The production of a manufacturing plant must be optimised to prevent delays and loss of revenue. One faulty asset can lead to delays and profit loss for your business. It is important to regularly check the service utilization, and the risk and assessment ratings of your assets.
Enterprise Asset Management, also known as EAM solutions, is one way to assess the optimisation and risk of your assets.
Reduce Maintenance Costs
Inefficient and faulty assets lead to frequent repairs, maintenance, and replacement that cost your business money. You can reduce your costs when you use EAM to determine which assets need replacement.
The system enables you to budget and quantify operating costs over multi-year periods. Determine the root cause of faulty assets, streamline operations, and get better results after assessing the viability of the assets in your plant.
Reduce Safety Risks
There are safety risks that your plant workers face every day due to faulty equipment or neglect. You can avoid the latter with proper training, but defective or old equipment is difficult to detect immediately. Enterprise Asset Management enables you to identify assets that are defective and in need of maintenance, repair, or replacement. Identifying potential problems that an asset may create helps you avoid safety hazards that may take place in your plant.
The performance of your assets is vital to optimised operations and revenue maximisation. Complying with industry standards keeps you above or at par with the competition. EAM helps you comply with the standards of your industry by ensuring your assets meet regulatory and corporate requirements, ensure proper maintenance practices, and assessing occupational safety and health practices.
Determine Asset Performance
The performance of your assets affects the bottom line of your company. Enterprise Asset Management allows you to track the performance of your assets to maximise profits and reduce costs. The system lets you implement maintenance plans to the ‘criticality’ of an asset. It also increases return on assets throughout the life cycle of your asset.
EAM provides you with several benefits that help improve asset performance and increase revenue. Reduce costs and downtime, track asset performance, and keep your manufacturing plant operating at an optimum level.