In manufacturing, the roles of Enterprise Resource Planning (ERP) systems and Enterprise Asset Management (EAM) systems are highly critical. It is imperative to keep production running optimally with well-maintained assets such as equipment, devices, transmission lines, and other utilities. In addition, operations must also be optimized. Therefore, investing in both ERP and EAM software applications is important for manufacturers to manage their assets and operations.
Due to the latest technological advances and the drop in prices for products built with Internet of Things (IoT) technology, it is now possible for manufacturers to track and monitor any asset in real-time, irrespective of its location. Moreover, for industries to succeed in the fourth Industrial Revolution, implementation of EAM software in some form or the other is critical. Therefore, when the question arises whether to purchase EAM or ERP, many manufacturers struggle to choose between the two. However, each system is a unique and their individual capabilities are required to manage manufacturing processes and assets efficiently.
Enterprise Resource Planning
ERP is primarily a business management software that helps manufacturers integrate their applications and modules to run their daily production activities. It helps create a single database of all the manufacturing company’s systems – finance, manufacturing, sales, and human resources. Although ERP systems cover aspects such as asset costs and depreciation, they do not include breaking down of asset components and other capabilities found in an EAM system.
Enterprise Asset Management
EAM systems are primarily built to help manage assets in a manufacturing setup. They offer a wide range of features for the complete asset management lifecycle, from the procurement stage to decommissioning. The system also provides a centralized database that can be accessed by other departments such as warehouse, procurement, project management, accounting, operations, and others. Users can access asset information such as repair history, invoices, purchase orders, warranty records, and audit schedules on a centralized dashboard. The EAM system also helps track the location and status of assets in real-time. Maintenance engineers can schedule work orders, and warehouse can manage the storage of spare parts and other items required to service the assets.
Technology Solutions for EAM
The advent of IIoT (Industrial IoT) solutions has created tremendous opportunities for better asset management and to improve operational efficiency. The solutions offer much-needed connectivity and data collection from the machinery, which can be leveraged for predictive maintenance and smart metering management. Apart from IIoT, the other technology that is widely used to better track and manage assets is drones. They are the all-seeing eyes used to monitor assets in remote locations such as pipelines, oil platforms, bridges, and other infrastructure where human reach is not possible.
Technology aides have ensured that manufacturers have more detailed and current data about their assets, making asset management easier, faster, and cheaper. These smart devices are also changing the way business models are implemented, with manufacturers billing for hours of service instead of for the final product. Technology and products as-a-service is the new trend that is taking over.
Investing in a robust EAM system is the first step to achieving increased equipment uptime, and streamlining the entire asset maintenance process. Additional benefits include tracking asset performance and costs, through better management of resources. If you are looking for a flexible and technologically-superior EAM solution to keep your assets running at peak efficiency, Infoways’ Infor EAM is the go-to solution.
Acknowledged by clients across the globe, Infor EAM is a highly configurable, scalable, and dynamic solution that helps manufacturers reduce asset costs and enhance capacity for top-line growth. If you’d like to explore our EAM solution, drop us a line and our experts will be glad to help.