Evaluating an Asset Management Solution

Written By: Leah Gourley
  • 7/2/2020
  • Read Time : 3 min
Evaluate asset management solutions

Asset management solutions, otherwise known as Enterprise Asset Management (EAM), are critical for the modern manufacturer. They allow manufacturers to track location, status, service schedules, depreciation, and more—everything they need to manage the upkeep and lifecycle of machinery, devices, and other assets, within the context of the wider enterprise.

Each asset management solution has different capabilities. One will be more suitable for you than another. Start by identifying what you expect the software to achieve. If a solution doesn’t achieve everything on your list, move on. Defining your criteria is the best way to ensure you get what you need to increase machine efficiency with smarter asset performance management. This post will demonstrate how to evaluate which EAM package is right for you.

 

Types of assets

EAM software is available for many different sectors, covering a variety of assets. It is critical to ensure the software you’re evaluating accounts for every kind of asset you currently will use it for, as well as future developments.

Some asset management solutions include human resources, enabling you to manage staff time. Others utilize a barcode system so warehouse employees can scan assets as they move between locations. The most advanced systems employ geolocation for asset tracking and include depreciation for granular ROI tracking.

 

Systems integration

The information collected in your asset management solution is only as useful as its application. The most useful EAM packages integrate well with other systems, such as your project management software, or ERP. The more integrated your data, the more it can be used for business intelligence and predictive analytics. Greater data visibility can help to break down the silos that separate your IT and OT systems. Integration can also save frontline workers from learning a new system—they can keep inputting the way they always have, with the data automatically populated in the EAM.

 

Mobile management

Mobile management should be a given for asset management solutions. Capturing data on-the-go is increasingly important for supplying real-time status information. Without mobile capability, you risk delayed entry, or employees neglecting to input data after the fact. Incomplete data radically reduces the value of the data you do have.

 

User interface

The user interface (UI) must be accessible to everyone you expect to use it. If people find the software difficult to use, they won’t. Consider your workforce and how likely or not they are to adopt this technology, bearing the future in mind as well. There may be a balance between functionality and accessibility. Evolve the interface along with your staff by using an adaptable solution. With the capability for role-based dashboards— employees will only have to interact with the software they need to.

 

Support

Whichever asset management solution you choose, it will become an integral part of your organization—with the potential for significant disruption if it goes down. Before committing, find out what support is available, what the SLAs are, and how much help is provided with implementation. Every business is different—you’ll likely need some assistance configuring the system for your needs. With PTC’s Thingworx Asset Advisor, service managers and technicians can easily remotely monitor, manage, diagnose and resolve issues for equipment in the field. It is important to find a strong technology partner that will provide continuous support.

 

Scalability

It is essential determine how great the asset management solution can scale. Licenses and implementation are the biggest issues—how easy is it to add or remove licenses? How easy is it to install or access the software on new devices?

Overall flexibility should also be considered. How much room is there to manage different assets in the future? As a vital system, you need an EAM that can evolve along with your business. The last thing you want is to migrate to a new solution at a critical juncture in your organization’s growth.

Choosing the Right Asset Management Solution

The key to choosing the right asset management solution is to be clear about what you need. These criteria are the benchmark against which EAM will be right for you. There is a high chance you will not find exactly what you need from an off-the-shelf solution. However, most SaaS packages can be tailored to some extent, or modified with third-party or open-source modules. Discover how PTC can rapidly drive ROI and increase overall asset efficiency throughout your organization.

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About the Author

Leah Gourley

Leah Gourley is a Digital Content Marketing Specialist based out of PTC's Boston office. She enjoys creating and sharing content surrounding the latest technologies that are transforming industries, including augmented reality and the industrial internet of things.

Evaluating an Asset Management Solution
Understand the factors you should take into consideration when choosing the best asset management solution for your business.