4 Crucial Enterprise Asset Management Best Practices

Posted by Jessica Aceto

Mon, Jun 22, 2015

Every year more asset-intensive organizations recognize the advantages of implementing an EAM system. The ability to manage assets across facilities, departments, locations and business units, while standardizing workflow processes and developing improved utilization and performance, gives organizations the tools they need to compete in today’s highly competitive, global marketplace.

However, occasionally an organization will fail to achieve the maximum benefits from the system. For one reason or another, it becomes apparent that the company is only utilizing a fraction of their system’s capabilities. To ensure that your organization achieves full scale EAM capabilities and realizes the highest ROI possible, institute these asset management best practices:

 

Conduct Periodic Business Process Reviews

The original business process review conducted by your IT and end-user teams will have identified the system’s specific functional and technical requirements in relation to your individualized processes. Yet, you should revisit this step periodically, especially if the original implementation plan was conducted without on-going, end-user involvement.  

Revisit any current processes that still show inefficiencies and ascertain if new applications are required to enhance decision-making, etc. If you have yet to implement a solution, look for one that contains near infinite scalability; as your organization grows into new needs, the EAM system will then be able to adjust accordingly.

But maximizing the value received from your assets means understanding all the aspects of lifecycle management and ensuring that your EAM tools work cooperatively in their orchestration, monitoring and reporting, so that you can exploit the internal applications designed to produce heightened productivity and control.    

Optimize Escalations

Escalations utilize the cron task engine to react according to your specific conditions. Extremely important to the functionality of your system, escalations help ensure that your service agreements, compliance procedures, and preventative maintenance tasks are performed. With all asset management strategies, escalations should be optimized according to your specific requirements, but organizations should optimize them so that the system can take up the slack if any assignment is overlooked on a work order.

Customize Your Workflows

Since workflows can be used to support many types of controls, you can custom direct and automate the flow of any process (or document) from start to finish. Workflows are designed to keep your processes flowing in accordance with your desired time-intervals and warrant that records and audit trails exist for each process. Furthermore, they can be customized for manual management to enhance the normal functions. The workflow can be authorized to re-route tasks to someone other than the person the workflow delineated, if required.

Build Strategic Reports and KPIs     

KPI_Manager

This image is from within Maximo's KPI Manager

Although most asset management systems include provisional reporting and KPIs designed to provide your organization with the performance data you need to improve processes, don’t make the mistake of believing that these tools are static like your equipment hierarchies and coding structures. Managing your assets proactively means that you’ll need to introduce new measurement metrics from time to time. Definitely use pre-configured KPIs, but customize them and add to them so that the feedback is targeted according to the viewer. Paying close attention to your KPIs through an easy to use interface can help your company use reports strategically and develop on-going, actionable solutions.

By incorporating these best practices, you can achieve superior returns from your EAM system and improve your organization’s asset management.

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Tags: IBM Maximo, Enterprise Asset Management, Asset Management