Enterprise Asset Management (EAM)

Implementing a management system for an organization’s production assets (EAM) allows you to:

• Maximize the efficiency of production assets by improving their utilization, reducing costs, and limiting capital expenditures.
• More effectively manage the entire asset lifecycle. Powerful analytics built on the production asset management methodology streamline maximum return on production assets.
• Increase asset return on investment by 17% when the asset management system is fully integrated into the organization’s overall management.
• Reduce maintenance costs and increase asset availability. At the same time, equipment downtime is reduced by up to 20%, useful service life is increased by up to 30%, the share of planned repairs is increased by up to 80%, emergency and overtime work is reduced by a third, and staff productivity is significantly increased.

As the world becomes more dynamic, complex, and highly competitive, it is more important than ever to be technologically agile. When customers demand personalized products, companies must be mobilized regarding production asset management organization. These can be both tangible production assets—such as buildings and processing equipment—and intangible ones, such as intellectual property, goodwill, ownership rights, and information systems. It is necessary to focus on cost reduction and efficiency enhancement, utilizing capital investments optimally, avoiding accidents, meeting profitability goals, accounting for constantly changing government regulatory challenges, and complying with operational safety rules. At the same time, company top management does not always adequately assess the need to meet business requirements for specialized methodology and management systems for diverse enterprise production assets, nor the risks of not using such a system.

In the modern world, sound and effective asset management is an integral part of a company’s business management practices, and the process of implementing and deploying an EAM system is typically managed and controlled by the enterprise’s top management.

With EAM, enterprises can effectively manage the asset lifecycle, utilize them qualitatively, maximally, and productively, control costs, and measure their condition to ensure that assets are operational, reliable, and available to support the company’s business processes and goals.

The basis of the EAM concept is the view of a production asset as a business element that has its own lifecycle and is capable or incapable of generating a positive cash flow. Enterprise profitability largely depends on the efficiency of production asset utilization. Using EAM management systems, company management can make decisions on decommissioning unprofitable assets, replacing them with modern ones, or modernizing existing ones. The system maintains accounting and analysis of maintenance costs, helps determine the total cost of ownership of assets, and builds a regulatory and knowledge base for the construction of buildings and structures, installation, maintenance, and repair of equipment. EAM allows planning maintenance and repairs (M&R) in any way, in accordance with the chosen production asset maintenance strategy (event-based/run-to-failure, preventive maintenance (PM), condition-based, etc.).

The main customers of asset management solutions are manufacturing enterprises operating in industries such as energy, oil and gas, metallurgy, manufacturing, telecommunications, public sector, healthcare, and real estate development.

Implementing business methodologies for production asset management and realizing them in information systems helps rid the enterprise of significant and insidious risks of losses and unfulfilled profits, providing the capability to make production capable of development, flexible, and adaptive to changing customer needs.

Our company has significant practical experience, necessary competence, and sufficient resources to implement large-scale and diverse enterprise asset management solution implementation projects. We perform the full cycle of work on methodology development and EAM system implementation at the enterprise, ranging from consulting and business situation assessment to solution implementation, integration with other systems, technical support, and further system refinement.

We recommend investing in EAM because it contributes to:

• increasing asset return on investment
• reducing costs and risks
• increasing productivity
• supporting timely and well-informed decision-making
• improving asset maintenance, enhancing service quality, and consequently driving profitability growth
• simplifying regulatory compliance tasks
• reducing and streamlining total cost of ownership.

Implementing an Asset Management system provides the ability to manage risks, reduce equipment downtime and inventory stocks, organize transparent asset management accounting, plan and control budget execution for asset construction, acquisition, and maintenance, coordinate repair and operational work, and reduce labor costs while effectively utilizing service personnel working time.