Asset management is one of the key activities that drives revenue for an organization. Enterprise assets include physical assets, infrastructure, plant facilities, etc. Since the invested capital is high, a good management system has to be in place to derive the maximum benefits from it. Traditional asset management methods are slow and time-consuming processes, that involve a lot of time and effort.
A few decades ago, maintenance systems were involved in documenting activities such as maintenance schedule, asset history, etc. Today, manufacturers are focusing on digital transformation and better business outcomes through intelligent asset management systems. Digital Enterprise Asset Management (EAM) solutions are enabling this shift. EAM solutions play a crucial role in digital transformation that provides greater operational efficiency, and ensures that manufacturers stay competitive in the market.
Even today many manufacturing companies have separate systems for ERP and EAM, with each department maintaining its own database. The downside of not having integrated systems is that efforts are duplicated.
- Data and process updates are done manually, resulting in a waste of time and effort. When customer information is stored across different systems, an accurate picture of the business is missing for the top management.
- Running reports in each departing and collating them to get a final statement becomes a tedious task for employees. This also runs the risk of erroneous data being updated, leading to inaccuracies in reports.
- Manufacturers have to bear the brunt of unnecessary added costs for maintaining multiple systems.
- A coordinated effort is missing because teams do not have insight into each other’s planning process. This may result in inventory being over or undervalued, leading to discrepancies in working capital.
Moving to Digital EAM
Digital EAM solutions enable a free flow of information between different departments to maximize asset performance. They can be deployed in any one of the ways described below.
- Stand-alone system – Deploys quickly, but cannot integrate with data silos. Usually, after a few years of implementation, it is integrated with the ERP system. Although the solution performs well as a stand-alone, it does not serve the purpose of seamless working in the long run.
- Built-in system – Here, the EAM system fully integrates with other systems like ERP and CRM. It reduces duplication of errors and offers better visibility to managers. It helps monitor inventory movement, and track asset history from deployment to decommissioning.
- User-friendly system – They are digital EAM solutions that offer support for mobile devices, team collaboration, and social networking, apart from deploying all the key features.
At the end of the day, the implemented EAM solution should enable manufacturers to:
- Prevent downtime, gain tighter control over maintenance planning, and focus on activities that enable revenue growth.
- Access information centrally, to improve overall efficiency and visibility across all departments.
- Make more informed decisions, track transactions and prepare key reports automatically.
To address your business needs beyond the ERP and EAM systems, InfoWays offers Infor EAM, a unique solution that is highly configurable and scalable. Customers who have implemented Infor EAM have realized up to 50% reduction in maintenance overtime, labor, and contractor costs. If you’d like to explore our digital EAM solution to reduce costs, and enhance capacity for top-line growth, get in touch with us.