Challenges of Enterprise Asset Management
EAM or Enterprise Asset Management is the management of resources or assets in the organization to realize its maximum potential. The whole system is a wonderfula way to management myriad assets in the company such as physical assets, fixed assets, IT assets, digital assets and infrastructure assets.
No matter how EAM looks on paper, but the fact of the matter is that most of the time, the system is not implemented the way it has to be done. This is primarily because of the fact that there seems to be certain challenges that come in the way of a very successful implementation as well as integration of EAM system into your business of work area. Here are a few of them.
One of the biggest challenges that Enterprise Asset Management faces is the need of high quality and authentic data. The requirement of data is something that is required in every field. However, EAM is a little different as the need of the data is to enable proper tracking and analyzing of the execution of the processes related to business. Any discrepancies can soon be found out and tracked to its origin.
The capturing of the data is something, which is done by using the traditional way. This way means that the paper forms will be used to capture data in the most accurate forms. However, there is no regulatory body, which will make sure that the data captured is correct.
Another problem with the step mentioned above is that here are many resources, which are used in the process including money and time. Overall, this process is quite time consuming and there is no surety of the authenticity or the correctness of the data captured.
Enterprise Asset Management deployment tends to be a major investment for any business. The ROI or the return on investment and the investment made cannot be equated, as ROI is not up to the mark of investment.
Another of the challenges that EAM faces is the fact this system is often not integrated with the rest of the systems such as that of human resources, inventory or even the purchasing functions. This tends to accentuate the management overheads to a great deal and prevents the organization form realizing the complete potential of the EAM system.
Enterprise Asset Management is a great system to be implemented and with a little caution on the above-mentioned aspect, can turn out to be a huge success as well.
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