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4 tips to help you make the most out of your asset management solution

June 21, 2018
Loc8 Insights 4 tips to help you make the most out of your asset management solution

Research shows that year after year, asset intensive organizations are implementing enterprise asset management (EAM) systems to help them manage asset locations and business units.

One of the major benefits of implementing such system is that it standardizes workflow processes and gives organizations the tools to help them survive in today’s highly competitive global marketplace.

But installing an EAM system is not enough, because most organizations aren’t fully aware of how they can milk the benefits of this system. If you’re looking to fully comprehend how to best use EAM capabilities to increase your ROI, give these following tips a try.

Conduct Periodic Business Process Reviews

Field service operation teams need to undergo period reviews for the business to identify specific functional and technical requirements mandated by EAMs. This is a pivotal step that requires constant revisiting, especially if the original implementation plan was conducted without on-going, end-user involvement. You should also revisit any current processes that still show inefficiencies and ascertain if new applications can be used to enhance decision-making. For example, look for EAM tools that allow scalability. So as your organization grows into new needs, the EAM system will then be able to adjust accordingly.

Prioritize your Assets

Categorizing assets by their level of criticality (i.e. importance to the company/customer) is important to make quick decisions on whether repair or replacement is the best option for the customer. Assets marked as essential for service delivery should be prioritised higher than those that aid performance while not directly hindering delivery. This practice of prioritisation helps EAM systems assess your organisation’s infrastructure as a whole and ensures resources are allocated effectively to optimize systems and performance.

Customize Your Workflows

In the field of enterprise asset management, workflows are defined to support a wide variety of controls, letting your asset managers direct and automate the flow of any process from start to finish. EAM systems can be used to design workflows that keep your processes flowing in accordance with desired time-intervals, while simultaneously logging records for each process (which comes in handy for audits). The flexible nature of EAM systems allows you to reauthorise these workflows to someone other than the delineated person, if required.

Build Strategic Reports and KPIs

Most EAM systems include provisional reporting and KPI tracking that helps organisations track and analyse performance data that can be used to improve processes. However, to get the most out of such tools, you need to manage your assets proactively, which means having to introduce new measurement metrics from time to time. While you can use the default KPIs, it helps to customise them to your specific industry’s needs. EAM systems provide an intuitive user interface that lets you pay close attention to your KPIs and develop on-going, actionable solutions.

By incorporating such best practices for enterprise asset management, you can achieve superior returns from your EAM system and take your organization to the next level.

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