NEWS: 03 July 2024 – Our Hardcat partner in India, Yotta—interview with Mr. Rajesh Garg, Sr. EVP, Yotta Chief Digital Officer, Head of Applications, Cybersecurity & CISO, Yotta.
How Enterprise Asset Management (EAM) Operates and Transforms Business Efficiency.
What Is EAM? How Does It Operate?
Enterprise Asset Management (EAM) works through a combination of software, asset identification hardware, processes, and best practices designed to manage the lifecycle and performance of moveable and non-moveable (physical and digital) assets. An EAM tool, when deployed, comes with multiple features for the management of the entire lifecycle of an asset. Such tools help a company with the planning, acquisition and deployment, operation and maintenance, as well as disposal of an asset.
Further, EAM also ensures that an organisation’s assets are accounted for, they are tracked and being used while improving the delivery potential of assets and minimising the costs and risk involved.
How are real-time data and advanced analytics valuable in EAM solutions?
Real-time data and advanced analytics are incredibly valuable in Enterprise Asset Management (EAM) solutions to help extend the availability, reliability, and usable life of assets. While an EAM solution monitors the real-time position of assets through barcode or RFID tags or GPS/GSM enabled tags, it can provide insights into the potential failures and asset conditions and create maintenance schedules based on the actual asset condition rather than fixed intervals, which in turn helps with optimising resource use and minimising downtime.
Additionally, analytics can identify operational inefficiencies, leading to adjustments that boost performance, leading to a better return on investment. Improved decision-making is supported by advanced analytics that provide actionable insights from vast data, aiding strategic processes. Trend analyses further helps in understanding asset performance patterns, forecasting future outcomes, and making informed investment decisions, ensuring a proactive and efficient asset management strategy.
How does onboarding an EAM solution help in business operations?
Onboarding an Enterprise Asset Management (EAM) solution is pivotal for enhancing business operations by establishing clear accountability by assigning ownership and responsibility for assets, fostering transparency and efficient management. EAM systems also ensure thorough traceability of assets throughout their lifecycle, capturing crucial data from acquisition to disposal to optimise performance and compliance.
Managing asset status and lifecycle stages becomes systematic with EAM solutions, enabling organisations to monitor conditions, plan maintenance, and make informed decisions on asset upgrades or replacements. By automating maintenance workflows and enabling proactive maintenance scheduling, EAM solutions reduce downtime, improve asset reliability, and lower overall maintenance costs.
Ultimately, adopting an EAM solution empowers organisations with comprehensive asset management capabilities, driving productivity, compliance, and strategic decision-making.
Does having an EAM solution help with reducing operational costs?
Implementing an Enterprise Asset Management (EAM) solution can significantly contribute to reducing acquisition as well as operational costs for organisations. EAM systems help reduce acquisition costs through better planning and streamline asset management processes, leading to improved efficiency and resource utilisation.
Companies that have digitised their assets and automated their maintenance processes now show a significant reduction in acquisition costs, an increase in labour productivity, and a 20 to 30 percent reduction in maintenance costs. EAM solutions enable proactive maintenance scheduling based on real-time data and historical performance metrics.
By identifying and addressing maintenance needs before they escalate into costly failures, organisations can minimise downtime and reduce repair expenses. This approach also extends the lifespan of assets, reducing the frequency of replacements and associated capital expenditures.
Additionally, EAM systems enhance asset management by providing visibility into availability, condition, and performance, optimising asset usage and allocation. This prevents unnecessary purchases or rentals and ensures assets are used to their full potential. Strategic lifecycle planning minimises premature replacements, reducing overall costs. Automation of workflows and improved asset tracking streamline operations, enhancing productivity and reducing administrative burdens.
Overall, the comprehensive insights and proactive maintenance capabilities provided by EAM solutions contribute to lowering operational costs through improved asset management, optimised resource utilisation, and enhanced operational efficiency across the organisation.
What technologies does Hardcat EAM deploy to provide a holistic view of an organisation’s asset portfolio?
Hardcat EAM leverages advanced technologies to offer a holistic view of an organisation’s asset portfolio. It integrates robust governance features to manage risks, formulate asset strategies, ensure regulatory compliance, and enforce internal policies effectively. The system includes comprehensive functionalities for maintaining assets, ensuring safety standards, and managing asset disposal in accordance with environmental guidelines.
With accurate asset tracking and valuation capabilities, Hardcat EAM serves as crucial documentation for insurance claims, facilitating faster and more accurate payouts. Moreover, it promotes sustainability by extending asset lifecycles through proactive maintenance practices, thereby increasing return on investment.
The platform also considers carbon footprint calculations, recognising assets as pivotal components in sustainability assessments. By enhancing asset visibility and accountability, Hardcat EAM enables organisations to make informed decisions, optimise operations, and streamline procurement processes, leading to significant cost savings and operational efficiencies.
Additionally, its value-added services encompass software, implementation support, hardware devices, and hosting solutions, ensuring comprehensive asset management capabilities tailored to organisational needs. Hardcat EAM also provides an open API to enable integration with various software solutions implemented with similar API capabilities to exchange data and information to and fro.
