Most businesses these days are realising the importance of having an integrated asset management system in place. But what are the benefits of having one? And how can you be sure that you’re making the most of this important investment?
What is an Integrated Asset Management System?
Before we get into the benefits of an integrated asset management system, it’s important to understand exactly what this type of system entails.
Asset management is the process organisations use to ensure their valuable physical assets and equipment are managed, maintained, protected, and used in the most efficient way possible throughout each asset’s lifecycle.
EAM systems are used by asset-intensive organisations that need to manage large portfolios of physical assets across multiple locations, from acquisition and tracking to maintenance and disposal. However, these systems are becoming increasingly popular across small and mid-size companies that need to not only manage system performance but also plan and control their budgets.
An integrated asset management system is one that allows an organisation to manage all of its assets using a single software platform. This type of system can provide a number of benefits for organizations, including the following:
1. Increased Efficiency
An integrated asset management system can help to increase the efficiency of an organisation by providing a centralised database for all assets.
This means that instead of having to search through multiple different systems to find information on an asset, staff and departments can simply access the central database to get the information they need.
This can save a considerable amount of time and effort and can help to improve the overall operational efficiency of an organisation.
2. Improved Accuracy
Another benefit of an integrated asset management system is that it can help to improve the accuracy of asset data.
This is because all asset data will be stored in a centralised database, which means that there is less chance for errors to occur.
This can be particularly important for organisations that need to track a large number of assets, as even a small error in asset data can have a significant impact.
3. Enhanced Security
An integrated asset management system can also help to enhance security by providing a centralised system for managing access to assets. This means that organisations can control who has access to which assets and can ensure that only authorised personnel are able to view or modify asset data.
This can help to prevent unauthorised access to sensitive information and can help to protect an organisation’s assets from theft or damage.
4. Reduced Costs and Time-Saving
Another benefit of an integrated asset management system is that it can help to reduce costs. This is because an integrated system can automate some of the tasks associated with asset management, such as tracking and reporting.
This can free up staff time so that they can focus on other tasks and can help to reduce the overall cost of managing assets.
5. Improved Decision Making
An integrated asset management system can also help to improve decision-making by providing organisations with access to accurate and up-to-date asset data.
This can be used to inform strategic decisions about the use and allocation of assets, which can help to improve an organisation’s overall performance.
6. Improved Asset Visibility
An integrated asset management system can give organisations a better overview of their assets and where they are located.
This improved visibility can help organisations to make better decisions about how to use and deploy their assets.
7. Improved Asset Utilisation
An integrated asset management system can also help organisations to make better use of their assets.
By having all of the information about an organisation’s assets in one place, organisations can more easily identify underutilised assets and redeploy them to other areas where they are needed.
8. Improved Health and Safety Practices
EAMs’ comprehensive health and safety management tools, which include a centralised database for health and safety information, are essential.
This allows you to track and manage safety hazards, incidents, and employee training records. Additionally, EAMs enable you to create and manage safety audits and inspections.
By managing all health and safety information in one place, EAM systems can help improve an organisation’s overall health and safety practices.
9. Compliance with Regulations
Asset management systems help organisations to ensure that they are using their assets in accordance with regulatory requirements and can help to prevent any potential breaches.
Additionally, EAM systems can generate reports that can be used to demonstrate compliance with regulations.
This is particularly important for organisations that are subject to stringent regulations, such as those in the upstream segment of the oil and gas industry..
Getting started with EAM
As you can see, there are a number of potential benefits that an integrated asset management system can provide.
However, it’s important to note that not all asset management systems are created equal. To realise the full benefits of an integrated system, it’s important to choose a system that is right for your organisation and that has the features, functionality, and most importantly, the enhancement you need.
If you’re looking for an integrated asset management system, then get in touch with us today. We’d be happy to discuss your requirements and provide you with a demo of our software!