How does Enterprise Asset Management system improve asset lifecycle management?

Manufacturing companies often struggle with managing their asset efficiency. The enterprises own heavy machinery which costs thousands of dollars. These manufacturing equipment have great significance to the operations. Improper treatment can cause this equipment to malfunction which is why enterprise asset management system is important.

Companies can save a big amount of their investment with an EAM system. But solely installing it will not bring any result. There are a lot of factors involved with it. It is said that “a man is only as good as his tools”, think of asset management systems as a tool that aids the process to make asset management better.

There are lots of measures companies can adopt to boost asset performance and get the most out of the investment, like asset lifecycle management and maintenance planning. However, without the proper tool, the whole process can easily become very messy. Thus asset management system is very popular among manufacturers.

Why Enterprise Asset Management system is popular among manufacturers

In industries that use heavy machinery, like construction and manufacturing, technological innovation comes in the form of tools for managing assets and keeping them in good shape. Asset management system in particular.

EAM is a good piece of software for manufacturing maintenance that gives plant owners, field technicians, and maintenance managers more control over how their assets and infrastructure should work. Some of the issues that enterprise asset management software solves are as follows;

• Minimize costs for maintenance. 
• Provide proper information for the planning stage.
• Reduce asset operating costs.
• Evaluate the total cost of ownership.
• Support proper inventory management.
• Reduce equipment downtime.

Challenges faced by manufacturers

Many manufacturers have realized certain issues which encouraged them to get an EAM solution. Here is a list of a few:

Reactive maintenance

A reactive approach to maintenance might seem like a good idea and save money, especially if the equipment is still working. But problems will start to show up when machines and other important tools start to break down and stop working particularly in the middle of operations.

Reactive maintenance can hurt a manufacturer’s bottom line in many ways, such as by making assets last less durable, increasing downtime, and raising safety concerns. 

Preventive maintenance is an alternative method that is done by collecting data about the life cycle of an asset and storing it in a centralized EAM system. This is the process of regularly taking care of equipment to make it less likely to break down.

Unprepared Downtime

When factories neglect to inspect and maintain their equipment, production slows down. Businesses run the risk of employing a reactive maintenance strategy if they fail to collect the appropriate data and information across the entire asset’s life cycle, from procurement to disposal. This eventually raises the possibility of equipment failure and subsequent service interruptions.

Lack of inventory and spare part control

Buying inventory is an important part of making sure that machines are in good shape and can do their jobs well. Because of this, it’s important to have an effective and automated plan for getting inventory. 

Without a plan for getting spare parts, the cost of inventory can start to go up and get out of hand. This is especially true if you use formats like spreadsheets to keep track of how much you spend on inventory. Issues may arise if you don’t keep track of your inventory and don’t get enough spare parts for repairs.

Effective asset lifecycle management with CloudApper

Manufacturers invest a lot in their machinery. For a business fixing its money on illiquid assets is a big step. The companies will expect an appropriate ROI for this. With enterprise asset management system this is very easy. You can easily get all the data and information from the user-friendly app on your smartphone. It will boost your work order management as it will help you to reduce downtime with preventive maintenance. 

Maximize your valuable assets. Try CloudApper. This no-code EAM software will bring great results for your business or work order management. Sign up today.