Whether it’s great or not-so-good, there’s always room for improvement. While there are a variety of strategies or tactics you can employ, one solution is particularly quick and easy to deploy, affects the entire business, and is key to transforming your organization for the future of manufacturing. That solution is a new enterprise asset management (EAM) approach.
Having an advanced EAM system in place enables you to reduce unplanned downtime and extend the life of your assets—two activities that have a real and direct impact on the bottom line of your business.1 A recent ARC report shows leading manufacturing executives are making the connection between standard EAM objectives and business metrics, and industry leaders are leveraging new EAM solutions to affect positive changes to their companies’ finances. Here are the three ways a new EAM approach enables you to keep up in the increasingly competitive manufacturing marketplace:
1. Operate much more efficiently
Without a modern EAM solution, many of your processes are simply not as efficient as they could be. The root causes can range from stock-outs to duplicated efforts. For example, even when maintenance is scheduled effectively, not having the right inventory or skilled resources available to complete a job can lead to production grinding to a halt. This type of unplanned downtime takes a tremendous toll on your ability to operate efficiently and has a huge impact on the margin and revenue of your business.
Duplicate efforts across your organization may also be slowing you down. It’s common for manufacturers to use several methods for tracking work orders, assets, and inventory. But managing information this way means your employees are spending time entering the same data into disparate systems instead of completing more productive tasks.
A modern EAM solution streamlines the work order planning, inventory, and work order execution processes, enabling you to address these inefficiencies. Becoming more effective in having the right spare parts, skilled resources, and other elements on-hand goes a long way to reducing unplanned downtime. Likewise, when your employees have a single system for entering information during work order execution, they have more time to dedicate to tasks that extend the life of your assets.
2. Leverage data to make better, smarter decisions
The ability to make sound business decisions is essential, as is having a reliable basis on which to form them. Manufacturers often have multiple methods, which could be anything from spreadsheets to pen and paper, for tracking and managing work orders, assets, and inventory. These methodologies create data silos and put you in the position of having to reconcile data before business decisions can be made. This “guess-and-check” method is often the best option companies have, but it has a high margin of error and the resulting decisions are not always in the best interests of company profitability. Additionally, the advent of the cloud and IoT is providing access to even more asset information, so reliably compiling and analyzing data is increasingly important.
The right EAM approach enables you to unify the systems and processes you use to gather and analyze asset data. Breaking down data silos gives you better visibility into what’s happening across your business and removes the guesswork from decision-making to enable more effective planning and tighter control over costs so you can protect your business’ bottom line.
3. Utilize future-ready technology to get ahead
IoT technology is becoming more widespread across the manufacturing industry all the time. If your assets and systems are unable to connect and interoperate with intelligent, future-ready devices and systems, your business will be at a competitive disadvantage going forward.
You will also be at a disadvantage if your employees don’t have modern tools that maximize their efficiency and effectiveness. Today’s workforce is increasingly mobile and tech-savvy, and empowering employees with intelligent tools to manage work orders anytime, anywhere is key to getting ahead.
Implementing a contemporary EAM solution enables you to capitalize on all the opportunities IoT and other modern technologies present. A system that securely connects to the cloud and interoperates with other business solutions enables you to more effectively plan and execute on all types of asset maintenance while increasing uptime. Plus, providing future-ready tools for your employees expands their capabilities and improves their capacity to work efficiently.
The path forward
Some providers are more well-suited to help you change your approach to EAM than others. Stand-alone and bolted-on deployments enable you address some of the challenges you may be facing today, but come with new problems of their own such as the failure to solve for data silos or costly, complex deployment processes. Choosing a provider that builds EAM functionality directly into other systems, however, enables you to correct inefficiencies, make more informed decisions, and prepare your business for the future.