Tips for Selecting the Right Enterprise Asset Management Software

The selection, maintenance, inspection and renewal of assets play a major role in determining the overall performance and profitability in a business or organization. Enterprise asset management revolves around making the right decisions in these areas and optimizing these processes based on the KPIs of the organization. Adopting and effectively deploying enterprise asset management software is a core part of how to achieve these goals. Here are a few tips that can help to ensure that you get the most out of your EAM software so that you can get the most out of your assets.

Contemplate PAS-55.

PAS-55 is a new publically available standard for asset management and is globally making rapid inroads. It is the best way to prove that the organization is following best practices to ensure reliable operation and cost control. Ideally, an EAM must address all phases of the asset life cycle, like the processes of planning and engineering, maintenance and operation, eventual retirement, etc. PAS-55 provides guidance on the sharing of information and the retention of knowledge across the organization.

Include partner and supply chain visibility.

Anyone engaged in an EAM selection process needs to understand how the software can be extended to suppliers involved in the various stages of the asset life cycle. As maintenance work is planned, if your partners have seamless visibility of these plans, they can be informed of upcoming work, schedule people and resources, and make certain that they have the right tools and materials on hand.

Understand the importance of project management on a macro level.

The ability of an EAM package to support plant engineering is a major factor. Even in the vast majority of instances when an outside engineering group is responsible for design, their activities and overall impact can be are affected by the EAM platform in use. Asset management executives who get the right EAM tools in place not only extend the life and performance of equipment and facilities, but record valid, accurate, information during the asset lifecycle, thereby providing knowledge to influence design. In addition, the EAM should incorporate design data such that ongoing maintenance and operations activities are based on a clear understanding of an asset's architecture or specification.

Consider the impact of an aging workforce.

Build an environment in which people are willing to share what they know and help each other. Many asset-intensive companies do not have the proper tools in place to efficiently optimize the activities associated with a plant shutdown, nor do they have the right tools to proactively reduce planned downtime. Asset management executives that get the right EAM tools in place and leverage them to their full extent will have lower overhead and greater productivity.

Consider the importance of usability.

In selecting EAM software, it is therefore important to look for cutting-edge user interface and portal approaches to software design and deployment that will streamline adoption of the software in the enterprise. This can also dramatically enhance decision making, knowledge acquisition, and prioritization of resources

Integrate EAM with ERP.

It is important to consider the degree to which EAM software will integrate with existing systems. Creating a data silo separate from the rest of the enterprises rarely a prudent strategy. Lean maintenance improvements are achievable, on the other hand, when EAM is integrated with the rest of the enterprise.

The right enterprise asset management software will help you not only ensure asset availability by seeing that necessary maintenance is performed correctly and on-time, but will also allow senior management to manage and protect their overall investment.