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Crave InfoTechArticleThe Best Practices of Enterprise Asset Management (EAM)

The Best Practices of Enterprise Asset Management (EAM)

Enterprise Asset Management is a surefire way of increasing the lifespan of your assets and improving the quality of your service. Sound asset management can help a company maximize its return on assets, thereby decreasing its losses and enhancing its profits!

However, employing Enterprise Asset Management (EAM) is easier said than done. Keeping track of the life of assets can be very tricky. Given the fact that each asset is unique (as far as utilization and life expectancy are concerned), asset managers need to schedule regular checks to ensure that everything is always performing at optimum levels.

Here are a few ways you can ask an asset manager to optimize your enterprise asset management cycle.

1. Conducting Periodic Reviews:
The first step of ensuring the safety of your assets is to schedule periodic reviews. While we understand that your IT may have already compiled a comprehensive report on the current state of assets, it’s still important to revisit this step. Look out for processes performing at subpar levels and note all such discrepancies down.

Periodic reviews can help you highlight areas that require immediate attention. However, before you choose a practical solution that aims to enhance the life of your products, pick one that has scalability. This will help the EAM tool of your choosing to adjust accordingly to the growing needs of your organization.

2. Customizing Your Workflow:
Workflows ensure that every scheduled process is completed in the required time period, helping organizations meet their goals and deadlines. As the needs of every organization are unique, customize your workflow as per your needs. This will give you better control.

However, when customizing your workflow, make sure to account for escalations. They tend to adversely affect your chances of meeting previously set deadlines. Optimize your workflow to ensure it’s optimized to accommodate any escalations that may occur in the future, and you’ll have a better chance of meeting your goals.

3. Digitalizing the Asset Management Cycle:
By far, the best Enterprise Asset Management practice is the digitalization of the entire cycle. Given the sheer number of assets companies possess these days, asset managers cannot be expected to keep and maintain big ledgers accounting for every asset in the company. Digitalization is your best route forward.

If you’re looking for software to digitalize your asset management cycle, we highly recommend opting for SAP. This revolutionary software has already helped asset managers in more than 378,000 companies in 180 countries optimize their maintenance cycles. SAP allows users to account for every asset in their company and keeps them up to date with their current condition.

That being said, we’re well aware that digitalizing the entire asset management cycle can be a gargantuan task. Indexing thousands of assets can be off-putting for most asset managers, which is why we highly recommend getting professionals involved.

If you’re looking for someone to help digitalize your asset management cycles via SAP, we highly recommend getting in touch with Crave InfoTech. The company has been associated with the software since 2007 and has earned the confidence of its clients in North America, Asia, Australia, and Africa.

Specializing in mobile EAM Solutions and SAP HANA services, get in touch with Crave InfoTech to optimize your asset management cycle today!

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