Nowadays managing your company’s assets means more than simply reviewing flowcharts or walking through your warehouse storage facility. Enterprise asset management (EAM) is the business processes and enabling information systems that support management of an organization’s assets. Tracking all the components of an organization’s physical assets is a large task, however, it’s essential for improving operational efficiencies and reducing costs. Imagine having the capability to easily and effectively monitor every aspect of your enterprise’s physical assets?
The most successful enterprises of the 21st century maintain their competitive edge in the market place largely due to the quality of their enterprise asset management. Here are just four of the many reasons why you should get onboard with EAM in your company:
- The most obvious benefit to investing in EAM software for your enterprise is in senior management’s visibility and control over the cost and productivity of all business assets. When you can see all aspects of your business process and make adjustments accordingly, you will gain a competitive advantage and consequently, gain an edge over competitors who are not following suite.
- Enterprise asset management can shrink capital costs, lower asset-related operating costs, extend the life span of an asset and hence improve ROA (return on assets). EAM is a necessary strategy to efficiently integrate control over all business functions with the use of one powerful communications platform.
- In manufacturing facilities, the use of an EAM software helps improve production efficiencies and manage maintenance repair and operational costs. The software will keep track of monitoring equipment so that regular service or replacement is scheduled before the end of the machinery’s lifecycle.
- Consider Enterprise asset management as a large-scale organizational system that’s built around packaging all business functions into one organized application. It allows you to integrate data and processes information in real-time – across all internal and external channels. The genius behind EAM software is that it not only gives you greater visibility into your enterprise’s physical assets, allowing management to more effectively track performance, risks and expenditures, but it allows your company to respond to initial update requests and anticipate future risk.
In conclusion, there are numerous benefits of using EAM. At the end of the day it will help your organization deliver superior business performance that will better your operational efficiencies, and improve your ROI!