Enterprise Asset Management Best Practices for Rental Equipment

Enterprise Asset Management (EAM) systems are crucial to be a successful organization. There are a few areas of your business that you can improve when using an EAM system, such as fleet management, as well as customer service with your rental equipment. These improvements can allow you to become a business that has the capacity to control a larger number of heavy machinery.

As businesses begin to grow, the need for an asset management system to help maintain a record of their assets increases as well. According to a report in 2016, Global Enterprise Asset Management Software was valued at ~$4B which is expected to grow to ~$8B by the end of the next forecast period. The need to effectively manage valuable assets continues to be the drive for market growth.

In order to maximize your EAM system, there are four best practices that can make or break your success. If you follow these best practices below,  you will be on your way to achieving your operational goals in no time.

Follow These Enterprise Asset Management Best Practices

Identify Why?

Before you implement an EAM system, the first question you need to ask is why does your business need one. Laying out your organizational needs and desires is crucial to the success of your system. Having a clear vision of what you would like to achieve through the implementation of an EAM system will help drive your business towards your overall goals with managing your rental equipment.

What areas of your business will improve through an EAM system? Are these improvements in line with your organizational goals and annual targets?

Have a Benchmark for Success

While having a great EAM system may seem like an obvious add, you should keep in mind that it’s primary use it to bring improvements to your operations. It is imperative that you have a thorough history of how you have been managing your rental equipment before you implement an EAM system. This will allow you to accurately measure how the system has helped or hurt your business since its onset. Every business needs to make sure there has been a return on investment.

Customize Your Workflows

In order to manage your fleet of rental equipment within your system, it is recommended that you customize your workflows. This will allow you to handle multiple projects at once, which will streamline your process flows and meet your goals and deadlines.

Also, customized workflows provide you with the tools to complete your projects on time so you never miss a beat. If you would like to assign workloads to someone on your team, you are able to do so with ease. You can track progress and adhere to time requirements that you can manually set, Additionally, if you would like to automate your entire process, an EAM system allows you to do so.

Review Your Implementation Regularly

To ensure that your processes are working, you must conduct a regular review of your EAM system. With each review, you can determine if your system is working accurately and it will allow you to adjust your customized workflows accordingly. You can also review your progress and make sure there aren’t inefficiencies that you did not catch during your last review. After each review, create a report so you can keep a log of progress to ensure that every issue gets resolved.

Implement and Achieve Your Goals

Now that you know a few enterprise asset management best practices, you can go forth and implement your own system. Keep these recommendations in mind when you are setting up your system, so you can begin on the right foot. Remember, enterprise asset management is available to you to ensure you increase the lifespan of your assets and improve your quality of service, so take advantage of the asset management software today!

For more information about how you can elevate your business with an enterprise asset management system, contact Baseplan today. As the industry develops, Baseplan continues to provide its customers with world-class technologies that harness the importance of asset management, computerized stock monitoring, and equipment maintenance solutions.

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