Enterprise Asset Management (EAM) encapsulates activities that increase the lifespan of assets, thereby improving their efficiency and the quality of your products. Sound asset management is possible only when both the practices and technology complement each other. With this two-pronged approach, companies can maximize their return on assets and profits. Given the fact that each asset is unique, manufacturers need to follow the right practices that are automated using the right technology to ensure assets are performing at optimum levels.
What are EAM Practices?
The processes and procedures that clearly define how each asset management activity has to be conducted are called EAM practices. They are primarily driven by industry standards and other organizational goals, and are independent of any software application functionalities. They cover the how, what, where, why and when of asset management. Traditionally, EAM practices were implemented through purely paper-based methods.
What is EAM Technology?
All asset management information systems come under this category. EAM technologies are primarily employed to collect, assess, analyze, store, and report the data collected from devices and equipment. EAM systems act as a repository of all kinds of asset management data.
During implementation, EAM systems need to be aligned to the organization’s EAM practices, in order to derive maximum benefit. In fact, it is always best to fine-tune the system to the practices, and not the other way around. This way, organizations can create optimal asset management processes that cater to the organization’s long-term needs.
Benefits of Integration
The important benefits of integrating EAM technology with organization-wide asset management practices are:
- Increased agility –When a robust EAM system is integrated with the EAM practices, organizations can enjoy faster onboarding and time to market. With the increased agility to operate with maximum efficiency, organizations can focus on entering new markets faster.
- Real-time Intelligence – With the EAM best practices automated, senior management can retrieve real-time insights that can be used to optimize the devices and equipment efficiency. Managers can implement agile maintenance strategies to minimize downtime and cost.
- Increased Reliability – When the EAM systems are integrated with the standard processes and procedures, managers can clearly see the outcome of every decision they take. This way, manufacturers can improve the reliability of the assets, reduce risk, and enable stress-free operations for the workers.
It is clearly evident that when you combine EAM solutions and practices, you’ll be able to leverage your asset efficiency to impact your bottom-line growth. However, it is important to ascertain if the chosen EAM partner has a proven methodology to align the solution with the organizational asset management practices. Organizations need to analyze the impact the EAM implementation will have on the current business and IT systems, as well.
Efficient implementation of an EAM system and seamless integration with existing practices can deliver benefits such as increased asset uptime and efficiency. Do you want to implement an EAM system that integrates and scales with your asset management practices? Infoways offers Infor EAM, a highly configurable solution that can help you streamline maintenance processes while extending asset life. Customers who have implemented Infor EAM enjoy 50% reduction in purchasing process costs and 50% increase in warranty cost recovery. If you would like to explore our solution features, drop us a line and our team will get back to you.