Enterprise asset management software
Enterprise Asset Management (EAM) software is a solution that large organizations use to track many aspects of their operations. They use it to monitor their asset levels, locations, and transportation from one location to another. It’s also helpful at automating processes, such as reordering assets that are getting low and scanning things in and out of warehouses and other facilities, so that those changes are instantly reflected in the system.
Accessibility of EAM software
Despite the fact that it is commonly used by large organizations, EAM software is becoming increasingly popular among smaller organizations looking to cut costs and increase efficiency in new ways that simply weren’t possible before. That is because there are newer, less-expensive options on the market than there used to be, allowing companies and organizations with tighter budgets to enjoy the same benefits as larger organizations at a fraction of the price.
Many organizations don’t realize how valuable EAM software can actually be. Those that neglect tracking physical assets could be losing out on opportunities and money through misplaced assets, or are experiencing problems within their infrastructure when those assets are mission critical.
Benefits of EAM software
An affordable EAM software solution can solve these concerns and provide other major benefits to any organization. The following list includes just a few of the benefits you can expect from using EAM software. Based on your specific situation, you may even see many additional benefits.
- With a good EAM system, organizations can take a proactive approach to maintaining their operations and preparing to handle physical infrastructure issues before they become problems.
- Many operations can be automated to save time and make things run more smoothly.
- Data entry errors are virtually eliminated, since they no longer have to be hand typed, but can be added via barcode scanners and other handheld equipment.
- True product life cycle planning can be done to ensure assets are replaced, rotated, or used to maximize their value and ensure nothing goes to waste.
- EAM software reduces the time spent by upper management in dealing with asset management issues and concerns that can and should be addressed by lower-level employees.
- Employees are empowered to accomplish more tasks in less time, giving them greater flexibility and responsibility.
- Information technology (IT) is at the heart of nearly every major organization these days. A proper EAM strategy is crucial to any IT department, if they are to run successfully and efficiently.
- Often, EAM is required if you are going to comply with industry standards and regulations. Trying to do this with a paper-based or homegrown solution is costly, inefficient and likely to fail.
As mentioned before, these are just skimming the surface of all of the benefits you may enjoy by using EAM software.
EAM planning
Don’t let your organization become a victim of passive or nonexistent EAM strategies. There are plenty of tools at your disposal that allow you to avoid the pitfalls that many organizations fall into. These EAM software tools give you the ability to:
- Set up automatic reorder points on every single item among your assets to make sure you never run out at an inopportune moment.
- Train multiple users on how to use the software to make their jobs easier and get more done.
- Assign access rights to users so that they will only be able to see and modify data associated with their jobs. This protects your sensitive data and avoids unnecessary risks.
- Integrate with other solutions you may be using to eliminate double data entry. If you only have to enter numbers once, there’s much less risk of errors being made and the numbers not matching up between solutions.
- Speed up processes and get assets in and out quicker so that they get to where they need to be at the right time.
- Track asset movements and transfers so that there’s no confusion about what you have on hand and where to find what you are looking for.
- Ensure asset quantities are accurate and up to date through cycle counts and advanced asset tracking features.
Take the time to understand the value of your assets and how they impact the efficiency of your organization, as well as what they mean to the bottom line. Organizations that are looking to reduce expenses and get a lot done on a small budget would do well to take stock of what EAM software can do for them. It is basically a way to do more with less by giving workers new tools that eliminate wasteful manual processes and replace them with faster, automated processes. All of this leads to a leaner organization.
Organize and prioritize your assets to better determine the level of asset management you might require. This can include completely rethinking the layout of your warehouse(s). For example, you might discover that certain items are coming in and out of the warehouse more often than others, so it would be better to put those closer to the receiving area. In addition, certain assets are probably used in conjunction with each other. It’s a good idea to group them together, so that they are easy to pick at the same time in one pass through the warehouse.
As you look for the right EAM software for your organization, be sure to consider a few things. Shop carefully for the right solution that can not only meet your needs right now, but also down the road as you grow and change. Make sure it is in your price range. Expensive doesn’t always mean better, and you have plenty of options besides ones with high price tags. These solutions don’t need to be expensive to be effective and provide the value you are looking for.
Fishbowl’s manufacturing and warehouse management software has been trusted by NASA, Boeing, Honda, Wells Fargo, and many other large organizations. If you’re not using EAM software now, find out if Fishbowl is right for you!