A Buyer’s Guide For Finding the Best Enterprise Asset Management Software (EAM)

Today, in a fast-moving and technology-driven enterprise environment, efficiently managing organizational assets is not a requirement but rather a strategic differentiator. It could be manufacturing, healthcare, or logistics, but with better utilization of the assets, it will directly filter to operational performance along with cost efficiencies. That is where Enterprise Asset Management software assumes so much importance. With further innovations like EAM RFID solutions, these systems ensure that there is perfect accuracy in tracking, maintaining, and managing assets throughout their whole life cycles.

Giving the right EAM software with all things in mind may be rather challenging, bearing in mind that there are a number of them. The comprehensive guide provides insight into the key features, benefits, and things one needs to have toward the selection of suitable EAM software that can help in meeting organizational goals and challenges.

What is Enterprise Asset Management Software?

EAM is the software that helps in managing and optimally governing the lifecycle of physical assets right from acquisition to operation and maintenance up to retirement. The EAM system will ensure that the assets are utilized effectively to derive maximum value out of them.

EAM software delivers a set of functionalities, including:

• Advanced RFID or IoT sensor-based tracking of assets in real time.
• To perform predictive maintenance that avoids sudden failures of equipment.
• A work order management system that operates in centralized mode.
• Compliance tools that help meet regulatory and industry standards with ease.

The benefits of the EAM solutions can be counted as an organization could reduce its organization’s downtime by a certain percentage, optimize the use of resources, and attain notable insight into asset performance metrics.

Why Does Your Organization Need EAM Software?

Such control of the enterprise assets at various levels without having one unified system to integrate these often results in inefficiency, errors, and enormous operational costs. Major reasons why investment in EAM software has become so vital are as under:

1. Improved Asset Visibility: EAM software provides real-time information on the asset regarding its location, condition, and usage patterns – more precisely with the integration of RFID technology
2. Cost Controlling: EAM software allows an organization to schedule maintenance in advance by tracking asset performance in order to avoid accidental repairs, hence enabling it to prolong the life of such assets and lower operational costs.
3. Compliance With Regulations: Manufacturing and healthcare industries work under strict regulations. EAM does this through keeping the records properly and meeting their stipulated criteria with ease.
4. Informed Decision Making: Organizations make decisions powered by full data analytics that go a long way in streamlining their operations and use of resources.

Key Features of EAM Software

The implementation is worth great scrutiny in terms of the features that address your needs. Following are some of the core functionalities not to be missed:

1. Real Time Asset Tracking: The latest EAM solutions integrated with EAM RFID technology or GPS tracking ensure that the assets are available at any time, reducing possibilities of misplacement or theft.
2. Lifecycle Management: The EAM systems should provide asset lifecycle stage monitoring from acquisition through decommissioning and ensure the asset is put to use optimally and timely replacements. 
3. Maintenance Scheduling: The system will offer modules of predictive and preventive maintenance that will help in reducing downtime due to improved operational reliability. 
4. Integration with Other Systems: Integrations with ERP, CRM, and financial systems are key components.
5. Customizable Dashboards and Reporting: A robust EAM system allows one to build customized dashboards that track key performance indicators and reports in an advanced analysis.
6. Mobile and Cloud Access: The EAM cloud-based platforms allow for remote access whenever the mobile applications grow strong enough to enable management on-the-go. It finds its perfect application in the dispersed group of business enterprises.

Key Benefits of the EAM RFID Solutions

RFID combined with EAM software offers unequaled assurance of efficiency and accuracy for asset management. 

Of the key benefits it offers it provides but is not limited to:

1. Automation: RFID by itself doesn’t require any type of manual entry for any sort of data input since the identification and tracking of assets are automated.
2. Less Downtime: Gain real-time visibility into how all equipment is always up and running with proactive scheduling of maintenance.
3. Improved Asset Utilization: Know the usage patterns for the optimization of asset performance and for better management of resources.
4. Enhanced Security: RFID can record unauthorized asset movement, then enforce more strict security processes.
5. Scalability: RFID systems scale easily with the growth in inventory of your assets while processing any additional number of tags and readers.

How to Choose the Best EAM Software

Choosing appropriately is all about methodology. Here is how to make sure the EAM software you will select would meet your expectations in business terms:

1. Operational Requirements Assessment: Work out precisely what the asset management challenges are: whether you need to track better, maintain better, or report on everything more powerfully.
2. Scalability Factor: It should be able to scale with organizational growth. The greater the scalability of the solution, the lesser the headaches and expenses which will popup down the line.
3. Vendor Expertise: Outsource from a vendor who has experience in the implementation of the EAM system in your industry. Third-party vendors like Acube Infotech have immense experience in deploying industry-specific solutions.
4. Usability: Usability means teams use it sooner and will have less need for extensive training.
5. Demos and Trials: In these, you get to test the features and its friendliness in use, and also see how it fits with your systems.
6. Support and Training: A good seller will also be one that provides continuing support and extensive training for ease of installation and operating ease.

Things to Watch Out for

Despite thorough research, businesses make mistakes while choosing the right EAM software. Following are some common ones to avoid: 

1. Lack of Integration Requirements: If the integration of the software with existing tools is not ensured, inefficiencies could be introduced.
2. Selection Based on Price: Choosing the cheapest option normally translates to losing some important functionalities or reliability over a period of time.
3. Not Using the Training: Even the best software in the world comes to naught if proper training is not imparted. Ensure that your people are fully equipped with knowledge of working on the system.
4. Not Planning for Tomorrow: Investment in software which is not scalable hampers growth and costs incredibly more later on in upgrades.

Why Acube Infotech is your perfect EAM Partner

Acube Infotech spearheads the provision of industry-specific EAM solutions. Here is the reason why businesses believe in us: 

• Proven expertise: We specialize in EAM RFID solution implementation for delivering measurable results 
• Tailor-made solutions: Using custom softwares to just the right fit for your unique needs. 
• Full-cycle support: consultation, deployment, and ongoing support.
• Technology Innovation: We help companies go advanced in features like predictive maintenance, IoT integrations, amongst others, toward the latest technological changes that keep them updated.

Conclusion

The right choice of Enterprise Asset Management software is the turning point in your quest for excellence in operations and costing. Focus on real-time tracking, scalability, and predictive maintenance, and you shall get a system that fits in with your business objectives.

More precisely, Acube Infotech provides up-to-date EAM solutions that empower a business to realize its full potential. For more information: feel free to get in contact, and find out how our experience can redesign your asset management process.