Volume 4
This global pandemic will shape businesses for decades to come. Companies will have to reinvented and implement new platforms with a strong focus on Asset Management. In Volume 1, we covered the Asset Utilization for businesses, Volume 2- Cost Optimization Strategies were highlighted, Volume 3- Usage Based Business Models were highlighted. In this Volume -4, Enterprise Asset Management is highlighted.
Gone are the days when enterprise asset management (EAM) was just a maintenance department responsibility. EAM is now becoming an integral part of organizations focused on operations-centric business approach. It is this market that’s witnessing a tectonic shift in EAM’s capability to serve as critical differentiators. An EAM system have direct impact on the profit and loss (P&L) statement and balance sheet of a business by enabling less unplanned downtime and extended asset longevity. Some of the key reasons of why you should consider implementing EAM within your organization.
- Lack of data or inaccurate data for Asset Tracking lifecycle
- Compliance with regulatory and industry standards
- Absence of Data or Data and information stored in multiple information systems
- Asset management operates like a cost center
- Losing organizational knowledge through an ageing workforce
- Increasing asset sophistication and complexity
- Optimize work order scheduling based on resources, tools, parts availability etc.
- Reduce maintenance costs and increase Return on Assets
- Improving Asset utilization and performance
- Optimize the promised services and efficiencies that can be delivered from the asset
- Manual and noncompliant safety processes and work permits
- Need to capture and turn the data flowing from equipment into intelligence
The goal of EAM is to optimize asset life cycle in order to decrease the Total Cost of Ownership (TCO) and maximize Overall Asset Productivity (OAP) and Return on Asset (ROA). EAM incorporates the management of an enterprise’s assets across different facilities, departments, business units and geographical areas throughout each Asset’s lifecycle. These assets can include plants, buildings, machines, vehicles and infrastructure.
An EAM system is used to plan, control, optimize and execute the needed maintenance activities of the assets with respective priorities, materials, tools, skills and available information. It includes design, commissioning, operations, maintenance and replacement of Assets. An EAM solution includes functionality for:
Source: Accrete Solutions and Efftronics Systems Pvt. Ltd.
The benefits of implementing an EAM is multifold for an organization. The below graphic illustrates the benefits for the different departments.
Source: Accrete Solutions and Efftronics Systems Pvt. Ltd.
I have been closely working with Accrete Solutions and Efftronics Systems Pvt. Ltd. on Enterprise Asset Management. Accrete Solutions are leaders in SAP EAM implementations and have a long track record of success in the space, uniquely combining SAP EAM capabilities with a real world IoT device connectivity platform. Accrete has teamed up with Efftronics to offer a complete End-To-End Smart SAP EAM IoT enabled solution to customers.
Let us connect so I could assist in scheduling a presentation to showcase the implementation the IoT Platform which is managing 6+ million devices connected to 200+ command centers generating 22+ million records per day. Smart EAM IoT Platform can offer you measurable improvements in Asset Performance, Regulatory Compliance, Proactive Maintenance and increased Customer Satisfaction.
About Baljit Singh
Baljit Singh has been fortunate to be part of teams that have brought innovation and game changer product & services to the market. He has experience in building successful product and services companies. He is currently an advisor to companies for developing their innovative journey. He is a motivational speaker and gives talks on how to cultivate habits and change lifestyle to drive innovation. Baljit is currently driving cross border partnerships.
About the Book- My Experiments with Innovation
The Book – My Experiments with Innovation is a practical guide to inculcate Habits and Lifestyles to drive innovation! Click below to order your copy of My Experiments with Innovation.
For any further information, please contact Baljit Singh at [email protected]