In a typical scenario, Accounting departments use fixed assets applications to record all new assets purchased, while the Facilities, Operations, or Maintenance departments track the same assets, and produce different records, utilizing either a CMMS application or various combinations of spreadsheets and email. From a bottom-line perspective, it is important to note that these are all enterprise-wide assets, and all organizations should seek to improve upon the efficiency of managing their assets. Today’s cloud-based asset management systems can help transition organizations to all-encompassing enterprise asset management software (EAM software).
While traditional computerized maintenance management systems (CMMS) focus within the confines of work orders, preventive maintenance, inventory control and equipment records, EAM software expands these functions across all departments and offers a more robust history on the entire lifecycle of all assets. In general, EAM applications offer a broader functionality over CMMS solutions, and their scope of operation reaches further. With proper implementation, a greater return on investment (ROI) on all assets is realized, freeing up funds for other uses. As a leading provider of asset management systems, eSSETS offers the top 5 benefits of EAM software deployment in a facilities setting.
#5. Reduce Risk
EAM software tracking tools, inspection and preventive maintenance reminders, and supporting documentation allow you to:
- Reduce risk of theft through physical asset inventory control
- Reduce risk of lost production and injury through routine maintenance and inspections
- Reduce risk of fines and bad publicity by preparing for outside inspections
#4. Organize Your Asset Portfolio
EAM software reduces the burden of paper handling by assigning every asset to a physical location, and where appropriate, identify employees in physical possession and maintainers that can respond to issues. You will be able to:
- Manage documents more efficiently by electronically capturing invoices, receipts, requests for bid or quotes (RFB or RFQ) or purchase orders
- Eliminate costly and inefficient redundancy by utilizing the same electronic filing system across all departments
#3. Improve Service
EAM software prevents costly and unproductive downtime, thus improving upon an organization’s:
- Responsiveness – all property, plant, and equipment is well maintained and fully operational at the right place, at the right time
- Quality – tools for proactive inspections ensure the quality of all asset deliverables
- Reliability – the critical processes of internal inspections and routine maintenance help to improve asset performance and reliability
- Safety – inspection and maintenance histories, detailed checklists, and look-back analysis facilitates safety, corrective actions, and process improvements that can prevent accidents or recurrences.
#2. Save Time
EAM software reduces time spent searching for information on facilities, equipment and other physical assets by streamlining communications through:
- Proper context – all asset information is organized into its proper context. Every “thing” (asset) has its “place” (designated location)
- Smart filtering – asset portfolios are enabled with smart filtering reducing information search times
- Equipment databases – asset specifications, installation manuals, maintenance and repair manuals can be stored electronically and readily available to technicians when they need them
- Eliminating paper checklists – Mobile, electronic checklists enabled for smartphone or tablet replace paper work orders and checklists
#1. Save Money
EAM software will most importantly, help an organization save money, improve its bottom line, and optimize the ROI of all its assets by:
- Eliminating costly emergency repairs, improving equipment uptime, and increasing asset longevity through effective preventative maintenance, condition monitoring, and predictive upkeep
- Reducing fines and negative publicity through preemptive inspections
- Taking advantage of warranty coverages
- Capitalizing on lower insurance premiums
- Accurately predicting and knowing the relative energy costs associated with asset portfolios
- Saving on administrative overhead, a result of more efficient processes
- Saving on costly, ill-informed decisions, the result of poor data integrity
- Saving on time; time is money
Conclusion
If your organization’s asset portfolio is reliant on older, on-premise asset tracking or facility maintenance software such as a CMMS, there are more costs in terms of money, time, service, organization, and risk you can’t easily see. Not every CMMS has the broad functionality of a true enterprise asset management software application. Moving to a cloud-based EAM solution simply makes sense, and saves dollars.
Ready for a free-trial of our EAM software? We offer complimentary set-up assistance to help you discover the full potential for maximum efficiency and cost savings associated with cutting-edge EAM software.