Enterprise Asset Management - What is EAM?
What is Enterprise Asset Management? How do enterprises leverage new technology to keep track of their inventory? Here we cover this topic in-depth.
What is Enterprise Asset Management?
Enterprise asset management (EAM) is an all-encompassing approach to managing and maintaining an organization’s equipment and assets. It involves tracking and monitoring the entire life cycle of equipment and assets from acquisition to disposal.
The primary reason for asset management is to keep a detailed account of all assets and equipment, allowing for accurate and up-to-date information about the status of each item. This helps organizations make informed decisions about asset utilization and planning for future investments.
Asset management systems also help organizations reduce equipment and asset maintenance costs. It can help teams optimize the utilization of resources, track inventory levels and manage preventive maintenance schedules.
Cheqroom’s asset management software enables businesses to streamline their asset-tracking processes and ensure all assets are accounted for. By implementing Cheqroom, companies can use a range of features designed to maximize efficiency and reduce costs. One of the key features of Cheqroom is its asset management dashboard, providing businesses with a comprehensive overview of their enterprise assets. The dashboard allows businesses to quickly and easily view the status of each asset and its associated information, including who had checked it out, when it was due back, and any associated maintenance or repair tasks.
What are Enterprise Asset Management best practices?
EAM solutions aim to reduce costs, improve efficiency, and increase the longevity of physical assets. Here are some best practices:
- Establish a Clear Asset Management Strategy: The first step to successful asset management is to develop a clear strategy. This includes defining the goals and objectives of the system and identifying the roles and responsibilities of stakeholders involved in the process.
- Understand the Asset Lifecycle: Understanding the asset lifecycle is critical for asset management. This includes understanding asset acquisition, maintenance, disposal, and replacement.
- Develop an Asset Inventory: Establishing an accurate inventory of assets is essential for effective asset management. This inventory should include detailed descriptions of the assets and information such as locations, serial numbers, and other relevant data.
- Implement Automation: Automation can help streamline the enterprise asset management process. Automation tools can help automate asset tracking, maintenance scheduling, and asset depreciation processes.
- Establish Asset Performance Metrics: Establishing performance metrics is essential for measuring the effectiveness of asset management processes. This includes metrics such as cost per asset, asset utilization, and asset availability.
- Utilize Data Analytics: Data analytics can provide valuable insights into the performance of assets. This includes analyzing utilization, failure rates, and maintenance records.
- Develop Standardized Processes: Standardized processes can help ensure consistent and efficient asset management processes. This includes processes such as asset maintenance and asset disposal.
- Utilize Benchmarking: Benchmarking can help compare asset performance against industry best practices. This includes comparing the performance of similar assets and evaluating the effectiveness of asset management processes.
- Implement Preventive Maintenance: Preventive maintenance is integral to an asset management strategy. This includes regularly scheduled maintenance activities that can help improve the performance and lifespan of assets.
- Establish Asset Maintenance Records: Asset maintenance records can help ensure assets are properly maintained, and any problems are identified and addressed quickly.
By following these best practices, organizations can maximize the value of their physical assets and reduce costs. Implementing these practices can help organizations become more efficient, increase asset lifespans, and improve organizational performance.
How can you perform Enterprise asset Management with Cheqroom?
Using Cheqroom for asset management is an efficient and cost-effective way to manage and maintain your organization’s assets. Cheqroom allows you to track and monitor your equipment and assets, including serial numbers, warranties, maintenance histories, and more.
Cheqroom's enterprise asset management software helps you save time and money by allowing you to easily track your assets, view asset utilization, manage preventive maintenance schedules, monitor inventory levels, and generate reports. Its advanced features also enable you to keep tabs on multiple locations all in one place. Get real-time information about your enterprise assets with Cheqroom today.
Keep track of your assets
Track your AV or IT assets and prevent them from disappearing or getting damaged. You’ll increase accountability, as everyone always knows who’s using which asset.
Make assets accessible
Let users book assets in advance, or check out gear on the go. Just a quick scan of the barcode with your phone is enough to update the asset inventory.
Testimonial
My colleagues no longer call me to ask asset management questions. They just quickly check availabilities in Cheqroom.
All your assets, one app
Cheqroom's asset management system gives you a real-time overview of assets’ locations and due back dates. Search through your records and easily find all the asset information and attachments (receipts, warranty certificates) you need right away.
Assign user roles & permissions
Grant access to users, let them book assets on their own and let them sign a digital agreement upon check-out. You’ll save time, and users will be accountable for the assets they use and their condition upon return.
Integrated asset label scanning
Use your phone to identify assets in seconds with CHEQROOM’s built-in scanner. Avoid confusion about having the right items and take human error out of the equation.
Better teamwork, better asset management
You’re done with manual record-keeping! Our asset management app is always up-to-date and accurate! Keep everyone in the loop with automated email, push, SMS and Slack notifications.
Manage your assets like a pro
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