Using enterprise asset management software allows businesses to improve efficiency and reduce asset-related operating costs across all departments, offices and business units. Asset management software is a business technology that uses strategic planning to enhance the efficiency of business operations, capital investment decisions and maintenance.

Used for decades in manufacturing, oil and gas and other heavy industries, enterprise asset management systems have expanded as cutting-edge applications capable of meeting the asset monitoring needs of nearly every industry. You can use enterprise asset management systems to increase efficiency of all business assets including regulatory compliance, human resources, and equipment and product inventory. Consider the following tips to help you uncover the benefits of using enterprise asset management software.

1. Learn more about how EAM software can improve your business.

2. Save money by using an enterprise asset management software tool.

3. Generate business growth with asset management software.

Action Steps
The best contacts and resources to help you get it done

Determine why asset management software is important

Using asset management software is a great way to track your company's assets. With inventory asset management software you can easily maintain data about what you own, where you purchased your equipment and products and the associated costs, and where your assets are located. By doing this, you should find ways to reduce total cost of ownership and maximize your asset investments.

I recommend: Visit Asset-management-software.org to learn more about using asset management software. You can also check out Reviews, Top news Stories etc. to learn more about the functionality of an enterprise asset management solution.

Cut frivolous spending with asset management software

Asset management software can help you better control your asset costs. By providing you with the tools to evaluate your need for various equipment and services, and assisting you in purchasing only those products and services that you truly need, asset management software is a tool designed to help businesses cost-effectively accomplish objectives.

I recommend: Check out ITworld to read more on how using asset management software can help you reduce information technology costs. Obtain tips on using asset management software by visiting CIO Update from Jupiter.

Stay competitive by using an enterprise asset management solution

Asset tracking is a required business task, if companies want to stay competitive in the marketplace. Without an asset management system, it's nearly impossible for businesses to effectively track their assets. However, by using an enterprise asset management software solution, businesses can increase productivity, and therefore, generate more profit.

I recommend: Learn more about how using asset management software can affect your company’s profitability and productivity by reading the Asset Management Tips and Tricks Blog. Read more about the benefits of monitoring your assets with asset management software by visiting Computerworld.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Make integrating an asset management software solution a team decision. This will help you save time during the implementation process as well as decrease the likelihood of stalling integration due to objections by business partners, management and staff.

Sellers of enterprise asset management software abound. Yet as many EAM software vendors as we find in our online travels, we soon learn that the number of enterprise asset management solutions is even greater. This is because many companies carry an entire line of EAM products. And that's good news for the enterprising entrepreneur, because it means that many more options are available for meeting the precise needs of your business. It also means that, with some careful investigation, you can find the right one for you.

The enterprise asset management solution you choose will be based upon many factors, and you can be sure that each of those factors will be addressed by one or more asset management products. You'll need to consider such things as the size of your organization, your industry, the type of business you run, your specific IT setup and the functions you want to integrate with your EAM software—to name a few. Here are some great things the right enterprise asset management software can provide for your company:

1. Increased productivity

2. Optimized use of company assets

3. Greater efficiency

4. Better service to your customers

5. Increased revenue and decreased costs through the right enterprise asset management software solution.

Action Steps
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Investigate various enterprise asset management systems to learn what features they offer

Not all asset management software is equal. Different products offer a variety of different features. A survey of some available products will go a long way toward helping you determine exactly which features would best address your own company's needs.

I recommend: Manage Engine offers its Asset Explorer software, Net Simplicity offers Visual Asset Manager and Avantis features an enterprise asset management solution line for companies of different sizes and varied needs. Infor also offers a selection of EAM software products to address different business needs.

Look at EAM software specially designed for your industry

Some companies specialize in single-industry EAM software solutions, while others offer multiple applications, each of which is aimed at a different industry. Investigate these to see whether they might not offer more specialized tools than the more general enterprise asset management systems.

I recommend: IQMS offers its Enterprise IQ line of enterprise asset management software, providing software solutions that are geared toward specific industries. While QAD focuses exclusively on manufacturing, it offers inventory asset management and other EAM software designed for a number of different industries.

Know whether your EAM software must function with multiple operating systems and mixed platforms

Some companies offer multiple asset management features, functions and modules that can be integrated with IT systems currently being utilized throughout your organization, using multiple operating systems and mixed platforms. Others provide a single-platform solution for greater efficiency.

I recommend: TMA Systems TMA Enterprise software features "the ability to operate under multiple operating systems that share data transparently on mixed platforms." The software also comes in web-based or desktop versions. IBM, on the other hand, offers a line of Maximo asset management modules which are "built on a single software platform" to help you manage all your asset types more effectively.

Browse asset management systems comparison websites to see how competing products stack up

A number of websites offer one-stop information shopping for a wide range of available asset management software. Take advantage of these to compare features, view demos and get an overall picture of what each product has to offer your company.

I recommend: Bitpipe, The Software Network, Capterra and Managing Automation offer comprehensive descriptions of enterprise asset management software, along with other helpful features, such as links to further info, demos and vendor websites.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Take the time to inventory asset management programs of various types. The time you spend comparing features and matching them to your company's needs will be well worth it. Be sure to take advantage of product demos, tours and free trials to help make your decision easier.

Exploit Enterprise Asset Management (EAM) software to track and control anything of value to your business. Once the purview of heavy industry as it managed the lifecycle of its equipment, enterprise asset management has flowed over into nearly every business. No longer limited to fixed or capital assets, now you can track intangibles like company knowledge or financials, and people: wherever they are and whatever shape they are in.

Move beyond the fire-fighting approach to maintaining and protecting your company’s assets by learning about which enterprise asset management solution is best for you, as well as how best to implement it. Learn how to use enterprise asset management systems to:

1. Predict potential failure or breakdown rather than react to it post mortem;

2. Prioritize repair and maintenance rather than holding to a rigid schedule;

3. Track remote assets on-the-fly with wireless sensors that report back on status.

Action Steps
The best contacts and resources to help you get it done

Set up a remote training session on inventory asset management

Learn about asset management software by working in a 'soft' setting at your office using the Internet. This option is low-cost, and training can fit into your office schedule, even allowing for work interruptions. This solution may be best for one of two circumstances: those who have zero experience in EAM and want to quickly get introduced to the basics in their spare time before going more in-depth, and those who have experience and just want to learn about a specific aspect of EAM software or the latest developments in the field.

I recommend: Best Price Computers offers a good basic explanation of asset management principles, as well as links to go more in-depth on the importance of asset management and choosing the right EAM tools. Business Industrial Network offers a three-day training seminar on PowerPoint.

Invest in off-site asset management software training

If you've decided on an EAM course of action, or have personnel who need concerted training, it may be time to invest in off-site training. This is particularly important if you have complex systems or are in a highly regulated industry such as life sciences, where processes are exacting and tolerances are too close to allow for any error. Off-site training also allows personnel to concentrate without interruptions, and allows the team to bond, developing mutual rapport and trust which can prove vital in emergency situations back at the plant.

I recommend: View EPAC’s course descriptions for classroom training covering the basics of EAM and how to implement their software solutions. Blue Mountain Quality Resources holds a variety of seminars on EAM; check their calendar for classes and dates.

Bring sellers of enterprise asset management software to your door for live in-house training

Cross the first two options for what may be the best of both worlds. Get fully-focused training on EAM systems at the actual site where the work will take place. Learning in a familiar setting may prove beneficial to workers, as they can immediately relate the new material directly to the computers they are working on, the assets they are tracking and the environment in which they operate.

I recommend: IBM can teach consultants how to install, configure and customize Maximo 6. E-Innovative Services Group offers on-site training on EAM systems specializing in remote tracking using bar code technology.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  One way to get up to speed on the latest trends and technology in inventory asset management is to set up an asset management systems comparison shoot-out between vendors to select the best enterprise asset management software solution for your company's budget.

Enterprise asset management refers to the process of managing an organization’s physical assets. It covers everything from design to decommissioning and replacement. Enterprise asset management software can help small businesses and large enterprises. By managing assets efficiently, organizations can reduce their capital and operating costs substantially as well as extend the life of an asset and improve return on assets. As you research the various software packages on the market, you’ll want to familiarize yourself with some of the common terms you will find.

Action Steps
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Managed service provider

Managed service provider (MSP) is an outsourced solution that consists of transferring the day-to-day management of an organization to an external entity. Typically, the client does not give up the overall management responsibility but instead oversees the service provider and holds them accountable. Enterprise asset management software can be included as part of what a managed service provider offers to its customers.

I recommend: WebMediaBrands has a definition of managed service provider.

Capital costs

Capital costs are those incurred during the purchase of buildings, land, construction and equipment that is used in producing goods or rendering services. Enterprise asset management software can help track capital costs for an organization.

I recommend: Go to BusinessDictionary.com for another definition of capital costs.

Whole-life cost

Whole-life cost refers to the total cost of ownership of an asset and includes such things as planning, design, construction, operation, maintenance, renewal and replacement or disposal. Enterprise asset management software can track whole-life cost for many assets.

I recommend: AllBusiness.com offers more information on whole-life cost.

Return on assets

Return on assets (ROA) is usually expressed as a percentage and shows how profitable a company's assets are. ROA tells how many dollars of revenue a company can get from each dollar of asset they control. Enterprise asset management software can help track a company's ROA.

I recommend: See InvestorWords.com for a definition of ROA.

Data migration

Data migration is the process of moving data between storage types, formats or computer systems. Once an organization has selected an enterprise asset management software solution, it can begin the process of moving data from legacy or current systems to the new software.

I recommend: InfoTechNet describes the process of data migration in more detail.

Radio-frequency identification (RFID)

Radio-frequency identification (RFID) refers to the use of a tag applied to a product for the purpose of identification and tracking using radio waves. Enterprise asset management software usually incorporates RFID technology for asset tracking.

I recommend: TechTarget explains how RFID works.