With advancing technological infrastructure, the demand for enterprise asset management (EAM) software has also increased significantly in the last couple of years. Businesses are investing in EAM to they are incredibly adaptive to accelerated speeds of change. Moreover, to move ahead from the traditional brick and mortar system utilized for managing regular operations, enterprise asset management software came as helpful and advantageous.
Since the last couple of years, industrial data management has radically changed. This can be based on the analysis by Ericsson, which shows that a typical smart factory now provides one petabyte (1,000 gigabytes) of data per day. In these instances, a digital asset management strategy can help in decreasing inventory needs, improving labor utilization, and lowering machinery downtime. However, several organizations are still taking time in choosing enterprise asset management solutions.
Offline Connectivity: Mobile enterprise asset management solution operates with or without connectivity. This solution is likely to provide a strong offline capability helping consumers to continue to transact even when they go away from the network range and can amalgamate data with greater ease.
Real-time updates: The mobile solution should present notification/alerts as the field workers or the technicians can operate on their orders. Moreover, necessary access to information assists them in accomplishing their work on a real-time basis, presents better safety, decreases environmental risk, and bypasses potential equipment failure.
Scalability and Compliance: A mobile solution that assists in mingling with whole IT infrastructure, backend conditions, and security. These features support in providing unparalleled flexibility thus occurs in achieving industry specifications that can assist the company’s asset management to transform it into an aggressive advantage.
Efficient Deployment: Mobile enterprise asset management solution is easily used and can be adopted by organizations while decreasing implementation timelines. This circumstance makes it more approachable and helps in effortless deployment and tracking details efficiently, thus boosting its demand in different industries.
Enterprise Asset Management (EAM) is specifically designed to enable the ease in the administration of assets for organizations across multiple business units, businesses, services, and geographical locations. EAM involves configuration, commissioning, construction, performance and maintenance, and replacement of factory and equipment. Enterprise asset management solutions promote enterprises to integrate procedures for optimization and historical control during asset lifecycle (design, operation, and replenishment, etc.). EAM can be classified into IT service management, dynamic asset, and infrastructure management, emerging asset management, digital asset management, and fixed asset management and accounting. EAM solutions enhance business operations through better asset authenticity, availability, and asset application. Besides, these solutions accumulate, consolidate, and analyze all the crucial data on all types of assets in organizations. Enterprise asset management addresses all types of assets, right from strategic or critical physical assets to human assets. Tangible assets involve plant and production, foundation, transportation, and real-estate and amenities. Human assets involve personnel expertise, impulse, and roles and responsibilities.
Enterprise asset management structure extends and optimizes the organization’s asset life cycle and decreases the cost of ownership, which is accelerating the growth of this market. Besides, EAM solutions empower enterprises to administer aging infrastructure, promote asset tracking, and boost return on asset (RoA). These circumstances altogether are expected to feed the growth of enterprise asset management market across the forecast period. However, enterprise asset management systems expect a lot of quality data to track and analyze the implementation of business processes. Recording the data in the EAM system manually utilizing conventional paper forms often becomes too costly for organizations. This, in turn, decreases the adoption of EAM solutions in businesses.