Enterprise Asset Management (EAM) is a process that helps businesses manage their available assets, whether in the form of machinery, vehicles, or even buildings. The thing is to keep yourself organized, minimize expenses, and keep yourself free of unexpected failures. Asset management is another way through which one can improve the day-to-day running of his or her business. Like many companies, you must hire MEAN programmers to build cutting-edge EAM software solutions.
Here’s a fact: nearly 99% of US corporations have already adopted Asset Management solutions to streamline the resource allocation process. The US asset management market is expected to reach $2.7 billion by 2028.
So, where do you stand?
US companies are also turning to MEAN stack developers to build smarter, more effective EAM tools. The right EAM solution helps you run things smoothly, avoid risks, and plan for the future. Read the article till the end to know how to choose the right solution.
Signs Your Business Needs an EAM Solution
When what you think is becoming harder every day is the management of your assets, so is the case with most people. Most companies come to a stage where spreadsheets, manual tracking, or old-fashioned tools fail to be effective. This is when the Enterprise Asset Management (EAM) solution should be considered. Some of the tell-tale symptoms are:
Struggling to keep track of assets
You don’t have clear visibility of where your assets are, how they’re being used, or what condition they’re in.
Rising maintenance costs
Unexpected repairs and emergency fixes are adding up and hurting your budget.
Too much downtime
Equipment breakdowns are causing delays and affecting your productivity.
Compliance worries
You’re stressed about meeting safety, legal, or industry compliance requirements.
Key Features to Look For Before Choosing the Enterprise Asset Management Solution
Each EAM solution meets specific purposes. The best thing that you can do is to ensure that you maximize the value by seeking features that will make you more efficient in the way you do things, as opposed to working harder. If you hire MEAN programmers, it can save a lot of time, money, and unjustified stress. These are some of the distinctive characteristics:
1. Inventory and Assets tracking: Keep track of the location, usage, and status when you require maintenance easily.
2. Schedule of preventive maintenance: Preventive maintenance planning. Never miss routine maintenance as automatic reminders will notify you about the same.
3. Real-time reporting and dashboards: See actual, real-time asset performance to more quickly and intelligently make decisions about it.
4. On-the-go, accessible updates on mobile devices: View assets and manage them at any time and from any place using your phone or tablet.
5. Natural adherence with current systems (ERP, finance, etc.): Integrate your EAM solution with the rest of your systems to make your work easier.
How to Choose the Right EAM Solution for Your Business
Selecting an Enterprise Asset Management (EAM) system is something more than selecting the most popular one. It is about choosing a tool that best suits your business requests, makes your team collaborate more efficiently, and helps you pursue your long-term objectives. This is the way you can make a smart and confident choice:
- Understand your needs and business size
The solution to a small business is not the same as that of a large enterprise. As an example, bigger companies in the US, such as General Electric, may need an elaborate EAM system to manage thousands of assets, whereas smaller businesses might be in need of a simpler and concentrated tool. First of all, ask: What are our assets? To what extent are we complex in our workflow?
- List down must-have features
Not every feature will matter to your business. Make a list of non-negotiables, like mobile access if your team is always on the go, or real-time dashboards if fast decision-making is key.
- Set a clear budget
Pricing can be very different. There are solutions that are charged per user and others by the volume of assets. Predictability is important when it comes to pricing, even though US businesses tend to prefer scalable solutions such as IBM Maximo or Infor EAM, since they are flexible to your growth.
- Check user-friendliness
The best tool in the world won’t do so much good if your team can’t use it to execute your needs. Appeal for solutions that have clean, user-friendly dashboards, intuitive navigation, and low training time. Platforms such as Fiix and UpKeep, which are user-friendly, are quoted to be popular throughout the US because of their ease in handling complex tasks.
- Read reviews and success stories
Google platforms, such as G2 or Capterra, where there are honest reviews. Identify success stories of similar businesses. The fact that a business in your industry has publicized positive things about a certain solution as a way through which it minimizes downtime or enhances compliance is a positive indicator.
Essential Features of an Effective EAM Software:
A good EAM solution should make asset management simple, clear, and efficient. It should help you track assets, schedule maintenance, and reduce downtime — all from one platform. Here are the must-have features to look for:
- Asset lifecycle management: Manage assets from purchase to disposal.
- Preventive maintenance: Automate maintenance schedules to avoid unexpected failures.
- Work order management: Easily create, track, and close work orders.
- Inventory and spare parts management: Keep tabs on parts and supplies to prevent shortages.
- Mobile access: Update and manage assets on the go.
- Analytics and reporting: Use real-time data for better decision-making.
- Integration capabilities: Connect with your ERP, finance, and other tools for smoother operations.
Conclusion
Selecting the appropriate EAM solution will greatly affect the way your business makes decisions on how to maintain assets, reduce expenses, and remain productive. Spend time finding software that meets your needs, is user-friendly, and has good features. When you have the tools in place, you will be able to control it better and predict changes, courses of action less necessitated by surprises, and have a clearer course to smarter, more efficient operations.
There is an incentive to research, compare price factors, and choose a proposal that best fits your business in the future and grows with you. Possessing the right EAM will imply that you will realize greater visibility, perfect decision-making, as well as the capability to work towards long-term development successfully.
