What is Enterprise Asset Management?
Field service companies are asset-intensive, and they rely on these assets to stay operational, which is why enterprise asset management (EAM) is critical to their success. Providing process and intelligence for physical assets allows for increased equipment reliability, systematic preventative and predictive maintenance, and efficient inventory management.
Enterprise asset management allows field service companies to move from costly reactive maintenance to preventive maintenance, allowing these organizations to decrease equipment downtime, save money, and ensure longer asset life. Some of the additional benefits of a strategic asset management system are:
- Maximum equipment utilization
- Improved reliability
- Lower asset maintenance costs
- Better inventory management
- Ability to measure asset KPIs
- Transparent cost forecasting
- Increased equipment safety
EAM For Field Service
Why does a field service company need a solution built for their specific needs? Unlike traditional EAM systems that are built for a factory floor where systems do not track job data, field service companies have assets and equipment that travel out to jobs and rely on this information to make informed decisions. To maintain these assets properly, you must have a full view of its historical condition, status and location. In addition, many companies are required to do their maintenance remotely at the job site. Field workers and technicians do not always have the luxury to complete work orders in a Wi-Fi enabled air-conditioned office, often they need to work disconnected on a handheld device. An additional problem that plague field workers is the lack of access to information. By having one solution that ties field processes to equipment maintenance, field service companies are better able to manage the care of assets in remote locations.
Companies that pair their field ticketing solutions, like FX E-Ticketing with an enterprise asset management solution such as FX EAM enjoy added benefits. When used as a single solution, companies achieve data harmonization across the organization. The FX E-Ticketing module takes the data from completed field tickets and pre/post job inspections and leverages it for strategic asset management in FX EAM.
An EAM solution for a field service company should provide:
- Asset tracking
- Repair costing data
- Inventory transparency
- Integration with GPS/ Telematics software
- Mobile work orders
- Actionable reporting configured to the business
FX EAM provides a full inventory solution for field service companies. FieldFX’s field first approach gives inventory managers the ability to track assets online or offline, on a job or on a yard, over many various stock points. FX EAM allows you to forecast inventory cost and requirements allowing you to optimize your budget and fulfillment. Having the correct inventory on hand ensures the efficiency and speed of work order completion, resulting in reduced asset downtime.
For field service companies, asset planning and scheduling is critical. It is vital to know which pieces of equipment are available and where they are located. FX EAM’s integration with the FX Schedule & Dispatch module allows for a seamless view into exactly that. In addition, the added benefit of knowing if an asset has been properly maintained or if it’s due for service enhances the scheduling of assets even further. Pre/post job inspections and maintenance of assets can also be documented in the FX E-Ticketing module, giving the dispatcher a 360-degree view of every asset.
Spare Parts E-Procurement
Job and Work Order driven purchase order requisitions, streamlines the MRO purchasing process by reducing manual administrative processes. FX EAM allows for automatic requisition creation based on consumed inventory used to execute work orders and job tickets. In addition, the inherent criteria-based approval process guarantees company-wide procurement policies are strictly enforced.
Work Order Management
FX EAM makes work order management a breeze by allowing for templated work orders at the asset or asset category level, on or offline, as well as the ability to create work orders ad-hoc. Work order templates can include predicted cost, labor, parts, forms, and direction. Easily configurable page layouts reflect current processes and allow for successful user adoption. Documents and files are easily managed and attached to work orders. In addition, our work order management system allows you to compare forecasted cost to actual cost giving you visibility into metrics of maintenance spend giving you the ability to be more strategic with your planning.
Regularly performed maintenance improves asset performance and reduces downtime. FX EAM delivers process and intelligence to preventative maintenance by providing calendar, meter and event-based schedules and reusable model work orders that include detailed work instructions. In addition, a formal preventative maintenance plan enables strategic labor and parts planning and facilitates compliance reporting. Executing a preventative maintenance program gives you greater visibility into upcoming cost and increases quality of service.