Here are 8 reasons why Enterprise Asset Management (EAM) is a smart investment for companies:
Improved Asset Utilization: EAM software can help companies improve asset utilization and reduce asset downtime, resulting in increased productivity and efficiency.
Better Cost Control: EAM software helps companies track maintenance and repair costs, reducing the likelihood of unnecessary spending on assets.
Increased Safety: EAM software can help companies maintain assets in compliance with safety regulations, reducing the likelihood of accidents and associated costs.
Enhanced Asset Management: EAM software can help companies manage the entire asset lifecycle, from acquisition to disposal, resulting in better asset utilization and reduced replacement costs.
Improved Decision Making: EAM software provides real-time data and analytics that can be used to make more informed decisions about asset management.
Reduced Downtime: EAM software can help companies manage maintenance schedules and reduce unplanned downtime, increasing productivity and profitability. By automating many of the repetitive tasks under the managers’ purview with an EAM software solution, they can significantly increase the number of tasks they accomplish per hour.
EAM enhances employee productivity: EAM software boosts profits by enhancing the productivity—the value—of each team member. Consider your maintenance team, for example. Your maintenance managers contend with seemingly endless lists of work requests, work orders, and the associated budgetary considerations.
Greater Transparency: EAM software provides transparency into asset management activities, enabling companies to track asset performance, maintenance, and repair history.
Increased Regulatory Compliance: EAM software helps companies comply with regulatory requirements and industry standards, reducing the likelihood of fines and penalties associated with non-compliance.
EAM software can reduce excess maintenance inventory: The cost of parts and materials related to maintenance can add up quickly. That often leads asset managers to cut back on inventory orders when budgets are tight. A better solution is to leverage the inventory management functionality of EAM software to balance your inventory purchases.
With RFID or barcode scanning, your EAM can standardize inventory information so every part is accounted for and included in your total inventory. From there, you can review upcoming maintenance and plan proactively for exactly the inventory you need. This will help you allocate your budget appropriately and avoid excess spending on orders for parts and materials you don’t actually need.
The SmartX HUB EAM software RFID enable is a wise investment for companies as it helps optimize asset management practices, improve productivity and efficiency, reduce costs, and increase profitability. By implementing SmartX HUB EAM with RFID software, companies can gain greater control over their assets, improve decision-making, and achieve greater operational efficiency.
