An organisation or enterprise runs on its valuable goods or assets. Maintaining an up to date asset information is therefore pivotal for business growth. With assets comes the responsibility of maintaining and tracking them. The right kind of tools can effortlessly save costs, time and effort. This is where an Enterprise Asset Management Software can help organisations manage assets from the time they are purchased till the asset is scrapped or sold. 

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Businesses over the globe own thousands of assets that highly impact their efficiency and revenue.  

What are Assets?

Before diving into the concept of Enterprise Asset Management Software, let us understand the idea of assets and their kinds.

An asset is any item or entity bearing importance to an enterprise or organisation. Any object that is of financial value to the organisation and helps its operations is classified under assets. 

Most of the assets fall under two basic categories:

• Tangible Assets or Physical Assets which comprise machinery, equipment owned by the company, all kinds of properties and inventory
• Intangible Assets include immaterial things like brands, usage rights, licences and compliance rights, copyrights etc.

What is Enterprise Asset Management Software?

All the systems, approaches and operations that can help organisations maintain and track asset usage and optimise the complete asset lifecycle together make the Enterprise Asset Management Software.

How does Enterprise Asset Management Software Benefit an Organisation?

Asset Tracking made Easy

An asset goes through various stages in its lifecycle and all of them are at a different stage. For example, while an asset was recently acquired, the other one might be nearing its lease date. Enterprise Asset Management Software collects asset data right from the start and enables the employees or the company to keep track of all the assets, rendering them with different tags for quacking spotting and assessment of any asset.

This systematic approach of EAM makes asset tracking a piece of cake every single time, which in turn leads to better performance of all the assets.

Centralised Database for Assets 

If the information is gathered in a single spot, handling as well as problem-solving gets fairly easier. This is how Enterprise Asset Management Software lets organisations stay updated with the latest asset reports and analytics using a unified dashboard.

Organisations get a 360-degree view of all the assets, their performance value, asset’s history, maintenance costs, purchase records and everything else using this centralised software.

Right from allocating budgets to acquiring the asset and then till its depreciation, the entire asset lifecycle can be viewed, assessed and stored using a single EAM system.

Asset Maintenance done Right

Asset managers usually have a hard time keeping asset info intact mainly due to incompetent workflows and processes that are filled with loopholes. This may cause even good performing assets to lose their value in the long term. Therefore, maintaining the assets is a crucial aspect of measuring final productivity. A proper EAM software can help organisations maintain the value of assets till the time it is disposed of. Proper auditing allows proper monitoring of asset usage and this allows the asset to reach its full potential while it is in use within the company.

Informed and Efficient Decision Making

For any organisation, smart decision making is extremely important and in order to achieve the desired results, data and information needs to be complete and apt. With software like EAM in place, managers and authorities can get real-time reports and data of all assets. What assets are of high value? Which assets should not be acquired? What are the most critical assets for the organisation? Managers are often encountered with these questions. With proper information at hand, managers have a better take on the asset investment, planning, floor optimization and maintenance costs. Giving them valuable insight on the assets that require improvement and attention.

Asset Security Assurance

Companies deal with hundreds and thousands of assets and without a reliable system in place, cases of lost assets or damaged assets can be quite common. This not only devalues the assets but also affects the company’s productivity and efficiency. With all the information saved on cloud-based servers, assets can be tracked and accessed by managers seated in any location. This accessibility helps companies keep a close eye on all the asset performances and quickly detect which assets are left unused or lost in the swarm.

Error-free, Reliable Operations

Enterprise Asset Management Software can help organisations detect problems even before they arise. This is possible because of a schematic and well-organised approach which allows keeping tabs on every asset possible and accessible from any place. Enterprise Asset Management Software helps you make the much need shift from reactive maintenance to preventive maintenance, ensuring that your assets are always up and running. 

With error-free operations, assets are always secured and companies don’t find themselves dealing with lost assets or theft or cyber issues due to a robust and reliable system. 

Is EAM for you?

According to a report, employees of any organisation spend around 30-40% of their productive time sifting through paperwork looking for information. This is only one of the reasons why organisations are switching to more reliable processes and adopting smart technologies to efficiently manage their assets. Systems like Enterprise Asset Management Software can drastically improve the overall monitoring and maintenance of all assets and save your employees time and energy.

Adopting the latest technologies and introducing updated approaches like EAM helps companies stay in sync with the current trends and refurbish out-of-date methodologies. This not only helps ease out the operations within the company but also uplifts the company’s image among entities associated with them.