The proper management, maintenance and monitoring of an organisation’s assets goes much further than mere tracking. The optimisation of these physical assets is key to remaining competitive and is considered a vital component to sustainable success. Enterprise Asset Management (EAM) is defined as the “optimal lifecycle management of the assets of an organisation, including the design, construction, commissioning, operations, maintenance and decommissioning or replacement of plant, equipment and facilities.”
According to Barry Diedericks, EAM Subject Matter Expert at EOH Infor Services, an Infor partner, the proper management of assets has a resoundingly positive impact on South African businesses. “Through the reduction of risks associated with asset management, businesses are afforded the opportunity to save both time and money, ensuring that governance is in order and efficiencies are improved.”
EAM offers five key business benefits
From physical assets to work orders, digital property and general asset organisation, EAM offers five key business benefits. With effective asset control, uptime is guaranteed, giving businesses the power to plan ahead for assets that might fail. With alternatives in place, preventative maintenance can be assigned, averting costly repairs or failures and empowering the business to claim on warranties. With the power of prediction concerning the reliability of assets, effective risk management and strategic planning can be employed to manage assets in such a way that corporate performance goals are met.
Diedericks believes the numbers speak for themselves. “Effective EAM is proven to reduce maintenance overtime, labour and contractor costs by 50 percent, cut maintenance material costs, production downtime and energy usage by 20 percent, increase fleet availability by 10 percent and reduce new equipment costs by five percent. With a further 50 percent saving on warranty cost recovery and purchasing process costs, EAM is a clear solution to bolster the bottom line.”
Effective asset management is critical in every industry.
In the equipment sector, for example, support is required to manage the entire equipment life cycle, from initial forecasting and sale of the equipment, through to shipment, renting, servicing, overhaul, and final disposal. In the distribution industry, both the inventory being moved and the logistics fleet must be carefully managed to accelerate the pace of business and profitability. Proper EAM is also of utmost importance in the public sector, to facilitate the gargantuan task of administrating the assets of local, provincial and national governments, and ensuring public safety.
Effective asset management achieves this while driving new levels of efficiency, empowering the organisation to achieve total productive maintenance. “With functionality, flexibility and efficiency, the right EAM solution delivers scalability and dynamism, is easily deployable and can be integrated with other applications when required,” concludes Diedericks. “This empowers businesses to balance capital spending, operating costs, and asset management while mitigating all risks involved.”
To enquire about EOH Infor Services EAM solutions, CLICK HERE.