What is EAM Software: Definition
Enterprise Asset Management (EAM) is the process of keeping track of an organization’s assets.
It allows companies to assess the quality of their assets so that they can be replaced at the appropriate time, and to ensure that they always have effective physical assets on hand to keep the business running smoothly and employees safe.
One could argue that the ultimate goal of good asset management is to use assets in the most optimal way possible, in order to make equipment purchases more cost-effective and to work more efficiently.
Environmental and safety concerns are also part of the EAM philosophy.
Enterprise asset management is often used for expensive and heavy items, i.e. in the industrial, health and production sectors.
Example of a sector where EAM can be used:
The benefits of enterprise asset management
When enterprise assets are well managed, it allows an organization to be even more efficient in many areas of its work. These include optimizing material costs, budgets, maintenance periods, asset replacement and asset life.
All of this together allows the company to function better and to ensure better profitability.
How do you go about implementing an enterprise asset management system?
Often used in large companies, inventory management with Excel or paper documents are no longer effective enough to ensure good management of business assets.
In this case, you need an automated solution, which allows you to avoid errors and to find all your assets in the same place quickly.
With a cloud solution, you can track your assets right from a cell phone. All employees will be able to collaborate with each other thanks to an efficient system accessible only with a WIFI connection.
What are the main functions of an EAM software?
Most of the time, an EAM software will allow you to track the legal licenses of all your assets to ensure you are always compliant.
This is particularly handy when it comes to audits or to obtain an ISO certification.
You will also be able to add a description of each item in your inventory. By accessing an asset, an employee will be able to see its procedure sheet, characteristics and details.
This also allows an organization to keep a complete history of the actions taken on each asset.
Maintenance period, follow-up, license renewal, all traces of important dates will be found in this place.
Finally, this type of software can prove to be very useful in facilitating the financial management of your company, because of course, a well-managed corporate asset inventory allows you to reduce expenses considerably.
Choosing your EAM software
To ensure that you have an enterprise asset management system that meets the needs of your organization, you need software that your team can access certain tools quickly and that they are comfortable working with.
Essentially, your choice of tools will depend on the functionality it offers. It is essential to have access to the following types of functions:
- Locating your assets at any time of the day
- Access to the history of important and upcoming dates (purchase date, maintenance period, replacement, renewal)
- Have access to the descriptions of the assets kept in the inventory
- Be able to activate notification parameters in case of limited stock or potential stock shortage to avoid equipment shortage
- Be able to calculate the life expectancy of assets
- Be able to install and use the tool quickly
Hector for your enterprise EAM
The good news?
Hector provides you every one of these features and benefits! Easy to install, your employees will have no trouble working with Hector.
Easily accessible from a computer or mobile device, Hector is an at-a-glance solution that allows you to effectively manage all of your company’s assets.
With all the information you can store in the software, you’ll be able to better plan your expenses and projects.
Receive an alert that an item is defective and proceed quickly to repair it!
With alerts to remind you that an asset is due for maintenance, you will be sure to save a lot of time and money.
In addition to the economic benefits, you’ll have peace of mind knowing that you will always be working with up-to-date, quality materials, which also ensures the safety of employees.
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