Enterprise asset management (EAM) includes the optimization of the entire lifecycle of management of the physical assets of an organization. This is used to maximize its use, save cost and improve quality and efficiency. EAM is usually used in industries that majorly rely on complex and expensive physical assets. It does not just mean maintenance of the assets but also understanding the criticality of the assts, how it is used and the financial aspect of it as well to help minimize losses.
While getting into Asset Management it is necessary for one to know the goals of EAM:
How to maximize Return on Investment by EAM?: Relying on asset management to make informed decisions about sourcing spare parts, help companies stay on top of costs and also get maximum return from their investments.
EAM helps to maintain or even enhance the life of those assets by improving their utilization across workforce thus increasing the workflow. It also enables scheduling of shared assets, hence improve the overall effectiveness of the assets reducing the idle time of the assets.
How to reduce spares inventory cost? Classified and standard data eliminates duplicates within the inventory and identifies obsolete / non-moving spares which helps reduction of overall inventory cost.
How to do accurate and Real time reporting in EAM? With the help of EAM it becomes easier to check on assets that need maintenance and reporting of assets from time to time thus reducing a lot of manual labor and saving time.
Reducing asset lifecycle cost: through EAM one can easily predict the lifecycle of a particular asset and the amount of work that will go into the maintenance of that asset. This way the asset lifecycle cost can be reduced and it can be easily known how much work is generated from each asset, making it easier to invest smartly the next time.
Facilitating Predictive Maintenance: Predictive maintenance works in a way that the engineer knows the beforehand which asset needs maintenance and he then can inform the field engineering about it. This saves a lot of time and human labor of constantly checking and predicting the asset maintenance requirements.
Increasing Asset Uptime: Increasing the uptime means to figure out which asset is likely to fail when and to start scheduling its maintenance to increase its lifespan.
What are the challenges that affect EAM implementation?
Inconsistent Data: Data is the central source of information that connects every activity of plant operation. Few of the many problems caused by data inconsistency are – increased wrench time, poor asset lifecycle management, unplanned shutdowns, inaccurate procurement and inefficient maintenance programs.
Lack of Structured Information System: before investing in EAM it is necessary to first collate the information required as input and classify the data, but most organizations fail to do so and later blame EAM for not providing the promised result. Organizations need to have quality information system for EAM to perform optimally and follow the taxonomy and maximize ROI.
Lack of documentation: Documentation is one of the most important procedures in EAM. No matter how effective your EAM software is, if the daily procedures are not documented then there will be a fail in the implementation measures.
Lack of Strategic Execution: For any organization to work effectively it is important for the organization to take their employees on board and discuss with them the plan, goals, visions and roles of asset management. All of this needs to be done before the EAM software is implemented. But most organizations fail to do so, leading to a state of disorganization.
Lack of IT Capability: another major challenge of EAM is the lack of infrastructure or the poor infrastructure. This makes the IT Support less making it challenging for EAM.
All these challenges can be overcome by adopting an effective way to strategize and used a planned approach.
With the help of OptimizeMRO, you will be able to achieve all the goals in the best possible way. Our experts will guide you through enterprise asset management and help you reduce costs yet get the best results. We will also ensure that the challenges are overcome positively and taken care of in the beginning so as to not encounter issues further ahead.