Enterprise Asset Management: The Backbone of Every Business

Enterprise Asset Management: The Backbone of Every Business

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A major misconception among businesses often is that Enterprise Asset Management (EAM) software is not for them. At times, the word ‘enterprise’ is misunderstood as only for large international businesses. Any organizations that use resources and assets to run their operations need an EAM to optimize their asset usage, which basically means every business. However, every business organization in Singapore that aims to grow and make a mark in the years to come needs a modern enterprise asset management system.

Enterprise Asset Management

Why do you need enterprise asset management?

A world-class enterprise asset management system would help you transform how you manage your physical assets throughout their lifecycle. Whether you are operating a power generation company, a manufacturing plant, an airline, or a transportation business, customizable and need-based EAM solutions are available in the Singapore market. The leading enterprise asset management software providers offer various industry-specific variants of the EAM, such as a transport management system for the transport and logistics sector and so on. You can use them to better use, manage, and monitor fixed or mobile assets such as buildings, vehicles, etc.

The aim of an enterprise management system is to offer adequate functionality for managing, planning, and scheduling work. You can use it to create work orders, oversee the maintenance history of your assets, order and track replacement parts and equipment, and manage equipment assemblies and components.

In the post-pandemic scenario, there is a greater emphasis on efficiency, lean operations, and the usage of cutting-edge technology to reduce human touch in operations. The EAM providers use the latest technologies such as cloud, AI, Machine Learning, IoT, and data analytics to create end-to-end solutions that help you in:

  • Superior maintenance management of all assets powered by predictive maintenance and inbuilt analytics
  • Mitigation of equipment risks courtesy of greater security standards adherence
  • Elimination of regulatory issues by automated compliance tracking and asset tracking to ensure everything is audit-ready
  • Streamlining of operations and superior asset performance throughout an asset’s lifecycle to generate better ROI

You can use modern enterprise asset management to plan, budget, approve and acquire assets through a single dashboard. A cloud-based enterprise asset management system makes it a breeze from the capital purchase of new assets to commissioning them, managing supplier contracts to taking care of payments. Not only that, but you can also plan your asset retirement by smartly monitoring the performance, maintenance history, and other such data.

There are several benefits that enterprise asset management or its industry-specific variants, such as the transport management system, can offer you. These include:

Mobility through cloud access: A cloud-based EAM will not require elaborate hardware to run it. Thus, you can easily access and operate it remotely from any device, including a smartphone.

Zero UI: Futuristic solutions reduce UI by integrating role-based HUBs, Mail bots, and AI-driven intuitive operations.

A modern EAM would offer 360-degree visibility of all assets across locations, performance, operational costs, ROI, and other data in a single dashboard. Thus, you are always in control, no matter the place or time!

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