Asset Procurement and Budgeting
Asset management and cost reduction are dependent on proper budgeting and appropriate procurement. A quality EAM will help create budgets based on gathered data through the platform and will ensure you are sticking to set parameters and only spending on necessary expenditures and procurements.
EAM software needs to account for the depreciated value of equipment or assets as they fluctuate throughout their respective lifecycles. Increased awareness of depreciation schedules and values will reduce wasted maintenance costs and indicate when an asset’s potential use has exceeded its monetary and contributive value and should be replaced entirely.
Lease Asset Accountability
To increase visibility for all parties, including executive management and other stakeholders, EAM software must house any necessary documentation, including work orders, lease agreements, purchase contracts and other information. With the ability to upload and store relevant documents, accountability is centralized, and all documents are in one easy-to-access location.
IoT-Integrated Asset Maintenance
AI-powered Enterprise Asset Management software is programmable to automatically follow maintenance schedules and other vital procedures based on sensor-derived data from Internet of Things (IoT) devices. IoT sensors monitor assets and alert the necessary outlet when something is amiss or needs attention or maintenance. These intelligent machines can also alert for and order low-inventory assets or needed maintenance equipment, ensuring that companies can skirt unexpected shortages or procurement delays. Even better—machine learning-enabled EAM software will automatically improve operations as more data is gathered, constantly working to make asset management and field service more efficient.
IoT devices offer modern, safer, and more convenient procurement and predictive maintenance solutions that are increasingly popular in field service industries. Sensors gather remote data from hard-to-access locations and centralize, analyze, and store the information in one cloud asset management system.
Asset Decommissioning and Disposal
EAM software simplifies asset decommissioning and disposal processes by providing advanced notice of when this process will begin and digitally removing the equipment or asset no longer in existence or the company’s possession. This removal ensures accurate inventory counts and eliminates the likelihood of improper asset procurement or usage.
A cloud-based Enterprise Asset Management platform is the industry standard, and any other option is inefficient. If information regarding equipment and items spread far and wide is not instantly accessible to every vital employee from anywhere at any time, then it cannot meet the demands of modern field service and asset management practices.
Data that is siloed is inaccessible and detrimental to optimal operations. Implementing cloud-based solutions is the single most effective remedy for increasing efficiency and customer service capabilities.