored specifically to meet your management requirements as well as provide ongoing assistance.
Our user-friendly CMS can be tailored to each job role. Hence, employees are able to intuitively grasp and navigate software to complete tasks effortlessly, supported by an effortless implementation process and an expert customer service team.
Predictive Maintenance
Some systems offer only preventative maintenance schedules; others utilize artificial intelligence (AI), Internet of Things (IoT), or machine learning (ML) technologies to offer predictive maintenance.
When using preventive models, however, you will likely end up with excess components and equipment on hand.
Reputable EAM software includes predictive analysis tools to assist facility managers in making better decisions.
In contrast, AI and ML technologies make processing massive amounts of data easier, so the software can detect asset irregularities more accurately. Predictive maintenance enables you to schedule maintenance for equipment or assets before any problems arise, thus eliminating unnecessary repairs and maintenance expenses.
Quality Risk Management
An effective enterprise asset management system depends on effective risk management. Companies should assess both internal and external risks associated with heavy assets.
They should implement mitigation strategies in order to limit any dangers for their employees.
Most EAM systems only address safety by recording hazards and precautions that should be taken when working in potentially hazardous environments.
Your chosen EAM solution must help your employees lower maintenance and repair risk while meeting compliance.
Tips for Implementation of Enterprise Asset Management
- Defining a business case for EAM: Organizations must first draft an economic case for Enterprise Asset Management in order to select an EAM solution with a clear return on investment potential.
- Selecting an Enterprise Asset Management Software: There are various enterprise asset management software offerings on the market; organizations should carefully examine their options and select one that will best meet their requirements.
- Implementing an enterprise asset management (EAM): project pilot is often complex. To ensure its success, organizations should begin with a pilot project management or conference room pilot (CRP).
- Train employees: Employees should receive comprehensive training on the use of an EAM System, from data entry through reporting.
- Prior to implementing an Enterprise Asset Management (EAM): system, organizations should spend time defining their processes and workflows in detail.
- EAM systems offer great potential to automate numerous processes and workflows: In order to make optimal use of this capability, organizations should devote enough time to explaining these details before beginning the implementation of an EAM system.
- Integrating EAM With Other Enterprise Systems: EAM should be integrated with other enterprise systems, such as ERP and CMMS, to ensure data consistency between systems and streamline processes. This will help maintain data consistency across systems while streamlining processes.
- Set Key Performance Indicators: To monitor the success of EAM, KPIs must be established. This will enable you to assess where it is working well as well as areas needing improvement in terms of both effectiveness and productivity.
- Organizations should continuously assess and enhance enterprise asset management (EAM): Processes and procedures. By doing this, they will ensure their system runs optimally while assets will be managed more effectively.
Companies that adopt best practices in Enterprise Asset Management (EAM) will reap multiple advantages from its implementation.
When used properly, EAM can save organizations money, increase asset usage, and reduce risks.
Also Read: Implement an Enterprise Resource Planning (ERP) system
The 9 Most Crucial Tips for Asset Maintenance
Easy Communication
In the life cycle of assets, many different people interact and utilize them from various departments across an enterprise.
Enterprise Asset Management's best practice calls for smooth communication among the departments involved. Delayed decisions won't delay repairs since decisions can be taken quickly.
Modern Enterprise Asset Management solutions like Infraspeak use mobile device alerts so parties can communicate instantly.
Furthermore, real-time access is provided through cloud technology for the sharing of data between parties involved.
Technicians using Enterprise Asset Management software can use it to generate reports about the condition and performance of an asset, giving managers valuable data they need to make informed decisions regarding its viability and cost-effectiveness.
Standardize Guidelines
Establishing clear guidelines for Environmental Asset Management will ensure that all team members understand their roles and responsibilities.
Your guidelines should be written in an easily understandable and accessible language for employees, contractors, and third-party contacts who interact with EAM assets and software. All will easily understand their responsibilities. Your guideline document should include rules and advice related to the following:
- Lockout Tagout: Standard Operating Procedures for completing EAM Tasks (e.g. Lockout Tagout
- Specific roles and responsibilities (managers, staff, technicians, etc.
- Checklists for preventive maintenance
- Update and track MRO inventory
- Negotiation guidelines for suppliers and vendors
- Onboarding employees to EAM best practice
Capture The Maximum Amount Of Data Possible
EAM solutions serve as a centralized repository for asset data, providing real-time monitoring capabilities. Sensors, IoT devices, and live feeds are employed to gather as much useful asset information as possible.
Staff and technicians should be able to update asset data using Enterprise Asset Management (EAM) software.
Data must include:
- Dates for procurement and installation
- Location, make, and model
- Information on repair and maintenance
- Temperature
- Performance metrics
- Facility management efficiency is improved.
- Improved visibility of asset and team performance.
- Data-driven and more informed decision-making.
Keep Track of Your Assets Through Their Life Cycle
Though it overlaps with Computerised Maintenance Management Software (CMMS), Engineering Asset Management (EAM) covers far more than simply its operations phase.
Asset management professionals use Enterprise Asset Management (EAM) software to track and monitor their assets from acquisition to disposal. You can see not only when something needs repair but also when its efficiency has diminished over time.
EAM software can assist asset managers by helping to detect anomalies that could prevent downtime. Furthermore, work order management features can generate preventative measures automatically - making life simpler for asset managers.
Preventive and Predictive Maintenance
Unplanned downtime can be an immense source of headaches for both you and your organization. Therefore, best practices in enterprise asset management must include strategies to prevent small issues from snowballing into big ones.
Preventive and predictive maintenance should be part of your asset maintenance strategy. Modern enterprise asset management software features these functions, enabling it to automatically schedule maintenance material resource planning (MRP) when assets require attention and use performance benchmarks or artificial intelligence forecast repairs.
Preventive and proactive maintenance from experienced EAM technicians will keep your assets operating at peak performance now and in the future.
Use NFC tags
Near Field Communication (NFC) tags can help improve asset tracking efficiency by providing technicians and other staff with quick access to asset information via their mobile phones.
Technicians can use tags to quickly access information such as manuals or maintenance records for repairs performed on previous maintenance. Managers can record the time and location of technicians on site for their records. Improve data collection with seamless asset integration within EAM software.
Document Storage in the Cloud
Secure online document storage using EAM software. Employees in any organization will know where to locate documentation for an asset, whether that's manual of a machine for technicians to make repairs faster or compliance files to ensure they comply with laws and SLAs.
Enterprise asset management software serves as a repository to store all of your asset and compliance documents.
Asset managers need to work closely with other departments in order to set realistic goals, such as improving uptime or cutting repair costs by 10%.
Monitor KPIs And Set Goals
Establish key performance indicators (KPIs) and benchmark metrics within your EAM software in order to achieve your goals.
Use KPIs like Mean Time To Repair (MTTR), Average Time Between Failures (MTBF), and Overall Equipment Efficiency (OEE), or create your own with this powerful solution. Software for enterprise asset management makes it possible to monitor KPIs live and detect any deviations from goals before they become a problem.
Scale Up And Adjust Accordingly
Enterprise Asset Management software must be flexible enough to adapt to the ever-evolving needs of your organization, meeting the ever-changing requirements.
Your EAM platform should contain features for data storage and retrieval as well as multiple features allowing for user management.
Choose an Enterprise Asset Management (EAM) software program that enables you to switch features on and off as desired, simplifying the EAM process while expanding capability by connecting with other platforms.
Bring it All Together
Enterprise Asset Management software can only provide as good an experience as the data that enters it, which means organizations should adopt best practices to ensure everyone works towards similar goals while optimizing assets.
Utilizing EAM for asset tracking can be a difficult and time-consuming task when done manually, which TEAM makes easier by centralizing asset monitoring services into one central location.
By monitoring assets more regularly and more efficiently than before, your company will increase efficiency, service levels, and customer support staff satisfaction levels across your operation.
EAM software makes it possible to track assets in real time, helping teams collaborate more effectively by tracking supply chains, work order workflows, contracts, and contract workflows.
By making sure data analysis processes are thorough and accurate - and making any needed adjustments - your company goals can save both time and money.
Key Components of EAM
Enterprise Asset Management (EAM) software comprises seven key components. These are Work Management (including Asset and Labor Management), Labor Management, MRO Maintenance Management (including Maintenance Repair Operation or MRO management), Contract Management, Analytics Reporting, and Financial Management - each component essential to business growth and success that EAM software manages effectively.
Work Management
Asset management encompasses any activities required to administer assets, from maintenance requests and schedules to coordination among teams.
Work order management is one of the core components of Enterprise Asset Management (EAM), making scheduling much simpler while guaranteeing maintenance is performed when needed. Scheduling for multiple departments at once also prevents scheduling errors or overlaps that could delay repairs.
Proper asset maintenance and management are critical to the operation of any business. Failing to do so could cause serious supply issues, unplanned downtime, and poor performance - all factors that negatively impact performance and may need to be managed effectively for optimal business operation.
Asset Lifecycle Management
EAM refers to the practice of overseeing all aspects of an asset's life cycle in one location. Traditional management techniques call for teams of managers to track assets using spreadsheets or software with separate tabs for tracking assets.
Tracking within EAM improves communication and streamlines processes. A central software can manage everything, from acquisition, maintenance, daily operations, and disposal - increasing efficiency while decreasing cost saving and improving success.
Labor Management
Labor management refers to the practice of overseeing all elements within an employee workforce and monitoring them effectively in order to save money and reduce the burden on HR, compliance, and management personnel.
An Enterprise Asset Management system (EAM) can store information regarding the hiring, scheduling, and training of personnel as well as certifications, licenses, and certifications of employees.
With an EAM system in place, it becomes much simpler to conduct audits in the future as making changes is simple and training efficiency is feasible.
Management of MRO (Maintenance Repair and Operations)
MRO management refers to overseeing inventory required to create, maintain, and operate assets. EAM offers supply chain efficiency by centralizing management processes.
MRO provides purchasing, inventory, and spare part control, as well as estimates the material procurement/ inventory management needs, in addition to any materials needed for equipment maintenance, such as spare parts or lubricants.
Asset management plays a vital role in ensuring efficient processes while simultaneously keeping supply and demand balanced.
Contract Management
Contract management is the practice by which businesses oversee all contracts that exist between clients, vendors, and business partners.
Contracts have traditionally been managed by different departments depending on the nature and purpose of each agreement, leading to an inefficient and costly system.
A comprehensive EAM software solutions system can consolidate all contracts and incorporate details that ensure compliance, such as financial agreements or payment information.
A good contract management process can increase the accuracy of payments and invoices.
Analytics
Reporting and analytics are underutilized tools that can help expand and streamline processes to increase revenue and build successful businesses.
With EAM, you can view all operations in one convenient place.
By tracking key performance indicators within your industry, analytics reports can help detect and address potential issues quickly.
Custom dashboards or reports can be designed to focus on specific measures or areas in order to enhance processes.
Financial Management
Financial management involves overseeing expenditures across departments to achieve your financial goals and stay within budget.
EAM centralizes all financial data of every department into one convenient platform, freeing finance departments to focus on more pressing tasks rather than wading through multiple spreadsheets and software packages.
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Conclusion of Article
Enterprise asset management (EAM) is a term commonly used within both business and IT to describe the practice of overseeing physical assets within a company, such as buildings, machines, and land.
Enterprise asset management systems can help track assets from creation, acquisition, and disposal through retirement or disposal.
Adopting best practices for enterprise asset management will enhance your asset management process while getting the maximum benefit out of an EAM system.
