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Enterprise asset management: a holistic approach to optimization

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Enterprise asset management is the lifecycle management of an organization’s physical assets (objects, installations, systems, buildings, etc.) across departments and facilities, with the goal of improving quality and efficiency.

 

Every business owner wants to maximize uptime, cut costs, reduce risks and accidents and deliver the highest quality products or services. To achieve these objectives, enterprise assets — from production machinery and real estate  to  entreprise equipment — need to be used and managed as efficiently as possible. Enter enterprise asset management (EAM): a holistic approach focused on managing all information, structured and unstructured, related to physical assets throughout their entire lifecycles, helping companies deal with the irregularities of an ever-changing world.

The advantages of EAM excellence

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EAM helps businesses to:

 

  • Improve operational efficiency through operational and analytical reporting, enabling scheduled maintenance and preventing downtime.
  • Comply with the most stringent quality standards.
  • Save time by giving employees access to accurate information the moment they need it, so they don’t have to go looking for it.
  • Save money by identifying which assets cost more than they yield.
  • Manage changes more effectively (through the Management of Change module present in most best-in-class ERP systems).
  • Foster smart collaboration by keeping all relevant asset information in a central location – a digital core – to which all relevant stakeholders have access.
  • Ensure compliance with maintenance-related standards such as ISO55000, thanks to reporting features and procedures enabled by smart maintenance solutions.

 

New and emerging trends, including the IoT (Internet of Things), mobile, predictive and cognitive maintenance, artificial intelligence (AI) and KPI-monitoring are even further broadening the possibilities of EAM. In many companies, field workers can get all the information they need about a certain asset by scanning its unique tag with a mobile device. AI and cognitive technologies allow operations managers to determine which production units might be prone to standstills through the identification of data anomalies. The possibilities are virtually endless.