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5 Enterprise Asset Management Best Practices

If we go a few years back, everything was on paper, and many organizations still do that today. On the contrary, more and more businesses are starting to adopt EAM software to manage their assets.  Regardless, they haven’t been adopted by the end users. As a consequence, the issue remains the same: “the information is hidden”; It’s not available to the end-users when needed in the field. 

"EAM systems are in use today- but they are mostly used as a back-office tools, and they haven't been adopted by end-users"

Together with professionals such as Mikael Gurenius and Rune Durhuus-Andersen, we put together this article on 5 enterprise asset management best practices to help you take your business’ asset management to the next level.

Enterprise asset management

4 stages of Enterprise asset management

The main steps in a correct enterprise asset management

Before we jump into the enterprise asset management best practices, let’s catch a glimpse of the EAM itself.

Enterprise asset management done correctly can help your company increase operational efficiency, improve asset reliability and uptime, centralize critical information, improve collaboration and communication, and get in-depth cost analysis.
EAM is the process of managing and maintaining the lifecycle of physical assets from procurement to disposal. Furthermore, EAM is primarily used in industries that use expensive and complex physical assets such as the manufacturing, health, vehicles, oil and gas, energy, and utility industries.

Enterprise Asset Management best practices

1. Smooth Communication across departments/roles

smooth communication- one of the 5 Enterprise Asset Management Best Practices

Ensuring smooth communication between the different departments is among the top enterprise asset management best practices. The asset lifecycle goes through various people before its final disposal, and henceforth people from multiple departments communicate when managing enterprise assets. 

How likely is it that once fixed issue will occur at another site? And what is the solution? It’s typical in the technician’s head and therefore lowers the quality of how they collaborate in the field.

 

Taking that into account, organizations should ensure smooth communication between the departments. Field workers will be able to send reports to managers without barriers and reduce downtimes or delays in reports. Furthermore, with a smoother communication flow, managers can make business decisions without risking an error due to miscommunication.

2. Create Transparency

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Transparency is a key indicator of good asset management. Keeping equipment in check and knowing when to perform maintenance operations are essential for every business.

Providing everyone in your organization with access to your chosen enterprise asset management system is vital. Allocating all workers with an active role in asset reporting, asset analysis, and asset data collection will boost the efficiency of your EAM. Moreover, they can apply it to resolve challenges along the way.

 

3. Mobile Accessibility

Showing Arkyn's apps on iPhones and tablets

Access to real-time data is another enterprise asset management best practice that you should
utilize. Spotting problems with equipment and rectifying them before significant issues arise is
something that asset managers need to be able to accomplish. Real-time access by mobile
application provides rapid insights into asset tracking, preventive maintenance, and more. Real-
time mobile access to assets provides details such as quality history and repair schedules.
Another benefit is that it saves fieldworkers time spent on searching for critical pieces of asset
information and gives them more time to focus on what they do best.

4. Quick and Easy Integration

quick and easy integration- one of the 5 Enterprise Asset Management Best Practices

We can’t talk about enterprise asset management best practices without mentioning the importance of an easy and swift implementation of the EAM strategy. In contrast to the conventional, modern enterprise asset management software, it is quick and straightforward to integrate and can always be customized to your company’s requirements and needs. The secret behind the swiftness and simplicity is the cloud-based EAM. If you don’t have EAM software and don’t know how to choose the most suitable for your business, check out our article on how to select the right asset management software, where our team provides you with tips and features to look for when you are searching for one.

5. Maintenance strategy

Maintenance strategy- one of the 5 Enterprise Asset Management Best Practices

Breakdown of the core assets can be disastrous for your company’s operations. The best way to overcome increasing costs is to develop a successful asset maintenance strategy. 

How likely is it that the problem will occur at another site? And what is the solution? It’s typical in the technician’s head and therefore lowers the quality of how they collaborate on the field. 

The most cost-effective strategies are predictive and preventive maintenance which take a proactive approach to asset preservation. These maintenance strategies aim to increase asset reliability and reduce the probability of machine failure meanwhile decreasing the high costs of unplanned maintenance work.

Benefits of Predictive and Preventive Maintenance:

  • Asset performance data analysis
  • Sensor-based asset monitoring
  • Asset utilization and availability monitoring
  • Instant asset location
  • Tracking asset warranty dates and maintenance schedule

Get the most out of the EAM best practices

Enterprise Asset Management solutions allows you to focus on your organization’s critical tasks. To become a top company in your industry, you must take all 5 best practices into account. All aspects are interconnected, creating a set of practices that will improve your asset management.

If implemented correctly into your EAM, these 5 best practices will act as building blocks of a high return on investment, improved internal communication, streamlined workflow, and second-to-none asset management.

This article on “5 Enterprise Asset Management Best practices” is part of Arkyn’s series of articles, where our team strives to provide you with useful tips and tricks on how to better manage your assets.

 

Arkyn is on a mission to enable everyone to work fast and efficiently in SAP by building mobile solutions to optimize enterprises’ operations so employees can spend time on what they do best.

 

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Real-time mobile access to asset information

 

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