5 Big Benefits of EAM Software that You Should Know

by ManagerPlus on February 20, 2020
Enabling CMMS to drive change and cut costs company wide

In today’s fast-paced work environment, enterprise asset management (EAM) software is the linchpin that holds all your essential equipment together and keeps everything running smoothly.

Whether you spend most of your time on the road, at a construction site, on the factory floor, or managing buildings, you need your assets to work as hard as you do.

5 benefits of EAM software

Selecting the right asset management software can yield the following benefits.

1. Increased operational efficiency

Implementing a solid, uniform system for tracking and managing your assets provides the insights you need to identify asset management best practices and achieve specialization for both assets and operations. Let’s say you’re managing a large fleet of vehicles. You can use EAM software to run reports that help you determine which makes, models, and types of vehicles require more maintenance than others. This is invaluable information for executives who must make big financial decisions regarding replacement procedures and asset lifetime.

2. Improved asset reliability and reduced costs

Consistent, thorough preventive maintenance routines are up to five times more cost-effective than reactive maintenance. This is due in large part to the fact that PM targets maintenance tasks while they’re small, simple, and relatively cheap to fix, whereas reactive maintenance is only performed after severe, costly problems have developed.

EAM software allows you to create standardized maintenance schedules you can easily implement throughout your entire organization. This improves day-to-day asset reliability and extends the useful life of your assets.

3. Easy access to information

Regardless of your industry, minimizing equipment downtime is a mission-critical objective. Time spent searching through binders of paper reports or disorganized spreadsheets increases downtime and wastes resources. Instant access to full asset data is one of the key features of maintenance software. It also supports compliance requirements. Mobile functionality allows asset maintenance staff to pull up open work orders and immediately get to work without having to wait around for further instruction or a paper-based work order.

Software as a Service (SaaS) solutions put critical asset data at your fingertips anywhere you have internet access. For large companies in particular, this reduction in administrative workload can have a major impact on the bottom line. Short-cutting the administrative chain of command also reduces communication errors by putting workers in direct contact with the information they need—rather than relying on memos, scribbled notes, ambiguous emails, and other inefficient means of assigning and describing maintenance tasks.

4. Improved collaboration

One of the most common problems our implementation experts encounter is the internal “tug-of-war” over equipment and parts, leaving worksites without the resources they need to function at an optimum level. EAM software features asset- and tool-tracking functionality to help eliminate this problem. Managers can quickly see where tools and equipment are and who has them. This book of record makes it easy to hold workers accountable by cutting down on excuses stemming from equipment downtime or unavailability.

5. The ability to track maintenance KPIs

Asset data can only be actionable if reporting is consistent across sites and entities. Discrepancies between the reporting criteria used by different sites/entities, or at different periods of time, make for distorted assessments of operations and asset performance.

Enterprise asset management software consolidates all your asset data into one place so you have a single source of truth.

The best EAM software also comes with built-in reporting capabilities so you can measure your progress on key performance indicators, such as:

  • Weekly maintenance workloads
  • Response times
  • Preventive maintenance actions completed
  • Maintenance costs

Having this information holds everyone accountable while empowering them to be proactive.

EAM transforms organizational practices

It's easy to get caught up in the daily routine. With EAM software, you have the opportunity to step back and critically examine your organizational practices from a 10,000-foot view. 

Continuous quality improvement calls for close examination of current patterns of activity  — such as how quickly priority work orders are addressed or how many preventive maintenance tasks are deferred — and honest comparisons to best practices. The data contained in an EAM platform can surface weak spots that must be addressed. Further, the asset manager can then use the EAM capabilities to deploy new and improved workflows, checklists or processes and hold technicians accountable for following them.

No large group meetings are required to enforce an improvement in organizational practices. Just add the appropriate fields or workflows to the EAM interface, and they'll be available to teams across the enterprise.

For asset-intensive industries, organizational practices go beyond maintenance and extend to dollars-and-cents value propositions. EAM platforms put all the tools required to organize the complete asset portfolio in one place. The quantified, comprehensive data supports smart decision-making for investment strategies, growth planning, asset replacement and asset disposal. 

ManagerPlus's maintenance management software is a scalable enterprise asset management software designed to meet your maintenance needs, no matter your size or industry. Our cloud-based solutions will support you anywhere, whether you’re in the office or out in the field. And now, they’re faster than ever. Ready for a closer look? Schedule a demo today.

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