Why Enterprise Asset Management Is A Necessity For Your Business

When it comes to keeping track of your assets and equipment, disorganisation can be a silent killer. Without having detailed insights into your assets and equipment, you can kill off opportunities and find yourself less equipped to handle business curveballs as they arrive. In fact, disorganised companies lose up to 150 hours per year per employee — that’s a whopping 20% of their total salary!

Implementing your business workflow with an enterprise asset management (EAM) platform is a surefire way to avoid the pitfalls of disorganisation. Not only do EAM systems provide a one-stop integration point for all kinds of assets, but they protect yourself and your team from succumbing to hiccups or missed maintenance schedules.

Let’s explore some of the details surrounding asset maintenance management, as well as enterprise asset management companies like TechnologyOne . With the right asset management company by your side, you’ll be able to thrive in ways that you never expected.

Disorganisation in business can be a silent killer; disorganised companies lose up to 150 hours per year per employee — that’s a whopping 20% of their total salary!

What is enterprise asset management?

Enterprise asset management, also known as EAM, is a method of managing asset lifecycles with digital assistance. You can easily keep an eye on asset lifespan and effectiveness with the right software, keeping a close watch on its performance from beginning to end.

EAM software is:

• Holistic. It covers all aspects of assets, from design to decommissioning.
• Forward-thinking. Organisations can easily determine the cost and expected lifetime of individual assets.
• Centralised. All data surrounding specific assets are kept in the same place, reducing disorganisation and inefficiency.

The vast majority of modern businesses that deal with physical assets (e.g. cars, equipment, tools, etc) invest in some form of EAM to enhance current operations. It’s a way to prevent internal losses, establish more effective policies around asset use, ensure assets are available and in turn, allow your business to leverage them to take advantage of opportunities.

The importance of asset management for your business

Enterprise asset management is popular in most organisations. But why is asset management important or beneficial at all?

Quite frankly, if you’ve not invested in some form of EAM for your organisation, you may be falling behind your competitors. Here’s why enterprise asset management is a necessity for thousands of organisations in Australia, New Zealand, and the UK:

Data is updated in real-time.

Every physical asset owned and managed by your company is tracked in an accessible location. This allows your team to make better decisions about specific assets, and perform scheduled maintenance as necessary.

Analytics provide more context.

As your organisation grows, it becomes more and more difficult to generate reports on individual assets. EAM software allows you to pour through detailed reports whenever necessary — at scale, and make better decisions as a result.

The software optimises costs and expenditures.

Proper asset management allows you to make more informed decisions about how much money you’re spending and how profitable said decisions may be. For example, an asset that depreciates in one year but costs a large amount to repair should be repurchased rather than repairing it to save money. This helps your business perform better in the long run — just from organising your asset’s information.

Tracking stops potential issues from happening.

Assets connected to the internet may be at risk for cyberattacks without the right updates. Company vehicles without regular oil changes risk greater repairs in the future. EAM platforms keep these possibilities at bay by preemptively stopping accidents with maintenance. If problems continue to arise with specific pieces of equipment, your team can make the decision to decommission and replace the asset.

Keep in mind that EAM isn’t an overnight solution. You’ll need to choose the right EAM tools and follow all enterprise asset management best practices in order to get the outcomes you’re looking for. Think of it like a career — you’ll get out what you put in.

Partnering with the skilled experts like Lánluas, you’ll unlock the full potential from your EAM system sooner than you think.

Choose Lánluas to be your enterprise asset management system consulting partner.

If you’re looking for a set of tools to better organise your assets, it is wise to choose a solution that meets your unique needs. Engaging the consulting services of a partner, such as Lánluas, is a great place to start.

The proper management of enterprise assets is serious business, and at Lánluas, we believe in helping clients manage their material as simply and professionally as possible.

Using a revolutionary approach, we combine technology with decades of applied experience to unlock your organisational potential in more ways than one.

Start expanding your possibilities with consulting that makes a difference. Get in touch with Lánluas today to discuss potential strategies that will set you up for success.