Effective Enterprise Asset Management (EAM) is the cornerstone of any organisation; especially when it comes to successful operations and supply chain value. Asset management is an area that has faced significant challenges due to the current socio-economic climate brought, on by the Covid-19 lockdown and related restrictions. High quality operational value is imperative for successful functioning, surviving, and thriving of any organisation.
“Effective EAM solutions should ensure that businesses are being fully supported in their operational journey. Yet, with the current global challenges, many traditional EAM solutions are not effective in advancing a business’ operational value. This is because many EAM solutions are simply too rigid. Utilising an advanced asset management solution that can be scaled and adapted as the company grows and its needs change becomes vital,” explains Paul Bouchier, Sales Director at iOCO within iOCO Software Distribution, a Gold Infor Partner.
Businesses are facing various operational challenges today, and many suffer great losses due to the ineffective management of assets. Utilising EAM solutions that allow organisations to better understand and manage their assets allows for sustainable growth and drives added value – all while reducing loss of time and revenue due to oversight and manual errors. Effective asset management provides a clear view of the asset data set, allowing for advanced data analytics and empowering businesses with real-time, advanced visibility into the functioning and capacity of assets.
With effective EAM solutions, businesses gain a more in-depth understanding of their operational functioning and can start to identify and reassess problem areas in their operational space. This shifts the organisation from a reactive space, where problems are being reacted to as they occur, to a predictive space, where foresight is achieved beforehand and effective planning and problem management is implemented to prevent the problem from ever arising.
“Once a business has achieved predictive operations it can fully leverage in-depth data knowledge, analytics, and best practices – finally getting to a place where it is operating in a proactive space. Here, the organisation has fine-tuned it’s operations and is operating from a place where the highest level of operational value can be achieved,” continues Bouchier.
Effective EAM unlocks operational value, optimising key areas within the business. Now combined with advanced technology that incorporates business intelligence, Internet of Things, Artificial Intelligence, and Machine Learning. “It is important that these functionalities and enablers are continually integrated and enhanced throughout the operational journey,” advises Bouchier.
While identifying strengths and weaknesses, EAM guides businesses through a strategic diagnostic journey that is tracked within the solution through KPIs. Here the data is tracked and managed, ensuring the strategic plans and interventions are effectively implemented. “With this approach, business leaders are empowered to test strategies and drive greater operational value,” concludes Bouchier. “Modern, agile, and advanced EAM solutions allow for a smooth operational journey.”