What is Enterprise Asset Management? And Why Do You Need It
by Priyanka Pawar | 4 min read
For every business, assets play a pivotal role in creating and enhancing the value of the business, which is inclusive of plant, property, and equipment. They form the largest chunk of any manufacturing company’s balance sheet. Therefore, it is essential to meticulously manage your assets during their lifecycle by recording and valuing them accurately and having a proper maintenance schedule for every asset.
However, it may be convoluted to keep a track of every asset manually and the probability of committing errors would be quite high. A slight error or incompliance can lead to a huge loss. Furthermore, inefficient management of assets can lead to supply shortages, unplanned downtime, suboptimal asset management, non-compliance with regulatory bodies, asset thefts, and others.
With the technology progressing at a phenomenal pace, it’s time for businesses to put a full stop to all such complications and inefficacies. Ramco’s Enterprise Asset Management (EAM) software is an all-inclusive and future-proof solution for managing assets efficiently.
EAM software is different from ERP software, which includes multiple software systems for handling different tasks in a single platform. Though a few ERP softwares also have an asset management module, when it comes to basic and essential details of asset management, enterprise asset management is more robust as compared to ERP software. EAM solutions could well be integrated with existing ERPs.
An enterprise asset management software, which is inclusive of the asset tracking system, helps in maintaining the physical assets of a company throughout its life cycle. The entire company can have access to EAM and contribute to enhancing and maximizing asset performance during their lifecycle, earning a better return on investment, improving efficiency, reducing downtime, keeping workplaces safe, and much more.
Enterprise asset management software includes functionality for planning, scheduling, and managing work; tracking maintenance history; creating work orders; ordering equipment and replacement parts, tracking them; tracking equipment components and assemblies, etc.
While EAM software is a useful tool for most organizations. It supports asset maintenance across industries and accommodates the maintenance needs of various stakeholders such as manufacturers, 3rd party service providers, authorized service providers and captive maintenance departments.
Also Read: Why Should Asset Management Go Digital?
With a wide variety of asset management solutions available, it might get inundating for you to decide the best solution for your business. However, it is best to choose an all-inclusive asset management software that gives you the power of optimization, a customized dashboard with real-time analytics and reporting, 360-degree visibility, and other benefits. It is important to choose an advanced, future-ready, and best-in-class EAM solution so that it doesn’t become obsolete in a short span of time and supports market dynamics and the changing demands of your organization.
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