What to Consider When Choosing an Enterprise Asset Management Solution

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What to Consider When Choosing an Enterprise Asset Management Solution

What to Consider When Choosing an Enterprise Asset Management Solution

Companies without an Enterprise Asset Management (EAM) solution often experience too much downtime, lengthy times from request to repair, poor parts management, and limited or ineffective metrics.

However, evaluating EAM asset management plan solutions can be challenging and since it is not something most companies do more than a few times, as it is a large investment. It is not always obvious where or how to begin completing your objective or deciding on an asset management system.

A great place to start is with a complete analysis of your specific business needs and organizational goals dependent on your physical assets, infrastructure and maintenance processes. While there are many factors that lead companies to seek out an EAM solution, some known contributing factors include:

  • Physical assets not functioning optimally
  • Fixed assets not lasting their full lifecycles
  • Inefficient planning and poor labor productivity
  • Lack of insight into asset and maintenance performance
  • Having the wrong parts on-hand in inventory

The cumulative effects of these challenges are typically high maintenance costs, which an EAM solution can lower while simultaneously improving overall maintenance performance through a solid asset maintenance plan.

Here are the key steps to finding the right enterprise asset management solution:

Understanding What a Successful Asset Management Program Looks Like

Organizational decision makers need to be clear on which functions are most essential for their maintenance programs, including both benefits and risk, before beginning their search. There are varied approaches to EAM and different vendors offer different advantages and disadvantages to their client. The field of providers is wide, so selecting the right vendor solution will directly impact your EAM investment.

You should be looking for vendors that understand your business, both in your industry and in your implementation needs. Your asset management plan will not be identical to that of another organization. The right asset management software will be a solution that increases your competitive edge and financial goals by helping you:

  • Achieve cost savings
  • Extend asset lifespans
  • Manage maintenance work orders
  • Track assets
  • Optimize inventory
  • Improve labor scheduling

The process of managing upgrades, IT asset management costs, overall costs and available support resources should also be evaluated in your EAM decision. Working with your chosen vendor to estimate these costs and setting reasonable expectations can help you and the vendor achieve benchmarks that show the success of an implementation and use of your new EAM system.

How do you know what to look for and what is going to deliver the best value and achieve your financial goals?

You need something that gives you comprehensive insight into your infrastructure. Asset management is about extending systems and asset life for an organization — rather than replacing old systems and physical assets. This could be the key to paying for some of your other maintenance initiatives, including meeting compliance requirements and achieving greater competitiveness and reaching financial goals in a demanding business environment.

Visualizing Your Needs for Your Critical Assets

Asset Management Scalability-01

To maximize your investment and data-driven asset management decisions, you need to fully utilize the comprehensive capabilities of your EAM. Asset management principles found within an asset management plan exemplify the benefits of planning and strategy through basic functionalities.

While all EAM functions are important, there are three functions that will quickly transform your maintenance performance, decrease risk and deliver superior results:

1. Labor Efficiency

Maintenance Connection simplifies labor management through its basic functionalities by providing drag-and-drop calendar functionality and scheduling. Planning and tracking past performance can be easily tracked and reported. As an industry leading EAM, Maintenance Connection also allows for splitting task assignments within a work order, and building assignment backups into the labor system, while easily viewing resource availability.

2. Asset History

Asset history provides clarity into assets that have unique histories and specific asset maintenance records associated with them. Without this information, organizations may struggle with maintenance repair times because they do not have the insights that will aid in troubleshooting. A thorough asset management solution like Maintenance Connection can act as a single source of information for all stakeholders.

Additionally, a critical part of an asset history are the drawings and documents that are associated with that piece of equipment. Accruent’s Asset Lifecycle Information Management (ALIM) and Engineering Document Management (EDM) solution Meridian is now accessible through Maintenance Connection, enabling immediate access to current, accurate engineering documentation. Instantaneous access to the latest revision of asset documents makes maintenance technicians more efficient and promotes a safe working environment, while safeguarding your critical assets.

3. Inventory Optimization

Inventory optimization is having the necessary parts on-hand when you need them, as spare parts are essential to maintaining a complex working environment. You want to avoid spending money on parts you do not need and lost money due to downtime when the parts need are not in your inventory. You can avoid this risk using real-time data visualization.

The Trinchero Family Estates uses Maintenance Connection to provide overall digital reporting and real-time visualization needs to ensure their inventory it optimized at all times. Read the case study.

Non-Feature Factors to Consider

When evaluating an EAM solution there are several non-feature factors that can significantly impact EAM success.

Ease of Use

Ease of use is a critical aspect of an effective EAM, driving user adoption and enabling financial goals. The choice you make should consider each user’s need to drive employee adoption. Does it make their jobs easier and more efficient? Is the solution responsive to their day-to-day work or is it adding to their daily tasks? Is it intuitive? These are important questions to answer.

Some EAM systems require complex configuration and end up overcomplicating workflows, causing both customized IT asset management and user adoption to lag, particularly among less technology-proficient users. Maintenance Connection is known for its ease of use and quick employee adoption, expediting benefits and ROI.

Implementation

Implementation services are a necessary part of the process and can be complex since these systems become a part of your internal fabric. Many solution providers work to integrate into your current systems and have professional services to help configure your system to your needs.

Accruent is one of these solution providers, offering codeless configuration for much of our reporting with Maintenance Connection.

How should you prepare for the cost of implementation? Do you know the right questions to ask and when is the best time for you to implement?

Learn how integration can happen at many different levels with Accruent’s webinar "CMMS Integration to Maximize Business Value." It can provide clarity into what can be a complex decision and will make the process easier to understand. Where some vendors can take 9-12 months to implement, a full implementation of Maintenance Connection takes only a few months, or even a few weeks.

Cost

There are two points to consider when evaluating the cost of an EAM system.

The first comes after your initial investment: what can you expect to receive and how much can you save? Visit our Cost Savings Calculator and select your industry to see what Maintenance Connection can do for your company.

Second is your total cost of ownership: Has your EAM solution shown you the data you need to find cost overages, or has the lack of preventive maintenance limited the lifecycle of your assets? Do you have a clear visualization into your processes such as scheduling, work orders and inventory? This is an area that is critical to evaluating what will help your organization succeed.

Maintenance Connection offers scalable options to best fit your organization. Both cloud and on-premise versions are available and our multi-site capabilities simplify the configuration process by enabling scalable tagging and building ID numbers, which you can add to your system as you grow. We also offer a mobile application for improved communication and information access in the field.

Tying Your EAM Research Together

Knowing that, in the end, you will have full asset management intelligence, data and critical visibility available after implementing an EAM makes the entire process worth it. The data will dictate your maintenance activities and provide your with overall clarity, helping you plan out the complete lifecycle costs of an asset. This lowers your operating costs, boosts ROI and brings data insight into your strategy and planning process.

Find out if Maintenance Connection is the EAM solution you are looking for by scheduling a demo today

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