Enterprise asset management software (EAM) improves operations and maintenance to the point where it’s hard to imagine how you got along without it. However, using your system every day doesn’t always mean you’re realizing its full potential.
You need to examine your business goals, your work culture, and your growth plans to get the most from your EAM software. But you don’t need to reinvent the asset management wheel. Here are some proven methods for boosting EAM effectiveness.
Value of EAM
Companies are investing more time and money into improving their asset management practices. In fact, Prescient & Strategic Intelligence reports that the global EAM market reached $5.5 billion in 2019, and it’s expected to reach $25.9 billion by 2030.
Modern EAM software is built to provide growing companies a comprehensive, quantified panorama of all their assets, and then tying that information back to business value. Far from an isolated, standalone program, EAM connects information from across an organization, making it accessible for decision-making.
For example, linking asset data companywide creates a single source of truth on total cost of ownership. And powerful analytics like that can pinpoint opportunities to reduce cost, grow your business, or better serve your customers.
It’s exactly how your EAM investment adds real, measurable value to your organization.
Culture of EAM
Today’s data-enabled model for managing assets requires commitment. Your organization might have to shift its momentum and learn new workflows because, after all, EAM isn’t just your old maintenance scheduling process in a new skin.
EAM is about leveraging intelligent data and making it work for you to gain efficiencies, uncover new insights, and improve profitability. It’s geared for big-picture thinking.
For example, uniting data silos allows key personnel to examine fundamental questions like, “Why are we generating so many priority work orders, and would it be more cost effective to do more preventive maintenance?”
Clearly, this broader perspective is beneficial, but change is not always comfortable. Embracing enterprise asset management often means altering established procedures and training your staff to follow a new standardized workflow and navigate your EAM prompts. And be prepared for a shift in accountability because EAM software provides the transparency you need to understand how work is getting done.
All this change may seem formidable, but not to worry — a reputable EAM software vendor will ease the process with resources and support along the way. Always be sure to tap into your provider’s learning center, taking advantage of webinars, onboarding, and personalized assistance.
3 ways to get more from your EAM
EAM software is a powerful tool for helping an asset-intensive organization achieve its goals. It can improve uptime, streamline maintenance workflows, and provide insight into strategic business-level decisions.
But to realize these benefits, you must figure out how to make your EAM effective for your unique situation. An agribusiness will have different opportunities for improvement than a construction firm, for example.
Here are three tips for making the most of your EAM investment.
1. Embrace digital data for business goals
You know that digitized data is the foundation of enterprise asset management. First off, data enables you to solve tough business problems.
As a Forbes article assessing the value of analytics points out, data analytics are no longer just for large companies with big budgets. And according to a Deloitte report, about half of senior executives say data analytics is the key factor in helping them make better decisions.
The robust analytics included in EAM software help asset managers and their technician teams put asset performance data to good use. For example, a cloud-based EAM platform tracks work order histories and turns them into customizable business reports. Without in-depth digital data, how else would you know whether you maintenance dollars are being spent wisely?
In addition to work order management, here are just a few other areas where data makes a difference:
- Capital planning
- Inventory cost control
- Asset total cost of ownership
- Inspections and corrective actions
- Labor costs and efficiency
- Resource allocation
The more departments that contribute data to your EAM, the more valuable the system becomes. Operations and maintenance, finance, compliance, and executive leaders all benefit from seamless connectivity.
Your EAM can become more effective for data insight if you take advantage of custom fields for data gathering as well as custom reporting to sift out exactly the metrics you need.
Consider a quarterly meeting to develop key performance indicators (KPIs) for your business, then track the metrics associated with each KPI. You might find that you need to adjust your data gathering practices to track certain KPIs accurately.
2. Use EAM features that make your operation more efficient
Time-consuming tasks like manually searching for asset serial numbers or documenting operator inspections often drag down employee productivity.
To make your EAM more effective, consider these features:
With operators, technicians, and supervisors on the go, using EAM software with a robust mobile app isn’t just convenient, it’s necessary.
Mobile app use in maintenance is on the rise. In a 2017 survey by Plant Services, 54% of respondents stated they use or intend to use smartphones in their maintenance routines. Most maintenance tasks are carried out either in the field or on the shop floor, making location-independent EAM software access a big win for productivity.
The ManagerPlus Lightning mobile app has a wide range of capabilities that keeps asset managers and teams connected. Leaders can access the data they need from anywhere, while generating work orders on the go.
Additionally, technician teams can access work orders and sign off on tasks, from anywhere. They can complete driver vehicle inspection reports (DVIR) in real time before taking a fleet vehicle on the road, for example.
And if there’s no connectivity, you can use the Lightning app in offline mode. Later, when you’re reconnected, the data automatically syncs. No extra steps required.
To get more from your EAM, be sure you’re taking advantage of mobile capabilities for asset managers and for technician teams.
Asset-intensive businesses can rely on barcode scanning when integrated into an EAM solution. Barcode scanning speeds up data entry and removes the risk of human error.
With a quick scan, staff can identify a single asset without the hassle of cross-referencing serial numbers. This is especially helpful when you manage a number of similar assets, such as a fleet of identical vehicles or a campus full of identical machinery.
Managers can also use barcode scans to attach specific parts and materials related to a work order. The scan verifies that the right part will be located quickly, and the job will be done correctly.
Automatic purchase orders
Budget planning to purchase materials from external vendors is an essential business practice, and also takes up valuable time. With automatic purchase order creation, a modern EAM streamlines the purchasing process.
By leveraging your EAM’s inventory tracking, it’s possible to eliminate some of the routine purchasing tasks and generate purchase orders based on predefined criteria.
For example, using information from both the inventory and work order system, a modern EAM platform can automatically send a purchase order to a chosen team member. All the data will be pre-populated and ready to process.
Automatic work orders
Asset managers are constantly managing work requests in addition to their day-to-day responsibilities. Using your EAM to automate work orders will reduce manual processes and increase the value you get from your system.
Modern EAM platforms streamline the maintenance process with features that auto-generate, assign, and track work orders, often in real time. The interface also surfaces work order data in a dashboard that serves as a customized snapshot of exactly what you need to know.
An often-overlooked benefit of enterprise asset management software is its ability to store and organize documents. For example, warranty information, operations manuals, safety procedures, and compliance reports can be stored in your EAM.
Without centralized storage, you might tuck away the documents in filing cabinets and on far-flug hard drives, perhaps never to be seen again.
Use your EAM to store complementary documents that you need sporadically as well as those you use often. It’s a time saver that helps you get more efficiencies from your EAM investment.
3. Take advantage of a cloud-based EAM
The cloud supports a growing number of businesses worldwide, and it underpins the most powerful features of a modern EAM. But what’s so great about the cloud?
- Cloud security is second-to-none: Modern enterprises need reliable safety measures to protect their digital information. Cloud-based EAM solutions have multilevel security built in, to deter any third-party breaches and regulate access, right down to the individual level.
- Anywhere, anytime data access: When asset management works in the cloud, teams gain location-independent access to a system that’s always up to date. All that’s needed is a device and a secure connection.
- Always current, with effortless backups: Everyone knows IT infrastructure can fall behind, but that’s not the case for cloud-based EAM software. Instant updates ensure your team is always using the most recent version, and system backups are automatic, so you’ll never worry about data loss.
According to research by Gartner, more EAM systems are moving to the cloud. That means greater effectiveness and a better bottom line for asset-intensive businesses.
Realize the potential of EAM
Enhancing the effectiveness of your EAM software means taking advantage of the features that support your team and your data-based business decisions. For maximum results, be sure you’ve upgraded to a system that delivers its platform from the cloud.
ManagerPlus Lightning is the EAM of choice for large enterprises. It’s a cloud-based solution that manages assets under one platform. Lightning also has the mobile capabilities that increase efficiency and reduce costs.
What’s more, our consultants have the experience and know-how to help you move from onboarding to daily use to continuous improvement.
Schedule a personalized demo to see first hand how ManagerPlus Lightning helps your asset-intensive business succeed and make the most of your EAM strategy.