5 Top Things You Should Know about Enterprise Asset Management Solutions

Most Fortune 500 companies struggle to maintain their assets. Though the magnitude of assets and their usage across organizations may vary, you will altogether need to maintain every single asset-centric data at your fingertips.

And what if you overlook this prerequisite to closely monitor your assets?

The complete organizational ecosystem may become chaotic.

Well, that’s the importance of an Enterprise Asset Management (EAM) system in a nutshell.

Let’s get into the details right away.

What is an Enterprise Asset Management System (EAM)?

What Are the Common Solutions an EAM Offers?

What Are the Few Areas Your EAM Can Help You Derive Insights In?

Is Enterprise Asset Management Important?

1. You Can Proactively Resolve Issues Before They Happen

2. Enables You to Maximize Your Asset Utilization

3. Allows You to Effectively Manage Aging Assets and Infrastructure

4. Provides You Access to Centralized Asset Information

5. Stay On Top of Asset-Centric Updates, the Smarter Way

Wrap Up

What is an Enterprise Asset Management System (EAM)?

An EAM is the compendium of software, services, and systems that are utilized to monitor and control the working of operational assets and equipment. Furthermore, the implementation of EAM optimizes the quality and utilization of assets across its lifecycle, extends its productive uptime, and slashes down operational costs.

What Are the Common Solutions an EAM Offers?

A pioneer in providing EAM solutions, Quantum Strides in the USA can help you in a few areas (not limited to):

• Asset lifecycle management
• Work order management
• Inventory/maintenance, repair, and operations (MRO) materials management
• Labor management
• Contract management
• Financial management
• Reporting analytics

What Are the Few Areas Your EAM Can Help You Derive Insights In?

Your Enterprise Asset Management solution can offer you intuitive insights on a few questions like:

• 1. How frequently do particular assets break down/need repair?
• 2. Have these repairs impacted your organization’s productivity?
• 3. What were the average costs that went into every asset breakdown and repair?
• 4. What is the probability of the breakdown of your assets in the future? What may be the associated costs of these?
• 5. Are there any terms and conditions for existing asset warranties?
• 6. What will be the average cost to replace any particular asset?

Is Enterprise Asset Management Important?

Undeniably, yes. EAM helps you track, manage, assess, and optimize your asset’s quality and reliability.

Your organization is asset-intensive as it includes a myriad of elements ranging from pipelines, railroads to any equipment contributing towards your products, services, and uninterrupted operations.

According to reports, the enterprise asset management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% to USD 5.5 billion by 2026 from USD 3.3 billion in 2020. The reports also suggest that this growth is driven by factors like the need of organizations to obtain a 360-degree view of their assets and increased mobility amongst their employees.

Having said that, here are 5 top things you should know about your Enterprise Asset Management system.

1. You Can Proactively Resolve Issues Before They Happen

Your EAM software allows you to stay informed about any repair or maintenance that your assets may need. It alerts you about key performance indicators like response times, maintenance costs, and workloads. This information lets you proactively identify and rectify bottlenecks thereby enabling you to maintain uptime and uninterrupted productivity.

2. Enables You to Maximize Your Asset Utilization

When you stay on top of maintenance and repairs, it contributes towards the better quality of your asset lifecycle. Therefore, historical and real-time data obtained from IoT devices, analytical and diagnostic tools help in extending the availability, reliability, and utilization of your assets.

3. Allows You to Effectively Manage Aging Assets and Infrastructure

Well-informed asset maintenance strategies and improved risk management of your business processes contribute towards increased return on investment. Moreover, these result in the extension of your equipment lifecycle. Therefore, your EAM helps you better manage aging assets and infrastructure by feeding you with timely asset-centric information.

4. Provides You Access to Centralized Asset Information

One primary use of an enterprise asset management system is to obtain a holistic view of data involving the assets of your organization. This includes the following:

• a. What is the current health status of the asset?
• b. Where is the asset located?
• c. Has it been utilized completely?
• d. Who should be using it?
• e. When and how long should the asset be used?

All this information helps automate critical asset management workflows along with making this important information easily accessible and auditable.

To add on, this centralized repository of information helps you manage data at your fingertips, effectively handle warranty compliance, and preempt issues that if left unattended, may result in disrupted production.

5. Stay On Top of Asset-Centric Updates, the Smarter Way

An EAM not just provides you alerts about the condition of your assets but also comes with AI-empowered remote monitoring capabilities that offer actionable insights into the current and future states of your assets. This helps you to obtain a single source of information from across departments and information silos thereby providing you access to accurate alerts and improved decision making.

Quantum Strides as the Go-to Enterprise Asset Management Partner for Your Organization.

Choosing the right Enterprise Asset Management provider is as important as cherry-picking the best-suited EAM itself. Have a look at how EAM can revolutionize the asset-intensive industry with its advanced digital solutions.

Quantum Strides is the frontrunner and connoisseur in the EAM implementation, upgrade, performance tuning and enhancements, and support arena.

We are experts in decoding complexities and offering the most simplified asset-centric solutions best suitable for your organization. To add on, we are an IBM business partner and specialize in delivering enterprise asset management solutions empowered by IBM Maximo.

To know more about our offerings and solutions, feel free to check out our website and reach out to us for further clarifications. You may also drop us an email at maximo@quantumstrides.com

Wrap Up

If you are grappling to handle the various moving parts of your business and need help monitoring and tracking your assets, you have come to the right place! Hopefully, the abovementioned points will throw light on the few things you should be knowing about an enterprise asset management solution before you implement it.

If you need a personalized demo or get a feel of the solutions we offer, click here and contact us right away!