The best tool is the one that fits. Integration and training make all the difference.

Cheqroom's State of Enterprise Asset Management report sheds light on the current state of EAM by debunking myths, identifying pain points, and offering practical recommendations for improvement. Rooted in insights from hundreds of industry professionals, this report emphasizes that there is no one-size-fits-all solution in enterprise asset management. Instead, success depends on integration, user-friendly systems, and adequate training.

Why Enterprise Asset Management Matters

Most businesses rely on physical assets to generate revenue and deliver services. Whether it’s cameras for a production team or tools for manufacturing, downtime or mismanagement can lead to lost productivity and business risks. Despite its importance, asset management is often an under-prioritized function.

Key challenges in asset management include:

• Loss and misplacement of critical assets.
• Downtime and delays due to unavailable equipment.
• Lack of visibility into asset location, usage, and condition.
• Manual processes are error-prone and time-consuming.

Effective enterprise asset management systems address these issues head-on.

Key Findings From the State of Enterprise Asset Management Report

To create an effective EAM system, organizations must recognize that a single solution doesn’t fit all needs. Here are the major takeaways from the Cheqroom report:

The Myth of the Single Solution

Contrary to popular belief, very few organizations (only 8%) rely on a single tool for enterprise asset management. Among those that do, just 3% report that it is extremely effective.

Why? Modern EAM requires diverse functionalities like tracking, reservations, compliance, and reporting, which often cannot be handled by a single tool. The majority (92%) of respondents rely on multiple, interconnected solutions to streamline their workflows. However, integration among these tools is often overlooked during implementation.

Why Integration Matters More Than Capabilities

Companies often focus on the features of individual software tools without considering how well those tools work together. Integration enables streamlined workflows, breaks down silos, and improves operational efficiency. For example, linking an EAM system to a financial platform can automate purchasing decisions, while connecting it to a CRM can enhance customer support by providing up-to-date asset insights.

When assessing potential tools, ask vendors the following questions:

• “How does your tool integrate with existing business systems?”
• “Do you support API or custom integrations?”
• “Is real-time data syncing part of the platform?”

Effective integration ensures that your EAM doesn’t operate in isolation but becomes an integral part of your overall business strategy.

Training and Change Management Can’t Be Ignored

No matter how powerful your tools are, they won’t drive results if employees don’t know how to use them. Training and implementation are the biggest challenges when rolling out new asset management systems. Cheqroom’s report highlights the importance of robust onboarding and continuous learning to drive adoption.

Here’s how to make training effective:

• Provide Structured Onboarding: Ensure employees understand the system’s core functionalities from day one.
• Offer Ongoing Support: Provide access to resources like help center guides, FAQs, and customer support for continued learning.
• Tailor Training to Roles: Customize sessions based on the needs of different user groups, such as administrators, IT staff, or end-users.

Cheqroom offers end-to-end implementation support, including data migration assistance and personalized training sessions, ensuring a smooth transition to modern asset management practices.

From Challenges to Solutions

The Cheqroom report reveals a clear path forward for organizations struggling with asset management challenges. Here’s how to overcome the most common hurdles:

1. Adopt an Ecosystem Approach: Leverage multiple tools that integrate seamlessly rather than searching for an all-in-one solution.
2. Prioritize Training: Invest in onboarding and continuous learning to maximize your investment in EAM systems.
3. Focus on Usability: Choose platforms with intuitive designs and mobile capabilities to improve accessibility.
4. Ensure Accurate Data: Equip administrators and users with tools to track assets in real-time and generate actionable insights.

Cheqroom is uniquely positioned to help businesses address these needs by offering a purpose-built platform for efficient and scalable asset management.