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How Enterprise Asset Management Solutions Help Companies Achieve Profitability Goals

By Rajesh Garg
|
Aug 22, 2023
|
5 min read

Enterprise Asset Management (EAM) solutions are a powerful resource with the capacity to bolster profitability through multifaceted means. By furnishing an integrated and comprehensive view of all assets, EAM solutions enable companies to refine their maintenance schedules, mitigate unplanned downtime, and elevate overall asset utilisation. With their adept capabilities, EAM solutions serve as a strategic enabler in realising profitability goals for modern enterprises.

Role Of Enterprise Asset Management Solutions:

  • Streamlined Asset Tracking: EAM solutions act as a centralised platform that allows businesses to efficiently track, manage, and maintain their physical assets. They offer real-time visibility in seconds into asset data, including location, and maintenance history. By employing RFID tags, enterprises can efficiently capture data on assets across facilities, saving time and labour costs, and where the infrastructure is in place, in real-time. By harnessing the advanced capabilities of Hardcat EAM solutions, powered by Yotta, enterprises can streamline their asset tracking and management efforts, transcending geographical boundaries and departmental silos. Utilising cutting-edge identification technologies, Hardcat EAM solutions offer a range of functionalities like offline asset capture and audits, online asset look-up, and online issue and return of assets.
  • Predictive Maintenance: Utilising information captured about assets and with the help of predictive maintenance capabilities, maintenance activities can be scheduled during planned downtime, maximising asset uptime and reducing unplanned interruptions. This approach prolongs the lifespan of assets and reduces long-term maintenance costs, positively impacting the organisation’s balance sheet. Hardcat’s EAM solutions go beyond traditional maintenance planning by embracing intelligent practices. Leveraging operational information and data input from IoT sensors that continuously monitor asset performance, businesses gain real-time insights into asset health and condition. This data empowers enterprises to detect potential issues early on and schedule inspections before assets reach a critical failure point.
  • Data-Driven Decisions: Enterprise Asset Management solutions enhance the overall decision-making process by providing actionable insights into asset performance, access to comprehensive historical maintenance records, and failure data. By tapping into this data, enterprises can make informed decisions about maintenance priorities, resource allocation, and risk mitigation. Hardcat’s EAM solutions offer a single dashboard for monitoring and control, providing a consolidated view of all assets, inventory, and exhibits under the enterprise’s control and related jobs. The configurable dashboards and user-selectable views offer actionable insights into asset performance and maintenance records. With full traceability for all asset, maintenance, and inventory transactions, enterprises can make decisions on asset replacements, upgrades, and disposals, maximising ROI.
  • Compliance: In many industries, regulatory compliance and safety standards are critical concerns. EAM solutions help companies adhere to these regulations by enabling them to maintain accurate records of inspections, certifications, and maintenance activities. Ensuring compliance with regulations not only prevents financial penalties but also contributes to a company’s reputation through providing a safe workplace, positively impacting the bottom line. In industries where regulatory compliance and safety standards are paramount, Hardcat’s EAM solutions help ensure accuracy and accountability. The solutions allow enterprises to maintain an accurate asset register using Barcode/RFID technology. Periodic ad-hoc asset audits can be performed, either manually or based on information fed into the EAMS, providing assurance that assets are being managed appropriately.

How EAM Solutions Benefit Diverse Industries

Enterprise asset management solutions offer substantial benefits across industries, catering to businesses of varying sizes and diverse operational domains. While the advantages extend to all sectors, their greatest impact is observed in organisations dealing with an extensive array of assets or those heavily reliant on their assets for mission-critical operations.

Some of the sectors that can benefit most from EAM solutions include:

  • Manufacturing: Manufacturing companies rely heavily on equipment and machinery for efficient production. EAM solutions play a vital role by assisting in the implementation of preventive maintenance strategies, tracking spare parts, and proactively identifying potential issues before they cause significant disruptions. By optimising maintenance practices and reducing the frequency of checks, these solutions help manufacturers reduce costs and avoid unnecessary expenses linked to maintaining assets that exceed their actual value. This streamlines operations and increases profitability.
  • Utilities: Utility companies operate complex infrastructure, such as power plants and pipelines, making them heavily dependent on reliable assets for seamless operations. To secure funding for capital projects and ongoing support, auditable evidence of compliance, effective cost management, and sound maintenance processes are essential. EAM solutions provide the necessary data-driven insights and predictive analytics to proactively prevent costly outages. Early detection of potential issues enables timely maintenance, significantly reducing downtime and enhancing critical infrastructure reliability.
  • Transportation: In the transportation industry, the smooth operation of vehicle fleets is paramount. EAM solutions can help track trucks, buses, and other vehicles, and schedule maintenance. Real-time monitoring enhances visibility into fleet movements, enabling transportation companies to access up-to-date metrics about their individual fleet assets.
  • Government Agencies: Government organisations, especially those responsible for managing public infrastructure like roads, bridges, and public facilities, need EAM solutions to ensure proper maintenance, regulatory compliance, and cost-effective asset management. By implementing EAM solutions, they can optimise asset lifecycles and strategically plan maintenance activities, resulting in reduced operational costs and an extended infrastructure lifespan.
  • Oil and Gas: EAM solutions play a crucial role in managing complex assets and ensuring safety compliance throughout exploration, drilling, and refining operations. Downtime can lead to significant financial losses, and the risk of spills can result in regulatory penalties and environmental damage. EAM solutions streamline inspections, record safety data, and generate comprehensive reports, aiding in regulatory compliance and better decision-making. Furthermore, during mergers and acquisitions (relatively common in this sector), EAM solutions provide invaluable support by aggregating a wealth of asset data. Divesting bodies can make decisions about asset disposition based on critical metrics such as historical performance, resource burn rate, energy consumption, and overall usage.

Driving Growth With Hardcat’s EAM Solutions

Hardcat’s Enterprise Asset Management solutions play a crucial role in helping companies achieve profitability goals by optimising asset usable lifetime, reducing operational downtime, and ensuring safety and compliance obligations are met by the industries. The platform prioritises accuracy, certainty, and control over assets, tools, equipment, and facilities, streamlining processes throughout the asset lifecycle.

Hardcat’s comprehensive Asset Management solutions encompass enterprise asset tracking, management, and maintenance, throughout the entire lifecycle of an organisation’s high-value and operationally critical assets. The solutions ensure compliance with regulations and standards, reducing the risk of fines and penalties, while also enhancing safety and reliability by identifying potential hazards and promoting proper asset maintenance. Hardcat’s interoperability allows it to function as a standalone asset management application or integrate seamlessly with ERP systems like SAP and Oracle to complement those systems by leveraging the Hardcat asset management capabilities.

Rajesh Garg
EVP, Chief Digital Officer & Head – Cybersecurity

With a stellar record in ERP implementations in India, Rajesh leads the 360-degree growth of ERP solutions, cybersecurity solutions, application modernisation, product design and development, and consulting. He brings over 28 years of experience in technology, strategy, transformation, service delivery and assurance.

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