EAM Best Practices 2024
Revving up your assets requires comprehensive enterprise asset management (EAM) software. We’re certain that you already have an EAM software in your toolkit. Now, you’re only left with one job- ensuring compliance with EAM best practices.
Let’s be above board here, your EAM software is perhaps under-utilised. With the influx of technologies like cloud solutions, digital strategies and an over-arching focus on sustainability, EAM can be confuddling. Be at ease, as we have just the right pain relief for you. Guess what? In this blog, we’ll be exploring a couple of the best EAM practices to get the most out of your assets. Dive in!
What’s EAM (Enterprise Resource Management)?
Let’s bolster the fundamentals first. Enterprise asset management (EAM) is defined as the maintenance of your physical assets throughout their entire lifecycle. This lifecycle begins from capital planning and performance to the penultimate stage of asset disposal. The five wonders of EAM best practices are enumerated below-
Top 5 EAM Best Practices
Let’s delve into the top 5 enterprise asset management best practices.
Asset Maintenance Work Order Management
The first EAM best practice is to ensure that all your work orders are in one place. Your team will then be able to access the latest updates from anywhere and at any time. That’s what we call the new-age collaboration.
Next up is the use of EAM software to track the work order progress. Such continuous monitoring will help coordinate and respond better. We have one more suggestion in mind. For a robust EAM, prioritise the work orders based on urgency, safety and other relevant factors.
Using CMMS as EAM Best Practice
It’s time to wear your virtual hats and use CMMS as an EAM best practice. Install sensors across building assets to facilitate predictive maintenance. Pair this with data analytics to forecast potential equipment failures and schedule maintenance activities accordingly.
Reliability Strategy as EAM Best Practice
The next EAM best practice is adopting reliability-centred maintenance or RCM. Let’s hold back on the technical jargon for now. In simpler words, you can identify the most impactful maintenance strategies for each of your physical assets.
That’s right, it would be the devil of a job to compile the data on equipment make, model, failure modes etc. No worries, EAM software has your back. Speaking of failure modes, consider conducting an FMEA. FMEA stands for failure mode and effect analysis. It’s not as challenging as its acronym.
This EAM best practice involves investigating the failure modes and their consequences to aid the reliability strategization. It’s not a one-day show. Create a feedback loop to improve continuously.
EAM Performance Optimisation
This one can be a bit tricky. You’ll have to define and track all the EAM KPIs for asset performance measurement. Examples, you say? You can track metrics like MTBF which stands for mean time between failures and OEE (overall equipment effectiveness). We bet you have heard about benchmarking.
Tracking your assets’ performance in isolation is the bare minimum. Take it up a notch through comparison with industry benchmarks. Finally, you can leverage data analytics to identify trends and patterns that may impact efficiency.
Training teams on EAM best practices
As you would agree, employee training is part and parcel of modern EAM. We would suggest crafting training programs on EAM best practices and software like CMMS, and BIS among others.
Your job is to acquaint your team with the EAM reliability and performance optimisation strategies we discussed earlier. Remember the age-old adage: the moment you stop learning, you get old. It’s true for EAM best practices training as well. Track the updates in the EAM landscape and improve continuously.
Future of Enterprise Asset Management (EAM)
We are yet to see the fate of EAM. But we can assure you that EAM is poised to become more intelligent and interconnected than ever. The ascent of AI and ML coupled with proliferating data ecosystems will offer heightened scalability and flexibility to EAM. You wouldn’t be probably sitting back. The use of AR and VR will overturn employee training experiences making them immersive than ever.
Final Words
In a nutshell, we have run you through five EAM best practices. You’ll have to orchestrate the asset maintenance work orders and leverage CMMS for predictive maintenance. Apart from this, RCM and FMEA can help identify the most impactful maintenance strategies for your physical assets. Furthermore, we suggested tracking all the critical EAM KPIs for performance analysis. We concluded our discussion by realising the pre-eminence of continuous learning as one of the EAM best practices.
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