Modern Enterprise Asset Management Solution by SAP

In the evolving business landscape, managing assets efficiently is no longer just a matter of convenience; but a critical element for ensuring sustainability and profitability. The industries that are heavily reliant on physical assets such as machinery, equipment, and infrastructure, Enterprise Asset Management (EAM) is the key to achieving operational excellence. Exalogic Consulting, a distinguished SAP implementation Gold Partner, recognizes the importance of EAM and offers a robust solution in the form of SAP Enterprise Asset Management.

Impact of Enterprise Asset Management 

Enterprise Asset Management (EAM) is an extensive process that involves the management of an organization's physical assets throughout its entire lifecycle. It is a dynamic discipline that plays a pivotal role in enhancing asset utilization, saving costs, improving quality, ensuring safety, and contributing to a sustainable environment. With industries like real estate, mining, energy, government, utilities, aerospace, and defense relying heavily on complex physical assets, EAM becomes a necessity.

The Evolution of EAM: From Paper to the Cloud

Early EAM solutions relied on manual data entry and standalone software. However, today's EAM systems have evolved significantly. The growth of IoT (Internet of Things) has allowed assets to communicate their performance and status automatically through sensors connected to the cloud. This connectivity not only enables real-time monitoring and access but also enhances mobility and remote management.

Integration with other essential systems like Enterprise Resource Planning (ERP) software further empowers EAM. This integration extends to procurement, human capital management, supply chain management, and environment, health, and safety functions. EAM software can also be integrated with specialized software such as Computerized Maintenance Management Systems (CMMS) and Maintenance, Repair, and Operations software for niche asset management needs.

Additionally, geographical information systems and 3D visualization software are employed to augment EAM systems, providing advanced mapping, asset location, and maintenance route optimization. EAM software typically adheres to international standards, such as ISO 55001:2014, for asset management systems.

Why EAM is Essential?

The importance of EAM cannot be overstated, especially in today's complex asset environments. Here are a few key reasons why EAM is crucial:

• Maximizing Asset Utilization: EAM allows organizations to make the most of their assets by ensuring they are reliable, available, and efficient.
  
  
• Real-time Insights: IoT-connected assets provide real-time data for immediate insights into their performance, enabling proactive maintenance.
  
  
• Regulatory Compliance: EAM helps organizations adhere to laws and regulations related to asset management, ensuring privacy, quality, and accessibility requirements are met.
  
  
• Centralized Data: EAM centralizes asset data, making it easy to manage and track assets, their condition, and maintenance needs.
  
  
• Legacy Asset Management: EAM supports managing older assets and infrastructure by embedding risk management into business processes and facilitating timely updates and replacements.

Key Features of EAM

EAM software is equipped with a range of features and functions to support the critical objectives:

• Asset Lifecycle Management: Tracks assets from design to disposal, ensuring their efficient use throughout their lifecycle.
  
  
• Supply Chain Management: Manages materials and components required for asset maintenance and construction, streamlining inventory management and procurement.
  
  
• Maintenance Scheduling and Planning: Efficiently schedules and manages maintenance personnel, work orders, hours, and payments.
  
  
• Preventive and Predictive Maintenance: Utilizes analytics to plan and manage preventive maintenance, reducing downtime and maximizing asset lifespan.

EAM with SAP

SAP Enterprise Asset Management (SAP EAM) stands out as a robust solution in the EAM landscape. With SAP EAM, businesses can harness the power of real-time data, predictive maintenance, and comprehensive asset management. SAP EAM provides a holistic view of assets, allowing organizations to optimize asset utilization and make data-driven decisions.

Statistics Supporting EAM

A few details that have been in support of EAM implementation

• As per Grand View Research, the global EAM market size is expected to reach $10.87 billion by 2028.
• Research from IBM found that predictive maintenance can reduce maintenance costs by up to 30% and reduce equipment downtime by 45%.
• An ARC Advisory Group survey revealed that 75% of companies see improving asset performance as a key driver for their EAM investments.

Conclusion

Enterprise Asset Management is a vital component for organizations aiming to ensure sustainability, improve efficiency, and maintain a competitive edge. SAP Enterprise Asset Management, offered by Exalogic Consulting, empowers businesses to optimize their assets and make informed decisions, ultimately contributing to a more sustainable and profitable future.

Embracing EAM is not just a choice; it's a strategic imperative for modern enterprises.