How Enterprise Asset Management (EAM) can transform the life sciences industry

Being at the frontend of business regulations and output requires high company-wide visibility, responsiveness, and adaptability. We have seen the world change around us since-2020 where countries and industries were forced to not just push at-scale operations in line with the demand, but also ensure proper and intelligent asset management for regulatory and quality compliance.

Here we look at an industry that rose to the challenge of the pandemic and tackled an unforeseen and unpredictable problem. We are talking about the life sciences industry which ensured, during the pandemic, that the world could walk a path towards apparent normalcy. One validation for the same is the fact that even though the industry average for new drug development is 8.2 years, the Covid-19 vaccines were developed within a year. Only companies that were compliance-ready and asset-responsive could pull this off.

However, many life sciences companies were caught unaware of the situation and were found wanting in terms of inept regulatory compliances, lesser plant throughput, and lack of proper asset management and hence failed to properly adapt to the situation.

Enterprise Asset Management (EAM) for life sciences

First, what is enterprise asset management or EAM? EAM is simply managing the lifecycle of all your plant’s assets ranging from machinery, equipment, fleet, facilities, etc. This is to ensure that the machines/equipment are properly maintained and available when required resulting in a high utilization rate, high-quality throughput, and proper regulatory adherence.

Second, why would life sciences companies need EAM?

A recent Boston Consulting Group study, among others, showed that regulatory compliances were one of the major hurdles for many life sciences companies including biopharma, medical equipment manufacturers and MedTech. The FDA has stringent guidelines that govern the level of digitization and precision required within a life sciences plant. Failing these regulations may result in sanctions, which in turn hurt the top and bottom lines of the company. We will get in more detail on this in a later blog.

EAM enablement, when done right, helps companies bring transparency, responsiveness, adaptability, and precision within their asset management. This guides the life sciences companies to ensure complete regulatory compliance while reducing maintenance costs and increasing overall plant throughput.

And here’s what your life sciences company needs, nay, craves!

Crave’s intelligent and mobility solutions are the top-of-its-class choice for EAM enablement for life sciences companies worldwide. The company has helped multiple large-cap pharmaceutical companies to become compliant and competitive within 6 months of implementation. With deep industry insights, fast deployment, user-friendly UI, and total EAM automation, Crave Infotech has enabled rapid go-to-market speeds for its clients. It’s a good point to get in touch with us right away.

Crave’s multi-suite of industry-leading EAM solutions for life science companies

As we covered before, the way the world was shaped through the pandemic – the life science companies which had the preparedness to stand up and adapt were able to provide the world with timely vaccines, Personal Protective Equipment (PPE) kits, and necessary support (medical) equipment. How did this happen? Why were some companies better equipped to fulfil this demand more than others?

The secret lies in proper enterprise asset management. EAM helps these companies be compliant and responsive. They can predict exactly how much asset utilization and wrench time they could expect, while banking on their automated calibration, maintenance and work order management systems to realize this prediction. Most of the intelligence and analytics that eventually becomes the base of all executive-level decision making, arise from real-time asset health management within the company.

Once again, Crave Infotech is at the pinnacle of EAM enablement which helps life sciences companies to move from a reactive maintenance model to a predictive maintenance model. Here are a few of the key pointers.

  • Get the exact snapshot of all assets with a live report of all work orders and updates with Crave’s real-time and dynamic Planning Workbench. Drive the analytics to ensure lower maintenance costs and higher asset lifetime value.
  • Calibrate all your assets with precision and speed leveraging an exhaustive and real-time synced master database (with Standard Operating Procedures (SOP) and guidelines). The operator can simply scan the asset and get all pre-filled information about the asset. The operator can record all the readings, results and action points on-location following a UI-streamlined workflow within Crave’s intelligent cCalibration.
  • Detect anomalies ahead of time before they become bottlenecks with pre-planned maintenance work orders and connected sensors across the plant. Crave’s cMaintenance is a pre-packaged EAM product built over SAP, that uses artificial intelligence to predict future maintenance requirements through leading trigger tracking (which indicate future requirements) and historical analysis of asset records.
  • Be one step ahead with detailed risk assessment and preventive maintenance to ensure next-to-zero stoppage, downtime or bottlenecks.
  • Ensure total direct and remote visibility of all work orders assignment (including self-assignment), transfers, completion in real-time. This includes direct on-location data input using scanners for zero-error processing. All equipment characteristics are synced in real-time with the technicians’ hand-held mobility device. The person would be able to accurately calibrate, diagnose, repair or report conditions right on the spot.
  • Increase Planned vs Unplanned maintenance (Planned Maintenance Percentage or PMP) where the predictive ability of the module helps plan the work orders before time resulting in lower downtime, higher asset utilization, higher wrench time and higher throughput.
  • Ensure total compliance with real-time records capture (direct, camera or sensor input) with immediate approval capabilities. This helps to streamline maintenance and improve output quality while increasing Overall Equipment Effectiveness (OEE).
  • Reach total responsiveness with digitization and automation of all process workflows and asset management. This can be online or offline, on-premise or cloud-based, etc. Crave’s EAM solutions are totally configurable and ready to deploy right off the shelf.
  • Get complete data and process security with Crave’s industry-benchmarking software protocols, built over SAP’s robust security and compliance standards.

Don’t get left behind, future-proof your company with Crave Infotech

The answer to your compliance and asset efficiency problems is clear. Now, the question is when to take the leap. As highlighted before, you have seen the world change once. It’s no longer enough to adapt. You must evolve.

Don’t just comply, apply. Crave’s EAM solutions help you get on-par with regulatory compliance and can guide you to scale with higher asset utilization, better visibility, better plant-wide agility, consistent and predictable outputs, and better decision-making support. This is the way your company can rise to the occasion and make a mark in the industry.