What is Enterprise Asset Management? And Why Do You Need It
For every business, assets play a pivotal role in creating and enhancing the value of the business, which is inclusive of plant, property, and equipment. They form the largest chunk of any manufacturing company’s balance sheet. Therefore, it is essential to meticulously manage your assets during their lifecycle by recording and valuing them accurately and having a proper maintenance schedule for every asset.
However, it may be convoluted to keep a track of every asset manually and the probability of committing errors would be quite high. A slight error or incompliance can lead to a huge loss. Furthermore, inefficient management of assets can lead to supply shortages, unplanned downtime, suboptimal asset management, non-compliance with regulatory bodies, asset thefts, and others.
Source: https://www.ramco.com/blog/erp..../what-is-eam-and-rea
