The adoption of Enterprise Asset Management Software (EAM) is a tactical move that can improve asset management offered over the lifespan of the asset. As of 2022, the global enterprise asset management industry was valued at approximately US$3.7 million and is projected to grow at a rate of 8.9% between 2023 and 2030. Businesses leveraging EAM systems best practices tend to use their resources optimally, improve their maintenance processes, and prolong the value of the assets. However, this is only achievable if there is proper strategizing and coordination with the current structure of the business.
Important Points to Ponder Before Implementing EAM
Before implementing EAM Software, it is critical for an organization's management to analyze its own requirements, goals, and asset management processes. Important points to ponder include:
- Scalability – Ensuring the EAM system can accommodate future growth and evolving business needs.
- User-Friendliness – Choosing a user-friendly interface that promotes use by employees.
- Integration Capabilities – Making sure the EAM system integrates with ERP, IoT, and other software used within the enterprise.
- Compliance – Ensuring the system abides by all industry standards and does not pose a risk to sensitive data.
For instance, leading multinational corporations like Siemens focus on an extensive assessment prior to implementation for the alignment of goals so that there are as few roadblocks as possible after the deployment of their EAM solutions.
How to Integrate an EAM Software Effectively
The use of EAM software with other systems and software requires careful planning to integrate existing systems without causing any incompatibilities. Here are some ways that can help:
- Stakeholder Collaboration: Getting the IT department, asset managers, and other relevant end-users onboard helps in the cutover process, making sure that everyone is ready for the change.
- Data Migration and Cleansing: Moving useful data pertaining to the assets from legacy systems into new information systems to avoid duplicates or gaps.
- Customization and Settings: Adapting and defining an enterprise’s properties, including assets, monitoring, forecasting maintenance, documentation, and more.
- Employee Training and Support: Conducting recurrent training sessions coupled with provision of support to ensure maximum use of the systems installed.
- Pilot Testing: Running a limited scope before full implementation helps in putting the project live without disrupting operations.
By adopting phased implementation strategies to minimize operational EAM transitions, companies like IBM have been able to integrate EAM solutions seamlessly.
Common Challenges and How to Overcome Them
EAM software implementation can put forth challenges, but without risk planning, issues can arise. Some common problems include:
- Resisting Change – Switching software may prove difficult for employees.
- Solution: Run seminars and explain how work processes become more efficient with automation.
- Integration Errors – Mistakes may arise from using an obsolete system.
- Solution: Ensure automation in data cleansing before migration processes to retain data integrity.
- Integration Difficulty – Not all systems will be compatible with existing ones.
- Solution: Use EAM software that can function with existing systems through adaptable API integrations.
- Slow Investment Returns – Implementing such a complex system requires high initial investment.
- Solution: Use EAM systems within the cloud to reduce upfront costs.
Conclusion
Proper planning, participation, and following best practices will increase the chances of successful enterprise asset management software implementation. Moreover, organizations need to ensure that training, integration, and scalability are taken into account to improve asset lifecycle management. Making use of strategic foresight when dealing with implementation challenges guarantees operational productivity and the profitability of the company
