What can strategically integrated Enterprise Asset Management (EAM) software do for your company? Do you have physical assets, capital equipment, maintenance procedures, spare parts inventory, and equipment certifications? How does your company manage these diverse operational areas? If your company is like most others, there is no central repository of information, system integration, and, candidly speaking, your organization probably uses a simple database or even old-fashioned spreadsheets.
TEN BENEFITS OF AN INTEGRATED Enterprise Asset Management (EAM) SYSTEM
- Know in real time what assets you have in your portfolio and what their working (or none- working) condition is.
- Linkage for your maintenance procedures to your physical assets – this linkage, if optimized, will lead to more up-time, less down-time, and eventually return measurable cost reduction.
- Right sizing your spare parts inventory by comparing spare parts on hand to historical need/usage…this data when analyzed will help your company establish efficient business rules to guide your MRO strategy.
- Compliance to regulatory requirements – how does your business keep track of equipment certifications both in terms of physical location and on-time renewals? Your EAM should track this information for you and alert your asset managers well before a certification is due.
- Comprehensive listing of your vendors, contact information, and up-to-date operational manuals. A robust EAM can help you track this critical information and provide easy access when equipment is down (and customer anxiety is up).
- Integrating your EAM software with your company’s ERP system can provide multiple benefits such as including seamless updating of the vendor listing, easy replication/transfer of financial information, AFE approvals/tracking, and long-term budget planning for asset upkeep.
- Improvement of safety in your organization – which assets play a key role in your company’s safety rating? Most likely safety related equipment is not always the most expensive equipment in your inventory, but it could be the most important. An EAM can help you build and maintain useful registries to track availability/status of this key equipment category.
- Real time dashboards – let’s back up…does your organization have KPIs and visual dashboards that reflect the status of critical assets? If the answer is yes, do you have employees manually processing this data and creating dashboards? Why not invest in an EAM that can delivery this information to managers and senior executives automatically with modern software capabilities?
- Efficient budgeting and expenditure requests can be a reality for your company with a great EAM strategy. Honestly speaking most companies big and small do a poor job of budgeting for assets. By definition an asset should provide a return, so does it make sense to allow a physical asset to deteriorate/depreciate at an unplanned rate? All equipment ages over time, but the key to long-term ROI is to manage the maintenance of assets over their expected lifetime.
- Who is responsible for the asset? Who “owns” it in your organization by department, facility, or even by manager? The old maxim may be true today in your business: “If we all own it, then no one is really responsible for it.” That lack of accountability could cause measurable down time or impact regulatory compliance. An EAM computerized system can help you establish lines of responsibility for critical physical and safety related assets.
HANDS-DOWN: THE TOP BEST PRACTICE FOR LONG-TERM ROI OF YOUR ENTERPRISE ASSET MANAGEMENT (EAM) SYSTEM
- Equipment commonality is the golden key to cutting cost over the long run. Let’s take the drilling industry for example – suppose you have 100 rigs…how many types and brands of shale shakers, BOPs, cranes, top drives and so on does your company own? What’s the impact of having an excessive diversity of equipment on your spare parts inventory and cost structure? What cost reductions can you benefit from by implementing an enterprise strategy for asset standardization?
DO YOU NEED HELP WITH ANY OF THESE AREAS?
- Assessing the need for an Enterprise Asset Management (EAM) strategy?
- Selecting an EAM software package or creating custom software?
- Optimizing a current EAM system?
- Verifying assets in your EAM inventory?
- Helping your current EAM system communicate with your computerized maintenance management system (CMMS)?
The RigServ team of professional asset management specialists can help. Let us show you how we can bring measurable value to your business by improving your approach to EAM.