4 Common Challenges in Adopting Enterprise Asset Management and How to Solve Them
Have you modernised your company’s enterprise asset management (EAM) function? The answer may not be as simple as you may think. Today, industrial organisations rely on an ever-growing asset landscape — mixing legacy and digital components. Bringing them under a standardised umbrella is a challenging task. On top of this, EAM technology is evolving rapidly, helped in no small part by advancements in IoT.
Therefore, when you ask, “how do I modernise EAM,” there is no one-size-fits-all answer. Depending on your digital maturity and business goals, you need to choose the right EAM solution. But no matter which approaches, technology, or solution you choose, the chances are that you will run into a few challenges.
In my experience of guiding EAM implementation, here are the top four challenges to watch out for:
1. How do you move legacy data into a modern EAM platform?
EAM today relies heavily on advanced data analytics and dashboards to assist decision-makers. But most platforms’ data architectures differ hugely from legacy tools like enterprise resource management (ERP) or spreadsheets. As a result, reconciling and harmonising new and legacy data is one of the most common challenges when modernising EAM.
Look for a platform that positions integration as part of its core value proposition. For example, Asset Infinity is a next-gen EAM with backward compatibility. Its APIs support integrations with virtually any application and standard hardware devices like Zebra, Honeywell, etc. Working with a vendor with experience handling legacy systems and data is also valuable.
2. How do you keep asset information secure?
The sudden uptick in digitisation in the last two years has also caused a rise in security risks and breaches. Asset data is a soft target for cybercriminals since hardware nodes are often unprotected. It can also cripple an entire organisation’s systems by targeting its EAM.
Unfortunately, I have seen that the security aspect of EA implementation is overlooked until it is too late. That is why one should immediately look for the proper security certifications and assurances.
For instance, Asset Infinity has obtained the ISO 27001 certification for adhering to strict security standards. It also provides 99.9% uptime and role-based access control to minimise the threat vector.
Check for SSO integration through Azure Active Directory or SAML 2.0 to prevent your EAM data from getting into the wrong hands.
3. How do you design EAM support for remote and hybrid work?
It is the newest challenge facing industrial companies in the post-pandemic era. Remote work is no longer accepted, but it is often a basic employee expectation when joining a company. It means that your enterprise asset management (EAM) must also be available from any location on the device employees are comfortable using.
Remote and hybrid work also signals a culture shift. Employees will likely want greater flexibility, which means more asynchronous communications and round-the-clock work hours.
You need an EAM platform that is purpose-built for mobile use. Ideally, employees should be able to access EAM data even when offline to continue working in locations with poor network coverage or during non-work hours. It is a unique feature available in next-gen EAM platforms like Asset Infinity. Further, the platform must work on handheld devices from leading industrial hardware providers.
4. How do you integrate procurement, inventory management, maintenance, and support in a centralised way?
The end-to-end asset lifecycle is a thing of great complexity. From the initial requisition and procurement to tracking the asset across its various uses to maintaining and retiring it — you need to involve multiple stakeholders and systems. Unfortunately, more often than not, I’ve seen these processes exist in silos with no real visibility across the board. As a result, it leads to waste from effort and purchases duplication and a reactive maintenance approach.
Choosing an end-to-end software suite that combines procurement, tracking, and maintenance on a single platform is a better idea. This way, you can track an asset’s journey throughout the organisation and optimise its usage.
Interestingly, solutions like Asset Infinity let you modernise different stages of the asset lifecycle or end-to-end. You can opt for each module separately and then scale up or install a complete asset management suite with enterprise features and pricing.
Note that the pricing structure often poses a challenge when implementing EAM. Several enterprise platforms are not transparent with their platform and services fees, which can b a hurdle for smaller organisations. No matter what your size, I would suggest that you opt for transparent pricing so that you have some baseline for estimates, even if they are eventual overruns.
These are the four most common challenges to overcome during EAM adoption. Of course, it would be best if you were looking for a robust, high-uptime platform with 24/7 vendor support. To get more assistance on your EAM journey, email me at Arvind@am-pmassociates.com.