An EAM helps organizations track all aspects of an asset throughout its lifecycle, from when it is first purchased through its design, construction, installation, operation, repair, and disposal. One of the benefits is that it can be used cross-departmentally, including material resource planning, finance, and HR.
EAMs help organizations by:
Increasing efficiency. By providing real-time information about an asset, you can make informed decisions based on current conditions. Real-time data also means both the equipment and organization are more efficient.
Improving cost-effectiveness. An EAM can help reduce costs associated with managing an asset because it tracks everything related to that asset.
Providing more profound insights into asset’s health. With detailed records of an asset’s history, you can identify trends or patterns that may show potential problems before they occur. Thereby, it can reduce unexpected downtime and its impact.
Realizing Industry 4.0 ambitions. Since EAM technology is on the cloud, it can cross-collaboratively with other tools and technologies in real-time. That allows for predictive analytics using artificial intelligence (AI) algorithms and machine learning. It can also collect and transmit live data from assets to provide business insights that can help drive digital transformation ambitions.
An EAM can provide tremendous value for an organization when used to its full potential.
How does one realize full EAM potential?