© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - Why does enterprise asset management matter?
Posted 12th January 2022

Why does enterprise asset management matter?

Enterprise asset management refers to managing the maintenance of your physical assets. In brief, enterprise asset management matters because it maximizes the lifespan of your equipment, reduces costs in the long term, improves safety, and increases efficiency. Let us take a closer look at why enterprise asset management is so important. The Difference Between Enterprise […]

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Why does enterprise asset management matter?


Enterprise asset management refers to managing the maintenance of your physical assets.

In brief, enterprise asset management matters because it maximizes the lifespan of your equipment, reduces costs in the long term, improves safety, and increases efficiency.

Let us take a closer look at why enterprise asset management is so important.

The Difference Between Enterprise Asset Management Systems and Computerized Maintenance Management Systems

While the two systems are similar, there is a difference between enterprise asset management systems and computerized maintenance management systems.

EAM systems are best used by asset-intensive companies that have large portfolios of physical assets across numerous locations, although small and mid-sized businesses can use them too.

So, what is a CMMS? It is a software solution that helps to manage maintenance work. The objectives of CMMS include automating and streamlining tasks, eliminating unplanned downtime, and extending assets’ lifespans, to name just a few.

Enterprise asset management originated from the computerized maintenance management system. An EAM system’s primary goal is to optimize assets’ lifecycles, thereby decreasing the total cost of ownership and maximizing overall productivity and the return on investment of the assets.

Why Enterprise Asset Management Matters

As mentioned above, adopting enterprise asset management is important for increasing assets’ lifespans, improving health and safety practices, reducing long-term costs, and increasing efficiency. But there are many other benefits of utilizing enterprise asset management.

Here are some of the key advantages. Once you have read through them, you will be able to get a clearer idea of why EAM is so important for businesses with lots of equipment.

You Can Centralize Asset Information

With an EAM system, you can centralize information about all of your physical assets.

That means real-time information is always accurate and available. In turn, that increases efficiency and reliability.

You Can Be Better Prepared for Audits and Inspections

With the ability to maintain real-time information, EAMs can be used to fully prepare for audits and inspections.

You can therefore be sure that auditors or inspectors will not find any issues you are unaware of.

You Can Establish Workflows and Checklists

When you use an EAM system, it is simple to establish workflows and checklists to ensure all maintenance is carried out, and carried out at the right time.

You can also easily set up best practices for your company.

You Can Move Towards a Preventive Maintenance Strategy

You can much better work towards a preventive maintenance strategy when you use EAM software.

The system can prompt when equipment needs maintenance and repairs. Also, work orders, purchase orders, and more are automatically generated based on the schedules created, ensuring jobs are completed on time.

Benchmarking and Performance Management Becomes Better

Because EAM gives visibility into maintenance performance across all of your assets, you get better benchmarking, best practice sharing, and performance management.

Your Inventory Is Always Up to Date to Reduce Unexpected Downtime of Equipment

To ensure your equipment does not experience any unplanned downtime, you not only need to perform scheduled maintenance. You also need to ensure you have spare parts in stock.

With an EAM system, it is easy to manage your inventory of materials and parts. You then have full control over inventory procurement and management and can see the different levels of demand for materials and parts.

You Can Review Performance Indicators with Reporting and Analysis Tools

The reporting and analysis tools of EAM systems have numerous benefits.

You can create dashboards and run reports to analyze asset performance and identify issues before they escalate into major problems. You can also get a better understanding of all your maintenance operations by reviewing key performance indicators, thus enabling you to make better decisions.

Categories: News


You Might Also Like
Read Full PostRead - Eye Icon
A Global Company Providing a Personalised Service
Finance
30/08/2019A Global Company Providing a Personalised Service

Spanish VAT Services is a pioneering, independent firm in Spain, offering tax advisory services solely in the area of indirect taxation. Earlier this year, the firm’s Managing Director, Fernando Matesanz found success in AI’s Leading Adviser 2019 where he

Read Full PostRead - Eye Icon
SkyStem Software Secures Success
Leadership
25/09/2020SkyStem Software Secures Success

Closing the books and completing reconciliations is not the most glamorous part of accounting, but it’s a vital last line of defense against identifying fraud and errors that might occur. The team at SkyStem have developed a way to automate the month-end clo

Read Full PostRead - Eye Icon
Avoiding the merger control blues
Legal
19/06/2018Avoiding the merger control blues

Effective handling of antitrust issues can help businesses bolster their negotiating position—whichever side of the deal they're on.

Read Full PostRead - Eye Icon
A Deep-Dive into Mergers & Acquisitions in the Age of Mass Tort
News
07/08/2023A Deep-Dive into Mergers & Acquisitions in the Age of Mass Tort

Mergers and acquisitions are a part of business growth, with the former allowing businesses to join arms to increase their financial muscle power. In contrast, the latter allows businesses to buy out their competition or diversify. While they come with advanta

Read Full PostRead - Eye Icon
Economic Treats
Finance
16/07/2015Economic Treats

Having worked in Financial Intelligence for over 20 years, Nevyan have been involved in a number of ‘High Level’ investigations, where the use of Offshore Vehicles has become common place to hide assets and moreover purchase Land and Property in key market

Read Full PostRead - Eye Icon
2016’s Most Innovative Hedge Fund Manager, France
Finance
01/07/20162016’s Most Innovative Hedge Fund Manager, France

La Française Investment Solutions (“LFIS”) is an institutional asset management boutique established in 2013 and based in Paris, France.

Read Full PostRead - Eye Icon
Why Has the SaaS Model of Selling Software Become So Popular?
Innovation
14/03/2023Why Has the SaaS Model of Selling Software Become So Popular?

As businesses increasingly move their data and operations to the digital world, software has become an essential tool for success.

Read Full PostRead - Eye Icon
Potts Print Invests £1 Million In Move  For Record Results
Finance
13/07/2015Potts Print Invests £1 Million In Move For Record Results

A Northumberland printing firm has invested more than £1 million in a new press as it moves to achieve the best results in its 140-year history

Read Full PostRead - Eye Icon
Bank of America: Time to Hold More Cash & Gold
Finance
19/05/2015Bank of America: Time to Hold More Cash & Gold

Within a note sent this morning, Bank of America Merrill Lynch has a warning for investors



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow