Benefits of Asset Management Software

Enterprise asset management software, also known as computerized maintenance management software (CMMS), is a category of software designed for managing an enterprise's assets, logistical and maintenance functions, and maintenance personnel, and other resources. Asset management software typically assists maintenance employees in managing assets, scheduling maintenance, allocating resources, and making smarter decisions based on information.

While numerous forms of asset management software exist including traditional and cloud-based solutions, enterprise asset management tools typically address the following core areas: work orders, inventory control, asset management, safety, and integration with other enterprise software and process control tools. Some asset management software also includes real-time reporting tools and dashboards.

Enterprise asset management software is typically used by enterprises that must manage inventory, equipment, or vehicles. For example, manufacturing, facilities, fleet, and service organizations can all benefit from a well-designed asset management solution.

Benefits of Asset Management Software
Asset management software can help maintenance workers perform their jobs more effectively. While improved job performance is certainly desirable, computerized maintenance management software can deliver other benefits as well including:

·       Reduced downtime – By tracking equipment, repairs, scheduled maintenance, issues, and other relevant data, workers have a better handle on the status of production equipment and fleets. Information and a proactive approach can prevent breakdowns and reduce downtime. Smart scheduling also allows preventative maintenance to be performed when it will be less likely to affect production. From catching potential problems before they manifest into equipment failures to ensuring adequate parts are on hand for production, asset management software can significantly reduce downtime.

·       Reduced maintenance costs – Routine maintenance is often performed when equipment is being serviced for a breakdown. By entering the routine maintenance that was performed ahead of schedule, the maintenance schedule can be adjusted which reduces redundant service.

·       Improved regulatory compliance – Equipment subject to health, safety, or other regulations must be properly maintained and any applicable measures properly documented. Asset management software can help organizations comply with regulations and keep detailed records.

·       Improved inventory control – Inventory control features common in enterprise asset management software alert purchasers when new stock must be ordered, allow materials to be reserved for upcoming production runs, track shipments, and detail the location of inventory and assets. Eliminating shortages and minimizing the amount of inventory that must be stored also reduces costs and downtime.

·       Improved processes – Asset management software puts information where it's needed most: in the hands of those who must use it. It can improve workflow and facilitate more efficient business processes.

·       Better reporting – Whether you need detailed reports for documentation purposes, for budgeting, for determining if it makes sense to repair or replace equipment, or to get a deeper understanding of your assets, asset management software with robust reporting features can quickly provide you with the information you seek.

Enterprise asset management can be greatly enhanced with asset management software. With a solution in place, your maintenance team has the information it needs to schedule maintenance, anticipate and mitigate problems, manage inventory, comply with regulations, and ensure that your entire fleet of equipment and vehicles is maintained to the highest standards. As a result, you can expect reduced downtime, lower costs, and improved efficiency.