Whether business is booming or economic times are tough, organizations are always focused on the bottom line. Many forward-looking companies are modernizing their asset strategies with enterprise asset management software (EAM).
EAM software supports essential business functions, and it’s an investment that delivers measurable returns. However, before committing to a new software platform, it makes sense to set a budget for the upfront costs as well as ongoing investment.
If you’re asking the question, “How much does EAM software cost?” the short answer is, “It depends.”
Your price point for an EAM platform is contingent on your needs and often on the number of users and their roles. And cost is always a function of value, too. Read on to explore the essentials of EAM software and how to ensure you get the most value from your investment.
Modernize with EAM
Every company wants its fleet, equipment, facilities, and other assets to perform at their best and last a long time. However, businesses must also focus on keeping asset-related costs under control.
That’s why using EAM software is the modern approach to extending asset lifespans while regulating costs. It’s ideal for managing physical assets, such as machines, vehicles, and infrastructure, across their entire life cycle.
As an illustration, consider the history of one of your company’s critical assets. Maybe it’s a custom-built assembly machine sourced from Germany or a 20-ton piece of heavy construction equipment that drives your operations every day.
The strength of EAM software is in its power to consolidate each piece of relevant information into one centralized resource, where it can be retrieved and analyzed with ease. Then that data can be translated into business intelligence that drives smart decisions and improves profitability.
Let’s look at some of the other benefits of using enterprise asset management software.
The case for EAM
The ability to track all the information concerning physical assets helps get more return from your investments in vehicles and equipment. Here are five points that make the case for EAM software and the value it creates for your company.
- Informs decisions — track key performance indicators, consolidate data, and generate custom reports to deliver dollars-and-cents insights
- Lowers costs — measure asset performance against budgets, manage inventory purchases, and create smart asset life cycle strategies
- Reduces risk — track safety equipment and training, outline standard operating procedures, and monitor regulatory compliance
- Adds control — streamline maintenance workflows and increase accountability of technician teams
- Increases uptime — improve reliability, maximize availability, and shift toward preventive maintenance
What to look for in EAM software
If you’ve been looking to upgrade your asset management, there’s a chance you might already be using a CMMS—computerized maintenance management software. Primarily designed for scheduling and organizing work orders, a CMMS solution helps companies manage their equipment upkeep.
However, EAM software goes beyond the standalone functions of a CMMS to integrate teams, leverage data across the enterprise, and tie asset investment to overall results. When shopping around for the best EAM software, it’s important to consider your company’s needs and how the software will meet them today and in the future.
Some important factors to consider for EAM software include:
- Centralized data storage — Stakeholders should have access to the data required to maintain the assets and keep the company on track with business objectives. This includes everything from work order histories and regulatory requirements to acquisition costs and life cycle forecasts. Centralized storage makes it easier for everyone to find the information they need.
- Inventory integration — With inventory management connected to EAM software, maintaining work order-related inventory levels is straightforward. Never succumb to downtime due to a lack of spare parts, and never overspend on carrying costs with surplus stock either.
- Flexibility and mobility — Operators, technicians, and managers are always on the move, and mobile capabilities let them connect anytime, anywhere.
- Custom reporting tools — An analytic dashboard allows for customized views and reporting to track the business metrics that mean the most.
- Ease of integration — Consider your current systems and how the software will work with them. Look for an API that integrates with a wide range of applications.
How does ManagerPlus price its EAM software?
The price of ManagerPlus EAM software depends on the features you need and the number of users you expect will use the platform. Be advised: Your needs will change over time, and you will likely benefit from a personalized consultation to uncover the features that work best for your business.
For example, a catering service with a fleet of delivery vans might choose different options than a ski resort overseeing on-site equipment across multiple facilities.
When it comes to functionality, ManagerPlus supports a range of business needs with the ability to scale up as your company expands and new assets come online. Perhaps you need to start with robust preventive maintenance and work order management today, with an eye for inventory management and inspections processes as your next iteration.
To get started with a price estimate, try out the ManagerPlus price calculator. Simply select the features that suit your organization, the number of users, and we’ll create a customized estimate for you. Our expert consulting team can also walk you through a demo and help you plan implementation.
Build your business case for ManagerPlus EAM
ManagerPlus Lightning is trusted by thousands of growth-oriented companies to organize, track, and analyze asset information. But even when you choose the best in the industry, you’ll still want to quantify its value to upper management.
Here are four business cases to support investing in ManagerPlus.
1. Reduce downtime
According to the Aberdeen Group, in 2016 alone, the average cost of unplanned downtime grew by 60%.
When a fleet vehicle or production machine unexpectedly drops out of service, it creates a chain reaction of negative events that extend far beyond immediate repairs. Employees have to drop what they’re doing to address a fix, and whatever the work-in-progress was before the failure, it could become a loss. Equipment downtime also drives indirect costs, such as regulatory fines and legal fees.
EAM software like ManagerPlus Lightning reduces unscheduled downtime through optimal asset maintenance. With features like preventive maintenance scheduling and equipment history tracking, the system maximizes reliability and protects you against downtime.
2. Extend asset longevity
In a report by Statista, Caterpillar sold $23 billion in new construction equipment in 2018.
When it comes to the bottom line, getting more life out of current assets extends the time between expensive equipment purchases, as well as costly decommissioning. Proper servicing and performance monitoring prolongs the life of the assets you have now, so they continue providing value well into the future.
ManagerPlus allows you to fine-tune a maintenance program for each asset based on its work order history and performance. Well-maintained assets last longer and need fewer repairs over their lifetime.
The preventive maintenance features in EAM software help you keep assets available and in optimal condition. It also supports your life cycle strategy with deep data analysis.
3. Improve maintenance cost control
The Plant Maintenance Resource Center reports that “maintenance management generally makes up around 40% to 50% of operational budgets.”
Getting control of maintenance costs will make a significant difference to the overall company budget. When trying to reduce expenses, the first step is tracking your spend.
Maintenance supervisors can stay on top of every aspect of their budget with an EAM solution like ManagerPlus. The software monitors activities and costs, such as scheduling tasks, creating/closing work orders, and capturing repair expenses.
Additionally, ManagerPlus streamlines inventory management, so it’s easy to balance inventory levels to avoid costly shortages and plan appropriately for replacement parts. It’s the ideal solution for making every budget dollar count.
The cost of inaction
If you’re on the fence about purchasing EAM software, here’s a question to consider, “Is what you are doing today getting you closer to where you want to be tomorrow?” In other words, is the asset management technique you’re using today advancing your business quickly enough?
The cost of inaction can be great as your competition takes maintenance and asset capital planning to the next level. Today’s requirements go beyond basic digitization and have expanded to include business insight that supports your entire enterprise.
EAM software is one way to gain the efficiency and effectiveness required in today’s competitive business climate.
To find the asset management package that fits your enterprise, check out the ManagerPlus pricing plans.
To discover the ManagerPlus Lightning features that are right for you, schedule a personalized demo.