Enterprise Asset Management Best Practices

By CIOReview | Friday, July 20, 2018

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The benefits rendered by advanced Enterprise Asset Management (EAM) systems to business is being acknowledged on a broader scale in the current times; organizations are now able to manage their assets including business locations, facilities as well as departments. Adding to this, the entire workflow defining the movement of the processes is standardized and the businesses are experiencing enhancement in performance and utilization of resources. According to experts, this has been a boon for entrepreneurs in staying ahead of the competition curve as the required toolsets are sufficient in bringing a comprehensive improvement within the entire system.

Nevertheless, it has been noticed that some of the organizations are unable to keep pace with the ongoing market trends, thereby finding it difficult to reap the maximum benefits of a system. Apparently, companies are making only a small fraction of the necessary skill sets or tools for achieving desired results. In order to make sure that organizations utilize the full capabilities of EAM systems and reap the highest ROI, some of the best practices have been highlighted by industry veterans.

Conduction of business process reviews at regular intervals:

The end-user as well as the IT team observe a business process review to mark the technical and functional requirements of a system, which is in alignment with specific processes. However, as recommended by experts, organizations should keep an eye on this step from time to time, particularly if the initial plans adhering to the implementation processes did not involve the end-user team. Businesses must identify the areas that are likely to exhibit inefficiency during executing processes and simultaneously find out if new applications are required in order to enhance the process flow and the assist in structuring better decision-making strategies. All organizations are established with a vision of growth; it is imperative that the solutions adopted are enabled with infinite scalability. This will help the EAM system to adjust to the requirements accordingly.

Customizing workflow:

Workflows are required to act as a bridge for numerous controls at the same time. This makes it easier for organizations to customize the workflows with the aid of automation right from the initial step of a process to the closure. Workflows are customized in order to ensure seamless a process flow according to the time-intervals specifically aligned with the needs of the user.

Optimizing escalations:

Escalation processes are important in ensuring that all compliance procedures, service agreements, and preventive management procedures are performed on a regular basis, with an objective to keep the functionality of the system smooth.