5 Benefits of Enterprise Asset Management (EAM) Software
Enterprise asset management (EAM) refers to managing the lifecycle of your organization’s assets (e.g., property, machines, and computer hardware). The larger your business, the more assets you might have to manage.
At some point, keeping track of all your organization’s assets will likely become too unwieldy if you lack the appropriate software. Having to rely on multiple spreadsheets (or worse, paper) will consume increasing amounts of your time and present other serious disadvantages.
For example, you’re more likely to make costly mistakes in your reporting. Enter enterprise asset management software.
EAM software streamlines your enterprise asset management function by providing real-time performance data that can help you lengthen the lifetime of your assets, minimize their costs, and enhance asset quality and productivity.
These are the top five benefits of using EAM software:
1. Get actionable data on your assets
With EAM software, you can see exactly how much money your assets are costing you. For example, you will be able to pinpoint where your money goes in terms of maintenance costs, vendor work, and inventory.
All this information should help you understand more clearly how profitable (or unprofitable) your assets are. If you run a restaurant chain, your EAM software may alert you that one of your locations is bringing in less money than it costs in terms of rent and overhead.
As a result, you might decide to shut it down or move the operation to another location.
2. Run your business more efficiently
Another reason EAM software programs are so handy is that they streamline workflow. Most are cloud-based, which means your asset data is updated in real-time and accessible at any time, from anywhere.
You can have team members enter and use the EAM software from home or while traveling using their laptop, tablet, or phone. This is far more efficient than relying on paper and spreadsheets, which can impose bottlenecks to the operation of your business.
3. Improve asset uptime and reliability
EAM software can help you increase asset uptime and reliability. For example, it can support your operations by issuing notification of necessary repairs ahead of time (preventive maintenance).
Say you own a fleet of work trucks. EAM software can tell you when each vehicle requires an oil change, so you don’t wait too long and end up having to pay for a larger problem.
With EAM software, your assets will run better and last longer. You can also use EAM software to keep better track of inventory. Instead of ordering in bulk, you may order replacement items only as needed.
4. Keep asset data in a central place
When your business owns many assets, it can be easy to lose track of them. With EAM software, you keep all your asset data in one location. Nothing gets lost.
Having a central place for asset data also helps you communicate and collaborate with other team members more effectively. When everyone’s on the same page, miscommunications are less likely to occur.
EAM software also increases knowledge retention. Instead of asset data being kept by individual team members, everyone has access to it because it’s protected in the cloud. So even if a coworker changes jobs or retires, you won’t lose any vital information.
5. Make better business decisions
Finally, EAM software empowers you to make better business decisions. It lets you keep track of costs, perform in-depth analysis, and follow each asset’s financial journey from acquisition onward, so you can readily calculate the return on investment (ROI) it brings to your business.
Knowing an asset’s real-time worth is crucial for running your firm efficiently.
Final thoughts
Possession of solid data on which to base decisions is at the core of any successful business. Those who ignore asset management will eventually lose out to their competitors.
This is why the global market for enterprise asset management is expected to grow at a compound annual growth rate (CAGR) of 8.7% between 2020 and 2026 and reach a valuation of 5.5 billion by 2026.
Now is the time to adopt an EAM software that meets your business needs.
