Enterprise asset management (EAM) has become a critical enabler in the success of the business. Once considered the domain of operations and floor managers, today, EAM delivers accurate, real-time information to leaders across the company, helping inform strategic and operational decisions.
In a recent IFS paper: A Resilient Enterprise with IFS Cloud EAM, IFS examined the remarkable advances underway within the EAM space and how companies leverage the technology to take affirmative action today while actively planning for the future.
This blog post takes a closer look at the strategic role of EAM and the broader business benefits it delivers
An Enterprise-Wide View of the Business
With an ever-growing network of digital and always-on assets, EAM has come to represent the heartbeat of the business. Delivering accurate, real-time data, the strategic value of EAM surpasses its traditional role as a simple asset management tool, allowing the enterprise to:
- Implement universal business objectives
- Standardize best practices and productivity metrics
- Better manage aging infrastructure for greater control of operational risk
- Achieve productivity, sustainability, and regulatory goals
Universal business objectives
With EAM, companies set consistent operational business objectives across all sites and geographies, considering variances in infrastructure, workforce, and government/industry regulations by region. This balanced approach to achieving business objectives ensures each location contributes positively to the company’s common goals.
Once these standards have been defined and implemented, the company can monitor performance in real-time, quickly detecting and responding to irregularities as they happen.
This responsive business model allows leadership to make decisions in the moment. For example, if one facility is experiencing temporary downtime, productivity is increased in another to offset the variance until the situation resolves.
Standardized best practices and productivity
EAM technology provides data-driven metrics that allow leaders to compare best practices by facility. This broad oversight enables companies to quickly identify those work models that best accommodate the strategic needs of the business.
Once verified, best practices and workflows can be rolled out to all sites, ensuring a standardized model that optimizes overall productivity while achieving strategic corporate objectives.
Effective management of aging infrastructure
Aging infrastructure represents an ever-increasing risk to the enterprise with the potential of outages, hardware failures, and data corruption. While doing a whole-scale upgrade across the operation may not be feasible, the business must proactively manage older components to maximize safety and minimize disruptions.
EAM technology provides real-time oversight, including data collection and analysis, condition assessment, and alerts when risk levels exceed acceptable thresholds. These real-time insights allow the enterprise to respond proactively to potential risk scenarios, ensuring business continuity.
Achieve productivity, sustainability, and regulatory objectives
While previously considered a tactical tool focused on the output of physical assets, EAM has extended its value to the enterprise. Along with productivity management, EAM provides rich data insights that help the organization with strategic initiatives such as sustainability, where the business is responsible for its performance.
Support the strategic needs of your business with IFS Cloud EAM
Customers rely on IFS Cloud EAM to provide resilient and always-on oversight of assets and processes. With data-driven insights, leaders can rely on accurate information to help inform important business decisions in the moment.