Enterprise Asset Management Features That Affect The Bottom Line

Posted by Jessica Aceto

Wed, Jun 17, 2015

Asset-intensive organizations need actionable, intelligent tools to manage, assess and track a vast range of human, physical, and technological assets, without incurring huge management workloads that erode profits. For this reason, many organizations are turning to integrated solutions, similar to those that were developed in the late ‘70’s to standardize and improve manufacturing processes. Indeed, it was from those very (it seems so now) primitive MES designs that today’s highly-functional EAM systems were spawned.

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However, asset-intensive organizations today need more advanced integration than even what was considered sufficient five to ten years ago. Increasing global competition, governmental regulations and compliance protocols, sustainability practices, rising capex and opex, and occupational safety are just a few of the challenges that contribute to dwindling margins and unhealthy bottom lines for asset-intensive organizations.

By examining the automated tools apportioned for major issues that may occur throughout an asset lifecycle, you can comprehend how an integrated EAM system can change the dynamics involved and ultimately improve your bottom line.

Preventative Maintenance (PM)

Extending the lifecycle of your assets and maximizing your ROA means optimizing your operations to achieve greater reliability, availability, and performance. Going from corrective to preventative, while incorporating predictive maintenance, will reduce both your capex and opex.

By investing in an enterprise asset management solution with this feature, you can include a comprehensive work management strategy for both planned and unplanned maintenance tasks. You can customize the system so that PM is included in your scheduled management and resource optimization, and frequency-based records can then create work orders. PMs can also be situated according to route and other factors, but basically, they allow a flexible way to trigger preventative activity. Take advantage of such a system by customizing PM's according to:

  • Time (every month, or every quarter)
  • Meter (after 3000 miles, or “X” number of hours)
  • Condition Monitoring (temperature or vibration thresholds)
  • Manufacturer’s Recommendations

Job Plans (JP)

A Job Plan feature allows you a standardized way to document task steps and objectives directly into the solutions relative to your organization’s protocols. Job Plans identify the resources needed according to the asset, such as labor, materials, tools, and services, and can include document attachments.

Job plans also perform labor and cost calculations. But even if you don’t have all the data for the complex functions of a job plan (such as how long a task should take) you can still employ this valuable tool and grow your system capabilities in accordance with your organizational needs.

Efficiency through Visibility

Start centers are the user-friendly, intuitive dashboards employed by certain EAM systems. It’s the launch page that contains commonly used tools, unassigned work requests, and KPI data, and improves your organization’s bottom line by allowing greater efficiency.

Start Centers can be customized according to user, but users may also access multiple start centers based on role or job function. Indeed, users can be assigned or restricted according to administrative approval, which allows you to customize your various work environments for improved productivity.

Increasing asset visibility across your enterprise so that you can respond faster, extend asset life, and control costs allows you to enhance your operational agility and capabilities through intelligent automation.

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Tags: Asset Management