How An Enterprise Asset Management Software Can Enhance Asset Productivity
This is especially the case if these organizations house multiple fleets of equipment. For such organizations, optimal functioning of their equipment is critical. In such scenarios, asset management software helps enhance asset productivity. The software records all important information and equips the management with valuable insights pertaining to their assets. This ensures optimal use of assets and other allocated resources, and also aids the management in making well-informed decisions. Let us better understand the benefits of EAM software.
Comprehensive Asset Tracking
The most important reason for asset tracking software to be so popular is that they provide detailed information about the asset. This includes all details related to Asset Registering, Discovery and Inventory. It also comprises facts such as a number of assets owned, how they are being utilized, by whom, its current life expectancy etc. And as you already know, an up-to-date list of your assets is fundamental to an organization, as it enables better decision making and on time delivery.
EAM software records all information related to purchase costs of an asset, maintenance costs, frequency of servicing and recurring costs. This is a very important feature as it helps you better analyze the asset output, which in turn influences all future purchase decisions, downtime scheduling, and asset retirement. Right from the value after depreciation to the ROI received, you have all the information at your fingertips. Pro Tip: You can use the entire asset accounting information to strengthen your relationship with your customers by providing them with comprehensive proof in case of unforeseen expenses or delays. This adds to the credibility of your business and leads to more satisfied customers.
There are two aspects to asset tracking; physical location tracking and overall asset health tracking. Both are equally important because they help management chart appropriate work schedule. This leads to suitable allocation of resources. Users can schedule all maintenance activities on-site using mobile technology, allot servicing budgets and even reserve budget for unforeseen expenses based on asset history. This is especially helpful for companies with a large number of assets as they cannot physically track each and every piece of equipment. So instead, EAM system will notify them in case of any anomalies. This helps initiate timely and required action, without facing any significant downtime.
Proactive License Compliance
Using an enterprise asset management software makes it easier to comply with pre-defined external as well as internal compliance policies. The regularly generated detailed reports assure that the assets are purchased, used, controlled and disposed of as per government/industry driven compliance policies.
Pre-planned Maintenance Activities
Maintaining assets has multiple benefits. It increases the asset life ensuring optimal performance and ensures adherence to all safety compliance policies. Management is required to strictly monitor maintenance activities, as a failure of assets can significantly impact the business. Asset management systems are designed to automate all maintenance related tasks. So that the management can identify the varying levels of support required for each asset and allocate resources accordingly, resulting in best-reduced downtime.
Increase Overall Profitability
EAM software regularly tracks and creates comprehensive reports. This enables a quick analysis of such reports to determine future requirements. These reports analyze and provide insight into asset productivity much better, and also how it affects the overall production. It helps foresee unplanned expenses too.
Besides the above-described benefits, your EAM system can also help you better allocate funds, manpower and other resources. This eventually helps you build an effective strategy for your business, making it a more profitable enterprise!
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