Learn how to improve the lifecycle of your corporate assets through EAM concepts. Optimize asset management and increase performance.
For a company to be successful, it is necessary to have assets that operate efficiently and with high productivity. Efficient management of these assets is one of the main challenges faced by companies. The concept of Enterprise Asset Management (EAM) helps improve the lifecycle of assets, increasing their productivity and ensuring maximum utilization.
In this article, we will explore how EAM can improve the lifecycle of assets and contribute to business success. Understand this concept better and how it relates to the durability of your equipment, facilities, and resources.
What is EAM and how does it relate to asset lifecycle?
Enterprise Asset Management (EAM) is a systematic approach to managing assets, maximizing their value, and reducing operating costs. The concept covers the entire lifecycle of assets, from purchase to replacement.
During the asset’s lifecycle, it goes through at least four phases:
- Acquisition: This phase includes the selection and acquisition of the asset. It is important to select the right asset for the right application and ensure that the asset is acquired at the right price.
- Operation: This is the use of the asset for the intended purpose. EAM ensures that the asset is used correctly and its performance is regularly monitored.
- Maintenance: EAM is responsible for scheduling preventive and corrective maintenance operations for the asset. Thus, it remains in good working condition to avoid failures and reduce maintenance costs.
- Disposal: This phase includes the sale or disposal of the asset. EAM processes determine when and how this should occur so that it is sold or disposed of at the right price and in an environmentally responsible manner.
With the implementation of EAM, operation teams are much more empowered to manage the lifecycle of assets. In addition, they can rely on specialized software to ensure that all processes at each stage are optimized.
Benefits of EAM for asset lifecycle management
The implementation of EAM can be a real lifesaver when it comes to ensuring the reliability of a company’s assets. Here’s how:
- Increased asset lifecycle: With much more efficient management, assets can receive regular and adequate maintenance, which directly impacts the durability and performance of equipment over time.
- Improved asset performance: It becomes easier to identify problems and take corrective actions to improve them.
- Reduced operating costs: Asset unavailability directly affects production and, therefore, the company’s profitability. But with efficient management, you will have always available assets, with interventions being made at the right time. In addition, the acquisition of new assets is always evaluated to avoid obsolete components affecting company productivity.
- Reduced response time for maintenance: companies can respond more quickly to maintenance problems, minimizing asset downtime.
The implementation of EAM can bring numerous benefits that impact the lifecycle of assets. With that, adopting this idea can be a strategic decision for the company, allowing it to have a clearer view of its assets and increase asset management efficiency.
Why not try EAM in asset management right now? Request a free demo now and see how Manusis4 helps your company improve the lifecycle of its assets!