What Is Enterprise Asset Management?
The Enterprise Asset Management (EAM) and tracking technology market (categorised into software, service, and solution) is projected to cross $8.7 Billion by 2024. The need for effective utilisation of assets, controlling maintenance and procurement expenses, and improving the return on assets, are the major factors contributing to the growth of the EAM market, globally.
During an industry benchmarking study by a prominent asset management consultancy for a large utility organisation, it was determined that the cost of the asset management software made up only 3% of the industry cost. However, the activities and decisions generated impacted at least 82% of the industry’s total costs.Cost of an asset management system makes up only 3% of industry costs
Enterprise Asset Management software is used to manage physical assets, life-cycle, scheduling, and warranty management. An EAM system provides the means to have less unplanned downtime and extended asset longevity, which has clear business benefits.
Effective Asset Management – GRC And ISO 55000
Effective asset management is the coordinated activity of an organisation to realise value from its assets and is dependent on accurate, up-to-date and quality asset information. This requires asset management to interact with many functions and departments of an organisation as assets can touch many areas.
During an industry benchmarking study by a prominent asset management consultancy for a large utility organisation, it was determined that the cost of the asset management system made up only 3% of the industry cost. However, the activities and decisions generated impacted at least 82% of the industry’s total costs.
Reasons To Switch To Enterprise Asset Management Software
- I don’t know enterprise-wide what assets have I got, who is using them and where are they located
- Central asset register accessible across multiple departments provides information in a consistent and easy format. Communication and transparency simplifies business processes
- Ability to reduce redundant purchases when unused assets are already at another site – better utilisation and cost savings
- A common system used across the enterprise saves training time – ease of change management and standardisation
- Ensure confidential information can be viewed only by those that need to see it and safely hidden from those who don’t
- Ease of on-boarding for new sites, common backbone and simple user interface – improve user adherence to a simplified process
- Common standards for assets across the enterprise – governance and control to meet organisational asset management strategies and best practice
- Increased purchasing power by buying for the group instead of ‘site by site’ – cost savings
- Clean integration to your SAP ERP System
- Multi-book capabilities allow core asset information to be shared across any number of books with different sets of figures, enabling compliance with both local and group depreciation policies.
Evolving Enterprise Solutions
In the past few years, available solutions for asset management have evolved significantly. Today cloud hosting, standardised web APIs, conducting maintenance and audits via phones and tablets are common features of modern asset management solutions.
As these technologies become standard, an increasing number of private sector businesses and government agencies are switching from spreadsheets to sophisticated automated asset management solutions, and these organisations are eliminating inefficiencies.
Try to control assets using tools like spreadsheets and in-house-designed databases or simple asset tracking software and experience first-hand that going basic on asset management leads to lost assets, productivity downtime, and employee dissatisfaction.
Asset management optimisation should be a continuous exploration of technology that adds business value.Optimise IT operations to drive business value
Smart managers are improving operational efficiency by investing in modern technology to improve their asset management. And they are looking at their own asset management processes to determine places in which technology can assist. As asset management becomes more complex, companies will find that their tools need to match this complexity!
Enterprise Asset Management – Interoperability And Integration
The goal of integration is to bring together the data or functions of one application with that of another. Automation between various business applications is something application integration aims to unite. Sharing common data and business rules so that users do not have to manually enter data and processes into each application when they need to run a job.
An integrated asset management system means you can expand your single source of truth around your assets and activities to all your offices no matter where in the world they are located. Disseminate the responsibility of managing assets and auditing each site or person.
Look beyond simple expense-line trimming and focus on optimising the business value of information technology.Ten business cost optimization ideas
Leveraging your existing investment in enterprise software systems and integrating your ERP will deliver the item and cost traceability demands of modern business. Eliminate data re-entry already captured by an application, site or service. From simple manual transfers to automatic and scheduled transfers, system interoperability is paramount.
Cloud Is Dominating The Software Delivery Model
The on-premise implementation of enterprise asset management solutions requires a lot of time and capital. It requires organisations to make significant investments in finding the right servers, storage devices, and communication infrastructure.
Moreover, it requires skilled professionals to maintain the functioning of the system. On the other hand, cloud-based enterprise asset management solutions require little to no hardware other than mobile devices, tablets, or personal computers.
Additionally, there is far more reliability with a cloud-based system, because data centres are geographically dispersed along with storage. Asset-intensive organisations take advantage of the latest hardware, software, and communications features available in the market by adopting cloud-based enterprise asset management solutions.
Essentially, cloud computing is all about moving the essential systems and resources of your business to a remote server. Some might think this a risky move, but for most IT leaders, a cloud-based backup and storage solution is essential if you want your business to improve in not only one but several aspects.Benefits of moving to the cloud
With a flexible payment model (software modules and license fees based on user seats are being replaced by a flat annual fee) cost no longer prevents companies from adopting a cloud-hosted asset management system enterprise-wide. Furthermore, the SaaS model allows customers to get started quickly and easily with software delivered over the internet so users are able to access data anywhere.
Enterprise Asset Management Mobility And BYOD
Smartphones and tablets are replacing expensive purpose-built mobile scanners in asset audits and maintenance procedures to save time and money.
When it comes to time savings, mobile phones are fantastic mainly because technology is known to the user. This means less time training users and more time working. Mobile phones can help you avoid the costly investment of scanner devices and may increase efficiency.
With Bring Your Own Device (BYOD) policies on the rise and a prediction in the number of mobile users in Australia expected to rise to 20 million in 2019 it makes sense to utilise smartphones and tablets.
We need the ITAM (IT Asset Management) thinking to shift from an organisation managing or owning physical assets such as mobile devices to instead delivering services, including to assets that they don’t own and never will.Managing BYOD starts with asset management
The savings from using mobile phones and tablet apps such as MiCatX can be almost exponential if an organisation has many locations and is a huge time saver in terms of training users.
EAM Workflows And Self-Configuration
More managers want to customise various aspects of their asset management system and system administrators want to be able to configure their own workflows, configure reports, emails, and system “roles”.
Customisation of commercial off the shelf (COTS) software was the norm with users accepting that their customisation would be long and costly and hard to change.
In 2019, expect commercial COTS solutions to offer more user configuration options out of the box. Configuring the workflows themselves, configurations can be changed and revised, without any code changes. User configured workflows reduce the dependency on vendors and make the investment in software less risky.
EAM Analytics, IoT And Big Data
Analytics are extremely important to asset management. Asset managers need easy access to data and statistics about their assets’ utilisation or performance in order to make informed decisions for effective management.
Predictive analytics using historical data to predicting future outcomes based on current data, and Advanced Pattern Recognition (APR), asset management is becoming more complex!
Systems that can utilise big data will have convenient access to important reports. With “automatically-created” insights on user-defined dashboards managers can see system data at-a-glance”. Analysing this data will help managers to make informed decisions saving time and money.
A “Leveraging Big Data and AI to Accelerate Business Transformation” 2019 survey found 53 per cent of businesses have not yet treated data as a business asset. Most companies are still not data-driven, and won’t be anytime soonHow Big Data and AI are Accelerating Business Transformation
EAM And Inventory Audits
Asset and inventory audits are traditionally thought of as time-consuming and difficult. However, with the introduction of the Internet of Things (IoT) in locating and auditing assets, we may see audits (or portions of an audit) occurring automatically!
Connected devices communicating their location to a central database will significantly save on labour and time. As more and more devices come online, integration between your asset management system and auto-discovery tools becomes increasingly vital.A simple explanation for IoT
Monitoring Use And Location Of High-Value Assets
Global Positioning System (GPS) is a worldwide radio-navigation system that has given every square meter on the planet a unique address. GPS and assets management provides managers with exact location information and usage tracking.
GPS receivers have been miniaturised to just a few integrated circuits and so are becoming very economical. And that makes the technology accessible to virtually everyone. One of the primary uses for GPS-based asset location is vehicle location.
Whether you want a theft deterrent for peace of mind, or want to improve productivity and efficiency, GPS and RFID tracking equipment provides a myriad of benefits.
In 2020 you will find RFID tags on tools, boats, luggage, construction equipment, movie making gear, farm machinery and livestock, laptop computers and phones. While geo-mapping keeps managers connected with their personnel and expensive asset via a map.
Both solutions make it simpler and quicker to locate and control assets geographically, identify opportunities, reduce risk and adapt for the future.
Clear visualisation of the significance of a certain location, is a key contextual component when making critical business decisions about an asset’s value.
Enterprise Software Has Evolved Significantly
Cloud hosting, standardised web APIs, mobile asset tracking and inventory audits are now common features of any decent asset management solution. Six or seven years ago, this technology was relatively new. It was rare to find any standard in asset management solutions!
With Hardcat solutions, these technologies are standard. We provide an ever-increasing number of enterprise businesses, non-profit organisations, and government agencies with sophisticated automated asset management solutions, whether they have 500 assets or 5 million assets.
Hardcat Lebosi – Enterprise Asset Management
The Hardcat Lebosi Enterprise assets and equipment tracking and management solution, created via the Hardcat nGen rapid development platform, is based upon the same architecture designed for the NSW Police Property and Evidence solution EFIMS that has been operational for over 10 years.
The Hardcat Lebosi system is designed to cater to thousands of users with different roles within an organisation. Hardcat Lebosi is a sophisticated, contemporary, modular system for managing assets and equipment, property and evidence, as well as preventative and reactive service job management.
Hardcat Lebosi has all the modules of Hardcat V6 except purchasing and depreciation capability. These two modules are not available because the Hardcat Lebosi system is aimed at organisations that would already have an ERP system installed in which purchasing would be an integral component.
Hardcat Lebosi is compatible with any ERP solution via our integration tools. The system is designed to be very user-friendly and simple to use, as users will only see what is applicable to their role within the organisation.
Who Is Hardcat Lebosi For?
The Hardcat Lebosi system is aimed at organisations that have a vast and distributed set of locations, such as Police, Fire brigade, Ambulance, Defence, Hospitals, Education, Government and other such organisations. With a need to see a consolidated view of their assets at various locations. As well as the ability to move and transfer assets and equipment between these multiple locations.
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