Enterprise Asset Management is critical to the success of many
organizations for a number of reasons. We
will review some of those reasons, and discuss how to ensure your EAM solution
is effectively supporting your organization.
The commitment to an
effective program will require the proper policies, processes, tools, and
personnel working together towards a common goal – To Optimize Operations. The success of your program will be
determined by the level of buy-in from your leadership team as well as the
commitment of the team supporting your program.
For this article, asset management is defined as an integrated approach to managing
the life cycle of all assets, starting with inception through disposal, and
everywhere in between. Regardless of
what industry you represent, a solid EAM program will reap benefits across your
enterprise by maximizing asset performance and increasing productivity. Although,
depending on your industry, there will be different approaches and best practices
to follow along the way.
The main purpose of implementing asset management is simply because
it is a good business practice. Doing so
increases your opportunity to maximize the life of assets and improves overall
tracking, maintenance, and planning. These
are critical capabilities for organizations that are required to consistently track
assets and regulate maintenance records.
With the right tools in place, you will gain a more holistic view of
your assets that will allow you to make more informed decisions. Complement that with business intelligence, and
you can create a dashboard that simplifies your data and provides better
visibility in real-time.
As system capabilities have improved, the scope of enterprise
assets has grown significantly too. These
assets are being unified with technology with an increased level of data points
available to monitor. There are now
countless opportunities to achieve a level of understanding of assets that just
wasn’t there years ago. This is an
indication of the value a proper EAM system provides. By Integrating with your other business
critical systems, this will provide a full continuum of automation that should
be in place to streamline efficiencies across departments.
If you are in the process of developing an EAM program for
your organization, be sure you have developed a comprehensive set of policies
and procedures that have been blessed by the appropriate leadership team. This will be necessary when identifying the
system that will take your company to where it needs to be. There are numerous systems out there,
including ones that have recently shown their heads on the leader board over
the past few years. These new-comers are
giving legacy systems a run for their money by simplifying actions, automating
workflows, and providing improved analytical overviews. If you have a solution in place that just isn’t
providing the efficiencies you require anymore or don’t have the capabilities available
that are considered standard, it is time to move on. It is costing your company money in lost
productivity by keeping an inadequate system online.
A good EAM program will deliver significant service,
performance, and financial improvements to your organization. To accomplish this, you will need to have the
right processes, system, and personnel in place to support this effort. Each of these is required for the success of
your program. Involve the right stakeholders
throughout each phase, so you have a good understanding of the challenges you
need to address. It is also imperative to
gather the feedback of the personnel that will working within the system. It sounds funny to say, but be sure the
personnel using the system are qualified and bring a background of experience. Their understanding will contribute to future
enhancements of the system. Even if you already have an EAM program in
place, be sure you are regularly assessing for improvement. Challenge the status quo and ALWAYS IMPROVE.