Any business that involves working with equipment would need to spend considerable resources on asset management. Enterprise Asset Management (EAM) would include maintaining assets across different business functions, facilities, and locations. These assets can be building, machinery, ships, vehicles, etc.
To fully understand how the Microsoft Dynamics 365 asset management module can help you, you need to learn why an efficient EAM strategy is necessary for any company. Here are the primary reasons why EAM is essential:
To ensure easy and competent asset management cycles in your organization, you can utilize the advanced module — asset management in Dynamics 365 Supply Chain Management.
Regardless of the number and types of equipment your company operates with, the Microsoft Dynamics 365 Asset Management module helps optimize these assets' performance by better managed maintenance. Production equipment, various machinery, and vehicles would mostly include the types of assets this module enables you to manage. Apart from helping you handle an array of assets, the D365 asset management module can also support different types of industries.
The above circle depicts the different areas that can be improved by the Microsoft asset management module. Let us look at how this module benefits each aspect of asset management:
1. Request Management: This module has the functionality to manage requests for equipment maintenance easily. Whether it is preventive or corrective asset maintenance requests, you can organize them in a hassle-free manner. You can easily let your production workers or other personnel create maintenance requests
2. Work order Management: As most of the equipment is used for production, managing work orders becomes an essential asset management aspect. D365 asset management module has streamlined the work order management for you. Here the work performed and the work needed is described, and cost and faults are registered
3. Scheduling: Scheduling the maintenance and repairs is of paramount importance as it makes sure that assets are in proper condition for uninterrupted production
4. Spare parts tracking: One of the critical components that need proper maintenance is spare parts. The availability of spare parts is not always abundant, and unavailability may delay crucial processes that would ultimately cost the business. With a preventive maintenance strategy combined with spare parts forecast, you will avoid costly stock-outs preventing you from operating your machinery
5. Journals and statistics: Having access to updated and accurate historical information about the assets is crucial for forecasting and scheduling asset maintenance for enhanced asset management. It will also increase your ability to make well-informed decisions about investments of your assets.
6. KPIs: As the equipment is one of the most critical assets of any business, good maintenance of the assets will ensure your key performance indicators are all doing good.
7. Cost control: Irregular and inefficient maintenance will increase asset breakdowns and the equipment's downtime, which will only cost your company more. With robust preventive care, you will cut down the costs caused due to repairs and downtime.
With these benefits, D365 asset management can be instrumental in optimizing your equipment maintenance efforts. Columbus has partnered up with various companies across industries to help them improve their enterprise asset management lifecycle. With a rich and diverse experience, our consultants will understand your asset management structure and help you gain the above-mentioned benefits.