Enterprise Asset Management
What is Enterprise Asset Management?
Enterprise Asset Management (EAM) is a computerized application that tracks the entire lifecycle of an asset including procurement, commissioning, operations, maintenance and decommissioning. An asset can be an infrastructure, facility, power plant, warehouse, building, stationary equipment, a fleet of moving assets, public utilities, transmission lines, water distribution lines, telecom towers, etc.
EAM software offers a holistic perspective looking at the asset lifecycle from different angles – capital allocation, running costs and total cost of ownership, project, process, performance, maintenance, risks, compliance, safety, and sustainability. EAM is an enterprise system and thus the emphasis on a full-service solution, multi-site architecture, and integration with enterprise systems.
EAM facilitates the enterprise to view the asset at different hierarchical levels and helps in seamlessly rolling up the information from individual assets to a system of assets. Such method of assets can be based on functional grouping (e.g., different production equipment, line, unit, plant) or horizontal grouping (similar class of equipment across multiple sites) or another form of gathering (usage-based, lifecycle maturity based, etc.)
Modern EAMs are also coming up with standard integration interfaces to capture data from automated data sources like Sensors, SCADA and Internet of Things.
Enterprise Management System Architecture:
Benefits of EAM
- Extending Life of Assets
- Optimization of performance
- Institutionalization of Standards, Process, and Procedures
- Governance, Risk and Internal Control (GRIC)
- Enterprise Integration
- Comprehensive Analytics
- Financial Metrics for Asset Utilization
How do you select an EAM?
1. Clear Business Goals & Requirements Definition
EAM implementation is often a multi-million, multi-year project and without clearly spelt out requirements that are in alignment with the strategic goals of the organization, roll out can go awry.
2. Don’t over engineer
EAM software systems are humungous and present abundant features that are tantalizing. Lack of focus can often lead to over-engineering than what’s required, resulting in useful for none. A key metric is to look for suitability and fitment for the organization than an all-in-one solution.
3. Management commitment and Clear plan for Organization Adoption
EAM with its all-encompassing changes will surely find resistance, and an unflinching management commitment and bandwidth is necessary for a successful rollout and later adoption. It’s not enough if EAM is successfully implemented. Organizations need to have a clear plan for approval i.e., how it will integrate with rest of the enterprise systems, the changes required and its impact.
4. Cultural Fit and Change Quotient
EAM benefits can be fully realized if it results in process re-engineering, standardization, systematic data capture and remediation of gaps. Not all organizations are wired to embrace complete change at once. Some organizations adopt incremental changes; all be it continuously. And in some organizations, rigid EAM software implementation may restrict continuous improvement.
5. Enterprise Integration
Organizations that have a different stack of enterprise applications will find a newer addition painful. Legacy applications may vary on their vintage and compatibility. Hardwired relationships with specific databases or workflows may pose additional challenges. Besides the numerous integration touch points with the systems, changes brought in may also break some of the existing relationships. Convoluted workarounds rolled out to patch pain points may not scale up and can become potential vulnerabilities.
6. Return on Investment
EAM implementations are multi-year, multi-million projects touching numerous areas inside an enterprise. Since the scope is vast with varying shades across different functions, definition, measurement, and realization of financial benefits is very complicated and may often turn a mirage.
Adoption of EAM
Though EAM software Systems have been in existence for more than two decades, organizations have been cautious in its approval. Primary reasons for the slow adoption include:
- All or none – to derive the maximum benefits, EAM has to be implemented in its totality. Performing in parts may not give any essential benefits
- Significant investments in EAM and ironically the lack of measurements on return on investment from EAM
- Time, effort and resource commitments required to roll out such a comprehensive system is mammoth
- Mission-critical legacy systems that are still running but are not compatible with external systems
- Organizational culture and preparedness to deal with the across-the-board change Enterprise Asset Management Software brings
- Enterprise track record in successful roll out of such mammoth systems.
EAM is dead; Long live the EAM.
Industry observers discern a trend of EAM as a concept and EAM training as a system. While EAM as a System has been slow in getting adopted due to reasons mentioned above, EAM as an idea has been well understood and thus has been getting more assimilated by other enterprise systems serving similar needs, especially Enterprise Resource Planning (ERP) and Computerized Maintenance Management Systems (CMMS).
EAM, on its part, has also been slow in adapting to some of the newer frontiers of technology like the Internet of Things, machine-to-machine communications, etc. Advances in Cloud hosting of infrastructure and new age Software-as-a-Service architecture has made multiple sites roll out and integration as part of its core architecture. Thus they present ready-to-use hooks to integrate with many standard enterprise applications. With interoperability, the preferred approach is embracing the best of breed solutions than risking with a single point of failure.
Why is MaintWiz the best solution for you?
MaintWiz is a new age platform that helps you in digitizing your asset management and operations. It provides a comprehensive view of the services, performance and maintenance aspects of the asset. MaintWiz is a Simple, Easy to use, Integrated, Cost effective and Scalable solution.
Key benefits of the solution include:
1. Multiple Site Architecture: MaintWiz is offered as a Software-as-a-Service Solution and thus has been designed for multiple site architecture. It can scale seamlessly to include different sites and assets.
2. Enterprise Integration: A cloud-based application with an inbuilt design for interoperability. Deep integration capabilities to integrate with any enterprise application including ERP, Inventory Control, Production Planning, Data Warehouse and Business Intelligence suite.
3. Digital native solution for IoT and M2M Communications: Architected for the new age. Can ingest data from an automated data source including Internet of Things and machine-to-machine communications.
4. Industry Standards & Certifications: With its robust feature set, MaintWiz can support your business goals of rolling out standards or achieving Total Productive Maintenance (TPM).
5. Action Oriented Insights: A single window view of the entire enterprise. Converts information to intelligence and insights to drive business outcomes. Presents dashboard views to get an overview of project status, equipment OEE, schedule compliance and cost of maintenance. Granular entitlements can be given to site staff to allow graded access.
6. Quick Roll Out: Easy do-it-yourself data can be upload to intuitive screens. Concise cycle time to Go-Live and effective Usage. Mobile CMMS app with its One-Click Maintenance can increase adoption and productivity.
7. Low Total Cost of Ownership: SaaS offering with a flat monthly subscription fee. No capital expenditure.
MaintWiz is a cloud-based solution and, thus there are no upfront capital investments. It is offered on a Pay as you Grow model with a monthly subscription. Once you sign up, you can start experiencing the business value from the very first month. And has the in-built success guarantee – MaintWiz has to perform to earn its renewals.
See how we can get you live fast.
Ready to Talk? Get in Touch.