#5. Reduce Risk
EAM software tracking tools, inspection and preventive maintenance reminders, and supporting documentation support 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.