Top Enterprise Asset Management Best Practices
Enterprise asset management (EAM) is a systematic way of maximizing the return on investment (ROI) from assets, machinery, and heavy equipment. It can help organizations track and manage physical assets and plan maintenance and repair more effectively. Without EAM, heavy assets can become a major source of liability and financial loss for a company.
Today we will provide a brief overview of EAM and how it supports managing heavy assets and extending asset lifecycle. Then we will discuss the top enterprise asset management best practices that asset-heavy firms can use to efficiently maximize their return on assets (ROA) before showcasing LLumin’s innovative and advanced computerized maintenance management system (CMMS+) software as a highly effective EAM solution.
Overview of Enterprise Asset Management
Enterprise asset management is a systematic strategy for managing heavy assets over their entire lifespan, from capital planning to procurement, maintenance, compliance, risk management, and disposal. It also entails using numerous procedures, methods, and systems to manage heavy assets to guarantee they continue to meet service standards.
According to recent research, the enterprise asset management market is expected to grow at an 8.7% compound annual growth rate (CAGR), reaching $5.5 billion by 2026 from $3.3 billion in 2020. While there are several EAM solutions on the market, companies must select the best solution to meet their specific management needs to ensure success after implementation. The best solutions should enable administrators to transition from increasingly obsolete maintenance models to predictive maintenance models resulting in reduced costs and assurance that assets continue to operate at peak performance levels.
Enterprise Asset Management Best Practices
EAM solutions can help your business in several ways, but you can maximize your ROA by adhering to best practices. The top enterprise asset management best practices include:
- Standardized guidelines
- Mobile accessibility
- Cross-department communication
- Total visibility
- Quick & easy implementation
- PdM strategies (accurate, real-time data)
- Quality risk management
We will discuss each below.
Standardizing guidelines is one of the most important ways to improve a company’s EAM strategy. As a business expands, it is critical to maintain a consistent approach to management and documentation processes and establish company rules and guidelines.
Standardizing your asset management processes will help your company establish a solid organizational structure that ensures your workforce follows guidelines and stays informed of important health and safety policies and maintenance requirements. For instance, digitizing paper documents can aid in implementing critical automated processes.
With the increase of newer mobile technologies and people who prefer to use their mobile devices to access and manage critical company information, mobile accessibility is one of the most important EAM best practices on this list.
Knowing how important and necessary mobile technology is in today’s world, having a mobile-first cloud-enabled EAM solution is crucial. Can your technicians pull up an iOS or Android app and view it from anywhere? With many outdated legacy systems—they can’t.
Mobile accessibility allows employees to access critical information in real time and from anywhere worldwide. The best solutions, like LLumin’s CMMS+ software, enable employees to quickly obtain a list of equipment sorted by location and work cell, maintenance schedules, repair cycles, and important historical information about asset performance. Maintenance technicians can then leverage this information while making critical decisions about company assets.
Heavy assets go through several stages of their lifecycle before being disposed of. This lengthy and complex process necessitates cross-departmental communication and coordination between maintenance technicians and administrators to ensure that each asset is handled appropriately according to company needs.
Cross-departmental communication can ensure a more streamlined approach to EAM and significantly increase uptime. LLumin’s CMMS+ solution is cloud-based and can improve internal communications between departments while ensuring your workforce has access to up-to-date company information.
As businesses become more complex so does their technology environment, which can consist of outdated and siloed systems that prevent access to critical information. Due to this, total visibility and the integration of company assets are required as a pillar of enterprise asset management best practices. Your EAM solution should provide a single source of truth with comprehensive information that is easy to access and understand.
Your EAM solution should make it easier for your company to keep track of its critical assets, including repair and maintenance programs. It should also improve your management processes and ensure that your workforce can locate company assets and access critical information about asset performance, inventory, work orders, and more. LLumin’s CMMS+ lets you track every machine and asset infrastructure across plants and locations. You’ll see who’s working on them and their real-time status.
Quick & Easy Implementation
While hundreds of EAM solutions are available on the market, many are challenging to implement and provide little support after initial installation. Therefore, it is critical that your EAM solution can be tailored to your specific management needs and provide ongoing support.
While there are many EAM solutions to choose from—LLumin is different. We are innovative and transformative and have a proven solution built on integrating disparate systems and software. What’s more, we have put increased focus on the end user.
Our easy-to-use CMMS+ solution can be configured by job role so that employees can intuitively understand and navigate the software to complete their work without struggling with the very thing designed to help them, accompanied by a smooth implementation process and expert customer service support.
Some systems only provide preventative maintenance schedules. Others use artificial intelligence (AI), the Internet of things (IoT), and machine learning (ML) technologies to provide true predictive maintenance. If your company uses a preventive maintenance model, you will likely have excess availability of equipment and components and a much larger budget for maintenance and repair costs.
A robust EAM solution should incorporate predictive analysis tools to help facility managers make more informed decisions. Reputable EAM solutions include AI and ML technology, making processing massive volumes of company data easier. As a result, the software will be able to predict potential asset irregularities.
By analyzing past performance and trends, predictive maintenance can help you proactively schedule maintenance for machinery or other assets before an issue occurs and eliminate the need for unnecessary maintenance and repairs.
LLumin’s CMMS+ solution connects to real-time sensors to provide alerts upon issue or event detection. Within the CMMS+, you can create maintenance actions and outcomes based on equipment conditions and associated rules—and make sure repairs are made at exactly the right time before problems arise.
Quality Risk Management
Quality risk management is critical to the best enterprise asset management systems. Companies should constantly assess internal and external risks related to heavy assets and implement mitigation strategies to help limit the dangers posed to their personnel.
Most EAM systems only address safety by registering dangers and precautions to be taken while working in a hazardous environment. In addition to offering regular safety training, your selected EAM solution should help employees mitigate maintenance and repair risks while adhering to compliance when performing work orders.
Implement Enterprise Asset Management Best Practices With LLumin
The best practices outlined above should be followed to ensure the best potential outcome while implementing a new EAM solution. These best practices will lay the groundwork for the highest possible ROA, greater asset visibility, communication, and safe and efficient heavy asset management approaches.
LLumin’s CMMS+ predictive maintenance software enables asset and maintenance management processes and best practices that effectively incorporate personnel, skills, materials and tooling resources, and supply chain partners. With a cloud-enabled CMMS+ solution, you and your team will have increased visibility of asset issues, statuses, and potential risks in real time, at the right time.
LLumin’s CMMS+ software aggregates data from machine sensors and applies condition-based workflows to execute immediate responses for optimal asset management. Your implementation will be configured to match your unique company goals and business processes. Our software is easy to deploy, and a dedicated project manager will help you throughout the implementation process.
So if you are looking for a cutting-edge CMMS+ accompanied by a seamless implementation process and an expert customer support staff, then LLumin is a perfect fit.
Getting Started With LLumin
LLumin develops innovative CMMS software to manage and track assets for industrial plants, municipalities, utilities, fleets, and facilities. If you’d like to learn more about enterprise asset management best practices, we encourage you to schedule a free demo or contact the experts at LLumin to see how our CMMS+ software can help you reach your asset management goals.