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Enterprise Asset Management

Get your asset management in shape and ensure a greater return on investment with an integrated enterprise asset management solution.

Enterprise Asset Management
Why Traditional Asset Management Is Not Enough

Why Traditional Asset
Management
Is Not Enough

Traditional asset management is fine where assets are few or are not mobile. But in asset-heavy industries, where a lot rides on asset availability and performance, it is important to have a reliable view of assets at all times. Traditional systems fail at this because they are too disjointed to afford an accurate view of assets. The rise of smart assets also necessitates a system that can make the best use of sensor data.

An integrated enterprise asset management system is equipped to meet all the asset-related needs of an organization regardless of the industry type. Rather than relying on multiple applications to manage assets, enterprises can leverage a single solution to drive multiple functions, including asset location tracking, condition monitoring, ticketing, documentation management, and reporting.

Benefits of Integrated Asset Management

Benefits of Integrated Asset Management

  • Real-time asset condition monitoring and condition-based preventive maintenance
  • Automated tracking of asset movement and geofencing to prevent loss and theft
  • Actionable insights into asset utilization, effectiveness, energy consumption, etc
  • Quicker and automated asset transactions, eliminating error-prone manual processes
  • Proper asset custody enforcement through automated tracking
  • Notification and alarms on critical asset movement, overdue checkout, warranty renewals, and calibration due date
  • Instant reports for KPI tracking and asset audit
  • Anytime, anywhere access to asset data

How Integrated Enterprise
Asset Management Works

How Integrated Enterprise Asset Management Works

Asset Master Data Management

Creating a master list of all assets is the first step in enterprise asset management. The asset master list captures details such as asset name, type, activation date, etc, which help describe an asset. The master record with unique identifiers serves as the single source of truth for the entire organization. Flexible modeling is a necessary feature of a master data management system. It should be able to model all the different assets in an organization so as to capture all the relevant asset information.

Data Modeling

To implement master data management, the right data model is defined to abstract information on different types of assets, asset categories, and relationships between them. The model depends on the type of enterprise but should be versatile enough to capture disparate asset data.

Data Modeling

Asset Location Tracking

Asset availability is a factor that impacts service quality in many industries. Using real-time location tracking real-time location tracking technology, organizations can easily locate their mobile assets, identify underutilization/overutilization issues, mitigate loss and theft, and boost the efficiency of their operations. With geofencing features, the system can also alert users if the asset moves out of its designated perimeter. Depending on the extent and scope of asset movement, a combination of technologies such as BLE, RFID, GPS, SigFox is used to track assets. Custom reports on asset movement and location can be generated for further analysis and planning.

Asset Condition Monitoring

Preventing asset failure is another important aspect of asset management that can be addressed through condition monitoring. Condition sensing systems, which leverage IoT frameworks, integrate and communicate with a variety of interfaces such as SCADA and DCS. They monitor asset parameters continuously, analyze data for unusual behaviors, and alert operators of impending failure. Through preventive maintenance enterprises can get the asset going, eliminating the risk of a costly breakdown and disruption to service. Similarly, by monitoring energy consumption, enterprises can improve the eco-efficiency of their operations and cut down their energy bill.

Asset Document Management

Contracts, invoices, warranties, manuals, SOPs, CAD drawings, spare part details—tracing these documents can become problematic as organizations grow and the number of documents piles up. In an integrated enterprise asset management system, these documents are centrally managed to enable easy access and collaboration between different stakeholders. Users can keep track of the entire life cycle of assets from purchase to maintenance history on a single system and reduce cost to organization through timely enforcement of AMCs and warranties.

Asset Maintenance Ticketing

Automated ticketing is one of the most important features of a well-rounded digital asset management solution. The entire incident resolution process, from incident logging to prioritization and assignment, is streamlined on the centralized system with automated workflows. This system ensures that all incidents are properly managed and brought to closure in a timely manner. Alerts, reminders, and escalation points help ensure regular maintenance and calibration of assets, regulatory compliance, insurance maintenance, and SLA adherence. Issues in asset maintenance can also be identified by auditing trouble ticketing data over time.

Asset Reporting and Visualization

The ultimate test of an asset management system is its reporting and visualization capability. Location tracking, condition monitoring, and ticketing—all provide a rich dataset on enterprise assets. The multidimensional information can be leveraged to proactively identify operational inefficiencies and areas for improvement. Custom reports can be generated to track KPIs and inventory levels and review maintenance history, utilization, workflows, etc. Interactive data visualization makes this data accessible across the board, paving the way for faster action at every level of operation.

Asset Master Data Management

Creating a master list of all assets is the first step in enterprise asset management. The asset master list captures details such as asset name, type, activation date, etc, which help describe an asset. The master record with unique identifiers serves as the single source of truth for the entire organization. Flexible modeling is a necessary feature of a master data management system. It should be able to model all the different assets in an organization so as to capture all the relevant asset information.

Data Modeling

To implement master data management, the right data model is defined to abstract information on different types of assets, asset categories, and relationships between them. The model depends on the type of enterprise but should be versatile enough to capture disparate asset data.

Asset Location Tracking

Asset availability is a factor that impacts service quality in many industries. Using real-time location tracking technology, organizations can easily locate their mobile assets, identify underutilization/overutilization issues, mitigate loss and theft, and boost the efficiency of their operations. With geofencing features, the system can also alert users if the asset moves out of its designated perimeter. Depending on the extent and scope of asset movement, a combination of technologies such as BLE, RFID, GPS, SigFox is used to track assets. Custom reports on asset movement and location can be generated for further analysis and planning.

Asset Condition Monitoring

Preventing asset failure is another important aspect of asset management that can be addressed through condition monitoring. Condition sensing systems, which leverage IoT frameworks, integrate and communicate with a variety of interfaces such as SCADA and DCS. They monitor asset parameters continuously, analyze data for unusual behaviors, and alert operators of impending failure. Through preventive maintenance enterprises can get the asset going, eliminating the risk of a costly breakdown and disruption to service. Similarly, by monitoring energy consumption, enterprises can improve the eco-efficiency of their operations and cut down their energy bill.

Asset Document Management

Contracts, invoices, warranties, manuals, SOPs, CAD drawings, spare part details—tracing these documents can become problematic as organizations grow and the number of documents piles up. In an integrated enterprise asset management system, these documents are centrally managed to enable easy access and collaboration between different stakeholders. Users can keep track of the entire life cycle of assets from purchase to maintenance history on a single system and reduce cost to organization through timely enforcement of AMCs and warranties.

Asset Maintenance Ticketing

Automated ticketing is one of the most important features of a well-rounded digital asset management solution. The entire incident resolution process, from incident logging to prioritization and assignment, is streamlined on the centralized system with automated workflows. This system ensures that all incidents are properly managed and brought to closure in a timely manner. Alerts, reminders, and escalation points help ensure regular maintenance and calibration of assets, regulatory compliance, insurance maintenance, and SLA adherence. Issues in asset maintenance can also be identified by auditing trouble ticketing data over time.

Asset Reporting and Visualization

The ultimate test of an asset management system is its reporting and visualization capability. Location tracking, condition monitoring, and ticketing—all provide a rich dataset on enterprise assets. The multidimensional information can be leveraged to proactively identify operational inefficiencies and areas for improvement. Custom reports can be generated to track KPIs and inventory levels and review maintenance history, utilization, workflows, etc. Interactive data visualization makes this data accessible across the board, paving the way for faster action at every level of operation.

SeeMyMachines Enterprise Asset Management

SeeMyMachines Enterprise
Asset Management

SeeMyMachines Enterprise Asset Management (EAM) is a ready-to-deploy, fully customizable, cross-industry asset management solution. It supports core asset management functions such as asset data centralization, monitoring of asset transactions such as custody and movement, maintenance and contract management, reporting and visualization. Apart from these, the IoT-enabled platform facilitates real-time location tracking and condition monitoring of smart assets.

  • Entire life cycle management, from inventorization to disposal
  • Timely maintenance alerts and history tracking to help extend asset life
  • Automated asset movement tracking, custody management, and ticketing
  • Condition monitoring and real-time tracking of smart assets
  • Configurable workflows for industry-specific requirements
  • API integration for existing procurement and ERP systems
  • Connectors for platforms such as SAP, Dynamics, and Oracle ERP
  • Data portability ensured via API integration
  • 24x7 web and mobile access to operational and analytical data
  • Cloud-based, highly scalable infrastructure

EAM or ERP: Which Works Best?

With asset management (AM) modules available as an ERP extension, the question before enterprises is, which is more investment-worthy: an EAM or an AM module in ERP? The answer really depends on the requirements of the enterprise.

EAM Solutions
Comprehensive functionalities covering the entire asset life cycle
Ideal for asset-intensive organizations
Support for smart assets with condition monitoring and RTLS
Subscription-based, pay-as-you-grow model makes them relatively inexpensive
Faster learning curve as they are highly context-specific
ERP AM Modules
Limited functionalities, focused on asset procurement and valuation
Ideal where asset management needs are minimal and ERP is already deployed
Limited or no support for IoT-enabled smart assets, limited asset tracking
Integration, AMC, licensing, database, and hardware costs make them expensive
Steep learning curve especially if the enterprise is new to ERP

Get more done with integrated enterprise asset management