Easy access to essential data related to company assets is imperative for effective resource planning and allocation. This calls for Enterprise Asset Management (EAM) software, as it provides all information about your assets in one place, helping you make informed decisions while ensuring better capital planning.
How Does Enterprise Asset Management Improve Capital Planning?
EAM software helps track, analyze, and manage assets throughout their lifetime, ensuring optimum utilization of assets and reduced operational expenses.
Enterprise Asset Management software further improves your capital planning process by:
- Enhancing Cost Transparency and Maintenance
Having all data concerning your assets on a centralized platform helps you quickly make capital planning decisions. EAM software also helps review your company’s total maintenance costs and how much is spent for every asset. This way, you can cut down unnecessary expenses while replacing or disposing assets that demand expensive repairs.
- Reducing Maintenance Backlogs
Your facility manager may fail to schedule regular maintenance on assets, which can escalate into costly repairs over time. However, EAM software will send automated reminders when it is time to make repairs, so you complete them on time, reducing backlogs.
- Improving Productivity and Efficiency
EAM allows your employees to see the scheduled activities, current inventory status, and valuable details about your important assets. This helps them be more efficient and productive in budgeting for new investments while improving the existing capital plan.
- Identifying Future Needs
By keeping all information about your assets in one place, EAM software helps forecast your assets’ upcoming needs. For example, if you have spent a fortune on your building’s plumbing system, it may be time to replace it.
How to Make the Most of Enterprise Asset Management Software?
It is vital to create a plan and involve your team while implementing EAM software. Also, ensure to get feedback from executives concerning data required for capital planning.
Different EAM software programs come with various features, including facility space management, GPS tracking, etc. Therefore, explore all of them to choose the one that meets your current and evolving capital planning needs.
Whichever EAM software you choose, make sure to train your employees on using it to reap maximum benefits.
Use Our EAM Software for Effective Capital Planning
At QuickFMS, we offer best-in-class digital asset management software that comes with greater flexibility and comprehensive features that help you better understand the availability, cost, and performance of your assets. This way, you can optimize your asset allocation for increased ROI while minimizing expensive repairs.
Want to learn more about our EAM software? Schedule a free demo with us today.
Amit Prasad is the founder and managing director of SatNav Technologies and has business interests in a wide range of IT products. SatNav Technologies is an IT products company focusing on cloud based map data products and a pioneer in GPS, FMS & LBS Technologies. The product suite includes SatTracx in-the-field location based solutions and A-mantra in-the-office facilities management solutions. QuickFMS from a-mantra is a cloud based facility management system which enhances organization’s efficiency.