For companies that operate multiple assets, minimizing the number of errors is absolutely essential. Every instance of unexpected equipment downtime can have dramatic consequences for business operations.
That’s why predictive and preventive maintenance are so important.
But in order to keep these disruptions to a minimum, it’s essential to utilize the most cutting-edge approaches. Luckily, there are advanced software solutions such as CMMS and EAM (“>read about the difference) that eliminate the need to use paper records or spreadsheets to track assets.
Cutting-Edge Changes to Asset Tracking Software
It’s never been easier to optimize your asset management processes and make sure that each of them brings the best return on investment possible.
Here are just a few of the ways that today’s asset tracking solutions can take your asset management to a whole new level:
Any delay in the transfer of information can have dire consequences, especially when trying to ensure that your assets are functioning at full capacity.
With real-time data, companies know precisely where their assets are, how they’re being used and what their status is.
With this information in hand, you can develop more efficient practices for asset management, thereby reducing maintenance costs.
What’s more, asset tracking and management software enables companies to significantly improve communication between departments. Much of this is due to the ability to instantly share and analyze data.
This ability can be very important when trying to make sure that asset use and maintenance is carried out in the best way possible across departments. Data such as equipment usage and vendor history can help ensure that companies always maintain control over how their assets are handled.
Using insights from real-time data, it’s possible to make informed decisions on how to improve your long-term asset management. This often results in substantial cost savings and better overall asset management practices.
Real-time data is a powerful tool, but it’s not much use if that data isn’t easily accessible.
That’s why mobility and accessibility are such vital components of asset tracking software. The ability to access this information can make a huge difference in the way that physical assets are managed.
Maintenance personnel can use an EAM mobile app to easily and quickly enter information about equipment inspection or maintenance. As soon as that happens, it’s instantly available for other users to access.
The eliminated need for manually entering data makes the maintenance process much more efficient. Plus, it allows you to dramatically reduce the number of errors that result from misplaced forms or incorrect data input.
These benefits alone have made companies strongly consider adopting modern asset tracking software solutions.
In fact, according to a 2017 Plan Engineering Maintenance Report, even though more than half of facilities still aren’t using handheld or mobile devices for plant maintenance, 27% are actively looking into the possibility.
And it’s not hard to see why.
As a system that quickly inputs data from any device and makes it available across different locations, asset tracking software makes it easier to schedule maintenance and assign personnel to do it.
Every step of the maintenance process can be conveniently tracked and accessed in one place so that the process runs smoothly. As such, there aren’t any overlapping actions that waste your time or resources.
Cloud capabilities have become an absolute necessity for any comprehensive software solution, and the same applies to asset tracking software.
According to IDC’s Worldwide Semiannual Public Cloud Services Spending Guide, the cloud computing market is forecasted to achieve a five-year compound annual growth rate of almost 22%, with spending totaling $277 billion in 2021.
But how can cloud help make asset management better?
Well, there are numerous benefits. For example, easier scalability, increased security, accessibility, project management agility and reduced maintenance costs, to name a few.
Cloud computing provides a much more intuitive approach to asset inventory. This approach doesn’t require a massive investment or workforce commitment, instead offering maximum flexibility and user-friendliness that simplifies the process.
The Internet of Things
The Internet of Things (IoT) is becoming more prevalent every year as the cost of the devices and sensors that make it possible decrease.
Few areas stand to benefit as much from IoT as asset management.
The Internet of Things allows machines to autonomously interact with one another, eliminating the need for constant manual intervention. This means that even previously manual processes such as preventative maintenance are becoming simpler and more straightforward.
This results in decreased costs, a better understanding of how to maximize each asset’s potential and an overall increase in efficiency.
The intelligence that’s provided by IoT allows asset management solutions to, among other things, identify performance issues and spot potential repair or replacement opportunities.
Every industry comes with its own challenges that need a unique approach. That’s why it’s so crucial that EAM and CMMS solutions are developed with industry-specific needs in mind.
Luckily, today’s leading enterprise asset management solutions provide comprehensive functionality and customization that makes the software flexible across different industries.
Whether the company is a service provider, a manufacturer or works in transportation, a good asset management solution shouldn’t have problems adapting to the unique challenges of each industry.
There are even software solutions that are designed to meet the requirements of a particular sector. Even if your industry is heavily regulated and requires advanced functionality, there’s likely a software vendor that can accommodate your requirements.
Top 3 Asset Tracking Software Vendors
Below are some of the top EAM vendors that provide the most cutting-edge features and functionality:
Infor EAM is one of the most advanced enterprise asset management solutions. The system allows you to take complete control over how you manage your assets.
Infor enables companies to gather real-time data on asset performance, spot trends and anomalies, forecast accurately and help you make informed, data-driven decisions.
Infor EAM is aimed at a wide range of industries such as healthcare, manufacturing, public sector, oil & gas, hospitality and, recently, transportation. This versatility shows that Infor is a solution that’s able to adapt to the specific needs of companies across several industries. This fact has made it one of the top solutions available today.
Infor EAM users report up to a 50% reduction in maintenance overtime, labor and contractor costs, plus a 50% increase in warranty cost recovery.
Oracle EAM is another staple in the EAM market. It provides one of the most powerful solutions out there, simplifying the process of managing fixed assets.
What’s more, the software also helps you stay in compliance with the numerous laws and regulations that are a part of many industries.
The software’s cutting-edge technology utilizes both preventive and predictive maintenance. This enables managers to quickly create a library of standard operating procedures and preventive maintenance schedules.
With Oracle, users have a much easier time balancing production quantity with overhead costs. As such, you can maximize the efficiency of your operations across multiple sites.
By striving to eliminate waste and streamline your processes, Oracle has become a leading EAM provider across industries such as finance, manufacturing and healthcare.
IBM’s Maximo Asset Management is a comprehensive solution for companies that want all of the advanced features that only one of the world’s tech giants can offer.
In the age of the Internet of Things, it can be challenging to manage the constant stream of data. With IBM Maximo, the entire process is much more manageable.
The software enables organizations to maintain constant control over every asset type, collect real-time information on their assets and streamline global operations like procurement and contract management.
IBM Maximo is available both on-premise and in the cloud, offering industry-specific options for those that work in asset-intensive sectors.
Some of the most prominent features of Maximo include the flexibility of deployment, an advanced IoT integration and intelligent scheduling, which uses weather data and other tools to manage even the most complex maintenance projects.