Enterprise Asset Management Software: A Win/Win For Organizations

Enterprise Asset Management Software

Enterprise asset management software provides a framework for organizations to manage the lifecycle of their asset bases. Optimizing maintenance resources, improving labor productivity, increasing inventory efficiency to reduce capital costs and aiding strategic planning are derived performance improvements provided by enterprise asset management. Whether you want to check what is on the network or an individual user pc, the functionality provided by asset management software can assist you to realize you're your goals.

Strategic Planning: An enterprise asset management system assists with aligning resources to corporate objectives. There are opportunity costs associated with capital and labor allocations. The advanced functionality provided by software allows executives to create models to support strategic decision making. This includes the ability to create customized reports to determine business specific asset management needs. With enterprise level software providing increased business transparency, managers can now leverage this software to provide real time critical intelligence to make decisions 'on the fly'.

Enterprise Asset Management Software

Maintenance: Extending the lifecycle of a companies fixed assets and deriving greater value is a natural result of running an optimized maintenance program. Keeping a companies asset base in pristine working order increases productivity and eliminates costly downtime associated with equipment breakdown. By scheduling maintenance according to asset condition as opposed to arbitrary set dates, companies can deploy maintenance resources more efficiently. This aids in reducing labor overtime and can decrease the capital costs associated with maintaining inventory levels. The software reporting tools also permit strategic decision making on maintenance issues by modeling scenarios for optimum preventative maintenance and managing work order processes.

Accounting: Proper fixed asset accounting assist companies to derive extended value from their fixed asset base. Recording purchase details, expected lifecycle, depreciation, taxation and integrating with mainstream organizational accounting systems assist companies with staying on top of the reporting requirements. Financial decisions can also be made by running advanced reporting and analytics provided by enterprise asset management solutions. By knowing the optimal point of asset utilization, companies can dispose of fixed assets to realize greater resale value and avoid holding them into higher risk breakdown periods.

Choosing enterprise asset management software for your organization requires defining the processes you want to software to perform. Constructing a matrix of priorities will help in this regard. You can then compare vendor solutions against the criteria and select the solution that provides organizational best fit. Using staff from both the information technology and business unit divisions can help balance out the selection process.

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