5 Benefits of Enterprise Asset Management (EAM) Software
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Enterprise asset management (EAM) refers to managing the lifecycle of your organization’s assets (eg, property, machines and computer hardware). The bigger your business, the more resources you need to manage.
At some point, it will become very difficult to keep track of all your organization’s assets if you lack the appropriate software. Relying on multiple spreadsheets (or worse, paper) will cost you increasing amounts of time and present other serious disadvantages.
For example, you are more likely to make costly mistakes in your reporting. Enter enterprise asset management software.
EAM software Streamlines your enterprise asset management function by providing real-time performance data that can help you extend the life of your assets, reduce their costs, and increase asset quality and productivity.
The top five benefits of using EAM software are:
1. Get actionable data on your assets
With EAM software, you can see how much your assets are costing you. For example, you’ll be able to identify where your money goes in terms of maintenance costs, vendor work, and inventory.
All this information will help you understand more clearly how profitable (or unprofitable) your assets are. If you run a restaurant chain, your EAM software can alert you that one of your locations is bringing in less money than it costs in terms of rent and overhead.
As a result, you may decide to close it or move the operation to another location
2. Run your business more efficiently
Another reason EAM software programs are so easy is that they streamline workflow. Most are cloud-based, which means your asset data is updated in real-time and accessible anytime, anywhere.
You can access and use EAM software from team members’ homes or while traveling using their laptops, tablets or phones. It’s much more efficient than relying on paper and spreadsheets, which can hinder your business operations.
3. Improve resource uptime and reliability
EAM software can help you increase asset uptime and reliability. For example, it can support your operations by issuing notifications of necessary repairs ahead of time (preventive maintenance).
Say you own a fleet of work trucks. EAM software can tell you when each vehicle needs an oil change, so you don’t wait too long and pay for a big problem.
With EAM software, your assets will be better and last longer You can use EAM software to keep better track of inventory. Instead of ordering in bulk, you can order replacement items only as needed.
4. Keep resource information in one central place
When your business owns many assets, it can be easy to lose track of them. With EAM software, you keep all your asset data in one place. Nothing is lost.
Having a central location for asset data helps you communicate and collaborate more effectively with other team members. When everyone is on the same page, miscommunication is less likely to occur.
EAM software also increases knowledge retention. Instead of asset data being held by individual team members, everyone has access to it because it’s secured in the cloud. So even if a colleague changes jobs or retires, you won’t lose any important information.
5. Make better business decisions
Finally, EAM software empowers you to make better business decisions. It allows you to track costs, analyze in-depth and follow the financial journey of each asset since acquisition, so you can easily calculate the return on investment (ROI) it brings to your business.
Knowing the real-time value of an asset is crucial to running your firm efficiently.
Last thought
Possession of hard data to make informed decisions is at the core of any successful business. Those who ignore asset management will eventually lose out to their competitors.
This is why the global market for enterprise asset management is expected to grow at a compound annual growth rate (CAGR) of 8.7% between 2020 and 2026 and reach a valuation of 5.5 billion by 2026.
Now is the time to adopt an EAM software that meets your business needs.
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