Why Manufacturers Can’t Afford To Ignore Enterprise Asset Management

Globalization is a fact that every manufacturer no matter the product or vertical must contend with in their daily operations.Word-Cloud

Whether you are a single plant feeling the pressures brought on by overseas competitors or a multinational organization moving operations to emerging markets, you deal with globalization pressures. Globalization pressures are driving the need for manufacturers to lower operating costs, causing increased scrutiny from regulatory bodies. In order to deal with these pressures, manufacturers are searching for a way to maximize Asset Performance.

ASSETS MUST BE TRACKED!

From fleet vehicles to production facilities assets must always be tracked, managed, and serviced in order to deliver full optimal value in support of critical business functions.

Enterprise Asset Management (EAM) provides a key opportunity for improving operational efficiency. Proactive asset management allows organizations to benefit in a number of areas:

  • Reduced operating expenses
  • Greater productivity
  • Higher service levels
  • Deferred asset expenditures

An effective Enterprise Asset Management (EAM) solution will understand that assets are often distributed across many locations and/or mobile in nature. This often means that multiple management silos of assets exist with redundant functions resulting in real costs, both in terms of business productivity and actual service cost. The consequences of under-management and reactive management can be even more severe, with unpredictable productivity and safety issues.

Managing critical assets has become continually more complex. In order to meet increasing requirements, you must manage risk and compliance, have full visibility of all asset and asset based service management activities, and standardize business process and operations across the entire organization. Critical assets such as tools, tests, measurement equipment, diagnostic equipment, robots and facilities all require a high level of uptime.

What should manufacturers demand from their Enterprise Asset Management (EAM) solution at a minimum?

  • Track and manage asset deployment, specifications, conditions, calibration, and costing from a single system
  • Manage maintenance with comprehensive work orders for planned and unplanned activities
  • Support for preventive, reactive and condition based maintenance
  • Advanced planning, scheduling, resource optimization and KPI’s
  • Comprehensive inventory management including vendor management
  • Fully functional mobile solution both on or offline

What are a few of the benefits that manufacturers will realize from an effective Enterprise Asset Management (EAM) program?

  • Increased labor utilization
  • Increased asset utilization
  • Asset replacement cost avoidance
  • Warranty reclamation
  • Reduced MRO inventory shrinkage
  • Reduced inventory carrying cost

Manufacturers ask yourself:

How do you manage the cost of operating and maintaining your assets?

How are you currently reducing operational risks and ensuring compliance?

Lastly, do you have a single standard method or process for managing all assets, services, corrective/preventive action, calibration and mobile?

If not, then maybe you should give API PRO asset maintenance software a look.

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