Enterprise Asset Management Solution (EAMS): The Key to Working Smarter

Introduction to Enterprise Asset Management Solutions

Picture your business as a high-tech centre, with servers, computers, and gadgets powering all tech activities. Now, consider your business assets as the gears, circuits, and essential components that keep everything running smoothly. All of these gears, circuits, servers and computers need an IT expert to operate them and keep them in the best condition. The IT expert’s responsibility is to ensure that these gears serve their purposes and spot any issues with the gears. 

An Enterprise Asset Management System is the IT expert for your business assets and ensures your assets are in optimal condition. An EAMS is the bedrock for companies looking to maximise the full potential of their assets.

Now, let’s see a detailed definition of what an Enterprise Asset Management Solution is, the benefits it offers, and how well you can integrate an EAMS to help you achieve your business goals and objectives.

What is an Enterprise Asset Management Solution EAMS? 

Enterprise Asset Management Solution is a system of processes and tools for managing and maintaining an organisation’s assets and equipment, ensuring they are available, reliable, and capable of contributing to the business objectives.

EAM software offers a wide range of features to track, manage, and analyse asset performance and costs through all asset lifecycle phases, from acquisition to disposal. 

Traditionally, EAM systems have been viewed as complex storehouses of asset information. However, the modern enterprise demands more than just data storage. Today’s EAM solutions are at the forefront of integrating high technologies like AI and predictive analytics. 

Let’s have a look at some of the benefits of an EAM.

What are the Benefits of Using Enterprise Asset Management Software?

Efficient Use of Assets/Resources

Did you get a return on investment on your organisation’s assets? If your asset’s lifetime value did not last as long as you first envisaged, you likely need an EAMS. An Enterprise Asset Management System leverages real-time data and predictive maintenance to help extend the life of assets, reducing downtime and ensuring you get the highest return on investment. 

This utilisation is crucial in industries where asset performance directly impacts the bottom line. So, if you’ve had to make replacements now and then for the same asset that’s supposed to span over some time, consider getting an EAM Solution.

Data-Driven Decision Making

If your facility, fleet or asset managers still have to rely on the “so help me God” technique to make decisions regarding your assets, then don’t blame them when those decisions lead to errors. 

For your asset’s sake, we hope the errors are not fatal, costing you more money and resources. EAM systems provide a comprehensive view of your asset performance, maintenance needs, and compliance requirements, enabling managers to make informed decisions. Asset management can be complex, and your asset managers need every help they can get. An Enterprise Asset Management System is your best bet.

Improved Compliance and Risk Management

Adhering to regulatory standards is non-negotiable for asset-intensive companies. EAM Solutions ensures compliance and mitigates risks by maintaining accurate records and facilitating audits. Effective lifecycle and maintenance management reduces the likelihood of asset failures and associated risks.

Sustainability Management

The environment is depleting as the days go by, and we all have a responsibility to at least slow down the depletion rate for our good. As an organisation, EAM software can play a vital role in environmental control by appropriately utilising resources and reducing waste. That way, your organisation can boast of contributing to keeping the earth safe while still meeting business goals.

Enhanced Employee Engagement

The workload becomes overwhelming for the few available staff members because they must process everything manually. This leads to the staff being burned out, unhappy and a need to employ more staff to relieve them of some of the workload. 

An Enterprise Asset Management System makes life easier for your staff by automating most of the manual processes, allowing them to focus on other rewarding work and saving you the cost of paying higher salaries.

Do you see how rewarding an EAMS can be to your company’s assets and business in general? It gets even more interesting because there’s a lot that can be achieved with an EAM system. Stick with us and see what you have been missing all along.

One great EAM solution provider you can bank on is Sysserve Solutions. The Instanta Management Software covers the management of various assets of your organisation.

“Instanta has been very helpful in tracking our maintenance request from initiation to completion and a source of history of work done per unit and general maintenance reporting. It is highly recommended for a performance-based result.”

Give your fleet, facility or asset management team an opportunity to work flexibly and be more productive, as the bulk of the manual activities will be automated, giving room for accountability and more control. 

You can schedule a demo to learn more about how our Enterprise Asset Management Systems can boost your company’s productivity and save you costs in the long run.

What are the key components of an EAM Solution?

Imagine you have a smart robot assistant that helps you organise your daily tasks. This robot can remind you when projects are due and where your materials can be found. It also suggests the best ways to complete tasks efficiently, saving you time and money. Now, think about the old way of doing it, where you might forget deadlines, lose important papers, and spend more time and money trying to replace the lost documents.

If you had a choice, wouldn’t you choose the robot assistant to keep everything organised and save time and effort? That’s similar to choosing an enterprise asset management software for a company. It’s like having a digital assistant that keeps track of all the important things, making work more organised and efficient.

No one wants to keep spending money on things that can be sorted with ease. When managing your assets, an EAMS plays a vital role. One that spans across various assets of an organisation, including fleets and facilities and even down to managing your budget to control cost. This is precisely what the Instanta Asset Management Software offers your organisation. 

Let’s walk you through it.

Fleet Management

A quick question:

If you were to employ an asset management solution to manage your fleet, what exactly would you be looking out for? If you are looking for a solution in Africa or Nigeria that curbs vehicle idling, reduces fuel theft, tracks vehicle’s location, driver’s behaviour and more, you need the Instanta Fleet Management Software. 

With an EAMS, you are sure your fleets will always be in optimal conditions. You get an accurate account of the performance and maintenance of vehicles in your organisation’s fleet and make critical changes beforehand to avoid embarrassing breakdowns.

Facility Management  

The functionality, comfort, and safety of buildings and other facilities are company priorities.

Imagine managing your facility manually, using spreadsheets, or even worse, paper and a bunch of files. Considering the significant errors that might occur in the process, how tedious that would be. That’s not something your organisation needs; it only gets worse no matter how hard you try. 

Manual processes have proven over time to be ineffective in proper Facility Management. Hence, the need to deploy an EAMS like the Instanta Facility Management Software. 

This EAMS ensures your organisation’s facilities are in top-notch condition, spotting anomalies even before they occur so your facility management team can act proactively.

Asset Life cycle management

Knowing your asset’s life cycle at your fingertips makes life much easier for you and your team. With an Enterprise Asset management solution, you can keep track of your organisation’s assets from acquisition to disposal, tracking the entire lifecycle of an asset and ensuring maximum value extraction. 

Maintenance Management

An EAMS ensures proper maintenance of your organisation’s assets by deploying effective proactive and predictive maintenance strategies. These maintenance protocols prevent unplanned downtime by scheduling, tracking, and implementing maintenance activities. 

Budget Management

Every organisation wants to maximise their budget and spend only on necessities. Your organisation is bound to spend excessively without a management tool due to numerous loopholes. 

An Enterprise Asset Management Solution makes it easy for your organisation to plan and control costs associated with their assets as the processes are automated.

Data Analysis and Reporting

Enterprise Asset Management Solutions offer robust analytics capabilities, monitor performance and predict future trends, effectively using asset data and turning them into actionable insights. 

Customisation and Scalability 

Every business is unique, and so should its Asset management solution. Customisation and scalability are crucial to ensuring the EAM system grows with the business by tailoring it to suit specific organisational needs and scaling it as the business grows.

Can an Enterprise Asset Management Solution be Integrated and Customised with Other Tools?

Integrating with other software systems (like ERP, CRM, etc.) is a critical feature of modern EAM solutions. This integration enhances functionality, improving data accuracy and providing a unified view of operations and the organisation’s assets.

An instance would be an organisation juggling spreadsheets and reports for their assets. There are bound to be mismatched asset management and production scheduling systems, leading to chaos. 

The asset management team would be left with a lot of headaches trying to put things together. This could lead to machine breakdowns from time to time due to omissions that might happen. Not because of an oversight but because manual processes are always unreliable and prone to errors.

However, integrating an EAMS with their scheduling software would definitely improve their systems as most of the heavy lifting would be automated, and the asset management team can always keep track of assets and carry out preventive or corrective maintenance at the best possible times. This reduces breakdowns and improves the lifecycle of the organisation’s assets. 

Customisation, on the other hand, allows businesses to modify the EAM system according to their unique operational needs, just like you can customise your mobile device to look exactly the way you want, by selecting themes, wallpapers and settings that suit your needs and specifications.

Customising an EAMS to suit an organisation’s needs is essential in extracting maximum value from the system.

An Enterprise Asset Management System is not just about managing assets; it’s about empowering businesses to work smarter and more strategically. Here are some integration and customisation instances

ERP Integration

Integrating an EAMS with an Enterprise Resource Planning (ERP) system creates a unified financial and asset management platform by streamlining financial operations related to asset costs, maintenance expenses, and capital investments. 

For instance, when an asset requires maintenance, the EAM system can automatically update financial records in the ERP system, reflecting maintenance costs. This integration ensures consistent data across maintenance and financial departments, aiding in accurate budgeting, cost tracking and financial planning. 

SCM (Supply Chain Management) Integration

Integrating an EAMS and SCM ensures that asset management decisions align with supply chain activities, like inventory management and procurement. For instance, when a part reaches a minimum threshold in the EAM system, it can trigger an automatic procurement order in the SCM system.

This reduces stockouts and excess inventory, ensuring maintenance activities are not delayed due to parts unavailability.

IoT (Internet of Things) Integration

By connecting EAM systems with IoT devices, companies can gain real-time data on asset performance and health. Sensor data on machine performance can be fed directly into the EAM system for predictive maintenance, preventing breakdowns and extending asset life.

CRM Integration:

Integrating enterprise asset management software with customer relationship management software can enhance customer service and support by linking asset data with customer interactions. 

The EAMS ensures that asset-related issues impacting customer service are quickly addressed, enhancing customer satisfaction. Remember, there’s no business without the customers, so whatever enhances customer experience should be treated with utmost priority.

Customisation Capabilities

Customisation allows businesses to tailor the EAM system to their specific and unique processes and needs rather than forcing the business to adapt to the software. For instance, a facility management company might customise its EAM system to include specific modules for building maintenance and compliance management. 

Mobile and Cloud-Based Access

EAM systems integrated with mobile technology or cloud platforms allow field technicians to access and update asset information in real-time. This enhances accessibility, allowing maintenance personnel to update and retrieve asset information on the go. An instance would be Field service teams in telecommunications who can use mobile-enabled EAM to access asset information remotely, update work orders, and report issues instantly.

What is the Cost-Benefit of Implementing an Enterprise Asset Management System?

A renewable energy company was initially sceptical about the high upfront cost of an advanced EAM system; there was a lot of contemplation on taking the big decision. 

However, they decided to take the leap. Two years down the line, the ROI became evident. Maintenance costs had dropped by 30%, asset life had extended, and most importantly, unplanned downtime had reduced by 40%. The financial benefits were clear, and there was a boost in employee morale and customer satisfaction. 

That is the impact of a well-chosen EAM system. Imagine their results if they decided against implementing an EAMS due to the initial high cost. Their maintenance cost would be over the moon, along with uncountable downtime to critical assets that would occur. It could span out to be a disaster.

The implementation of an EAM solution is a significant investment. However, the long-term return on investment (ROI) can be substantial when executed correctly. Reduced maintenance costs, extended asset life, improved efficiency, and regulatory compliance are just a few of the financial benefits. 

A thorough ROI analysis should, however, be considered. A detailed ROI analysis should consider not only the direct costs of the EAM system but also the indirect benefits, such as improved productivity and reduced risk. Factors a ROI analysis should consider include:

• Reduced Maintenance Costs: Proactive and predictive maintenance can significantly reduce expenses associated with asset breakdowns by preventing failures.
  
• Increased Asset Lifespan: Proper asset management can extend the useful life of assets, delaying the need for costly replacements. 
  
• Operational Efficiency: Streamlined processes lead to time savings and increased productivity.

The Impact of User Training and Support to Your Asset Management Team

A tool is only as good as its user. This applies to the use of an EAMS, as the effectiveness of an EAM solution is heavily dependent on its users. User training is not just a one-time event but an ongoing process. It’s crucial to keep the training updated with system upgrades and changes. 

Additionally, providing a support system for users to address their queries and issues promptly is essential for maintaining system efficiency. Comprehensive training programs are essential to equip employees with the necessary skills and knowledge. These trainings and supports help to 

• Ensure Proper Use: Training ensures that employees effectively utilise all features of the EAM system.
  
• Minimise Errors: Well-trained employees are less likely to make costly mistakes.
  
• Promote Adoption: Adequate training helps overcome resistance some might have when adapting to the new system.

User training and support are reasons companies prefer to use Instanta for their asset management needs. Over the years, Instanta has proven to be the most reliable Enterprise Asset Management Software in Nigeria, and Africa as a whole.

SysServe Solutions Limited was able to seamlessly solve the challenge my firm had with “Delayed Approval”. With their Facility and Property Management Software, approvals are gotten immediately, regardless of the location of managers. SysServe’s FMS is easy to use, flexible and their support (off-site and on-site) is speedy.

Abajigin Hannah

Human Resources Manager

“The most interesting thing about Instanta is its simplicity and flexibility, it can adapt to any good process. Working with the Instanta team is also interesting.The drive to make systems work, overcoming challenges by our team that were constraints to the implementation, and always ready to go the extra mile to make Instanta acceptable to all teams. Thanks Instanta Team for your hard work, God bless.”

Abiodun Adetayo

Head, Audit, Risk & Compliance

C & I Leasing

Instanta not only helps companies to achieve their business goals but also offers continuous support to ensure that clients get optimal results. If you’re on the lookout for an Enterprise Asset Management Solution in Nigeria to ensure your assets are in the best condition and fully maximised. In that case, Instanta is your best bet.   

Conclusion

An Enterprise Asset Management Solution is more than a system; it’s a strategic tool that, when leveraged effectively, can transform how businesses manage their assets. From improved decision-making to enhanced sustainability, reduced downtime, extended asset lifespan, improved reporting and documentation, better financial management, risk mitigation, increased productivity, and cost saving. 

You can be sure that once integration is done, your team can begin to work smarter and become more productive.