The role of world-class EAM software in asset life cycle management

The role of world-class EAM software in asset life cycle management

Noble Recognition for InnoMaint EAM Solution

Vantage Market Research, a distinguished B2B market research, and consulting firm, has a client base spanning 70% of Global Fortune 500 companies. It has acknowledged Innomaint as a major player in the Global Enterprise Asset Management Market. We feel elated as we are conquering new territories this year!

The Booming EAM Market Ahead

This recognition comes in the wake of a survey that asserts Enterprise Asset Management Market size, valued at USD 6.26 Billion in 2021, is projected to scale up to USD 22.55 Billion by 2030, thriving at a CAGR of 15.4%.

Ref:

  1. https://www.verifiedmarketresearch.com/product/enterprise-asset-management-market/
  2. https://www.psmarketresearch.com/market-analysis/enterprise-asset-management-market

Vantage Market Research provides quantified, high-quality research on over 20,000 emerging markets, helping its clients choose the best match for their businesses.

EAM Market Segmentation

Vantage Market Research Report segregated and analyzed Enterprise Asset Management Market based on:

i) Component (Solution, Services)

ii) Application (Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management)

iii) Deployment Model (On-Premises, Cloud)

iv) Organization Size (Small & Medium-Sized Enterprises (SMEs), Large Enterprises)

v) Verticals (Energy & Utilities, Transportation & Logistics, Government & Public Sector, IT & Telecommunications)

vi)Region (North America, Europe, Asia Pacific, Latin America)

Why go for EAM software?

Cloud-based EAM solutions provide a reliable means of hosting Enterprise Asset management software. They shoulder the burden of managing the entire lifecycle of assets to achieve operational excellence with consistency, reduce the operation costs of organizations, and advanced asset tracking capabilities.

A good EAM software should provide the workflow for blending in-house asset management and outsourced tasks in the right proportion with uniformity in real-time visibility of job scheduling and work order execution. A good EAM solution should seamlessly integrate with ERP for data to pour in from every nook and corner in the organization.

Why InnoMaint?

Tap into the booming Enterprise Asset Management market by subscribing to Innomaint, a one-stop asset management solution for all your in-house asset management needs, including:

  • Delivery of increased value across the entire asset lifecycle management chain.
  • Detection of potential issues with assets and uncovering the reasons for a lag in productivity (using IoT-powered overall equipment efficiency OEE monitoring and analytical capabilities.)
  • Integration of all data needed to complete work orders on time in a single unified system.
  • Prediction of asset downtimes using a proactive maintenance approach.
  • Improving Mean Time to Repair (MTTR) and First Time Fix Rates(FTFR).
  • Achieve maximum reduction in operational, utility, and service expenditures.
  • A transition towards a sustainable future with reduced carbon emissions. You can turn your factories into green buildings to become eco-friendly with instant to-the-minute insights into power consumption and regulate the usage accordingly.

Adopt EAM to improve net profits

Your facility assets play a crucial role in impacting productivity. Maintaining the health of facility assets in good shape is critical for any facility to accomplish its vision and goals. Manage the entire lifecycle of your assets using InnoMaint EAM to extract the best value from them till the stage of disposal or recycling. Feel the difference in net profits and bottom lines when assets operate at their full potential!

 

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How Digital Audits Contribute to the Success of Asset Maintenance

How Digital Audits Contribute to the Success of Asset Maintenance

How Digital Audits Contribute to the Success of Asset Maintenance 

Significance of Audit
An internal audit of the business operations carried out with reliable data will uncover details such as the history of equipment purchase, usage, breakdown, repairs, maintenance expenses, disposal, etc. A regular audit will showcase the importance of organized maintenance management and its substantial effect on impacting the production cycle and profit margins.

Role of a CMMS in simplifying audits
In this analysis phase, the company analyses current maintenance practices and explores ways and means to strategize its maintenance and utility operations for good performance with seamless production cycles. An internal audit can serve as a rehearsal for an external audit. A CMMS can speed up and simplify audits, recording the maintenance data on every transaction and task digitally in centralized cloud storage.

Digitization of Audits & Maintenance
The rush of day-to-day events of a business firm makes it difficult to store, gather, relate, preserve & verify the authenticity and integrity of the data. Unorganized approaches to maintenance, centered on heaps of papers & excel sheets, can complicate failure analysis defeating the purpose of conducting an audit – continuous process improvement. Many firms have started digitizing their maintenance and audit operations.

Why periodic audits?
The multifaceted nature of business operations & mounting pressures to contain service expenses necessitates periodic audits. A CMMS helps you establish a baseline or benchmark for performance and compare the performance on work orders between technicians. The above processes are important objectives of an internal audit. A good CMMS can make your audits stress-free. 

Enhanced transparency in operations
A well-performed audit enhances the traceability of assets, transparency in operations, and records interventions in maintenance. A CMMS fosters transparent culture as it maintains a complete history of work orders from procurement to disposal

Advantages of Digital Audits For long-range improvement, you require an in-depth audit to sustain the process improvements, plan training requirements and empower the line supervisors and maintenance managers with crystal clear visibility into the big picture of maintenance from the comfort of a hang-out spot, home, or while on the go. A modern CMMS like Innomaint can provide you with all the above-stated capabilities to rise over all the maintenance challenges and move you closer to successful audits. 

Instant report generation
Simplify audits by instantly bringing up reports requested by the auditor in just a few clicks. Generate comprehensive and versatile reports in a few minutes to arrive at data-driven decisions based on audit results. You auditor can have an eagle’s view on the entire spectrum of maintenance activities sitting comfortably in a chair. 

Fixed Asset Auditing
InnoMaint has recently launched a new feature, “Fixed Asset Auditing.” The workflow ensures that primary assets are in the locations indicated by the sensors for safety purposes. You can assess current asset value digitally by several prevailing depreciation calculation methods. The final audit report reveals ghosts assets, damaged and unusable ones, etc.

QR-code scanning 
Generate and associate unique QR-codes with each tangible asset owned by the organization. You can embed comprehensive asset information in QR codes and pull out this information together through an instant QR code mobile scan. You thereby ensure completeness, accuracy, and updation of information for audit

Embrace Digital Revolution Many enterprises have started foreseeing the benefits of digitization and digital audits. The popularity of digital transformation of businesses is on the rise. Embrace the change for a brighter tomorrow! 
How to Overcome the Biggest Maintenance Challenges in Manufacturing Industry in 2022

How to Overcome the Biggest Maintenance Challenges in Manufacturing Industry in 2022

How to Overcome the Biggest Maintenance Challenges in Manufacturing Industry in 2022

Maintenance work in the manufacturing industry is always a big challenge. Every business has a different set of needs, depending on the context of the manufacturing process. Resource shortages and increasing workloads are one thing, but the constant pressure is always there too. There are many ways to overcome the biggest maintenance challenges in manufacturing. With technology evolving and several maintenance processes like predictive maintenance becoming much better over time, here are x ways to overcome maintenance challenges in 2022.
Challenge #1: Increasing Operational Efficiency
One of the biggest challenges of modern maintenance teams in manufacturing is increasing their operational efficiency and cutting on downtime. Inaccurate weather forecasts, delays in production, and even unexpected issues from human errors can be a big problem. Maintenance management teams need to balance several factors, including predictive, corrective, preventive, and even replacement actions. This will allow the management to maximize asset productivity over mid to long-term periods at an optimized cost. To resolve these issues, companies need to equip their maintenance managers with a deep knowledge of the equipment and facilities they care for. The knowledge should include asset specifications, OEM recommendations, manuals, and even guarantees. These should help create effective maintenance strategies over time.
Challenge #2: Lack of Standard Procedures
Maintenance procedures are a vital part of the manufacturing industry, and they are part of a routine. However, the issue with most plants is the lack of standards within this area. Sure, some standards help decrease plastic consumption in businesses, but there are rarely any maintenance standards, if at all. Lack of standard procedures, together with variability in maintenance needs for each equipment, can make teams lose time. Standard operating procedures (SOP) need to codify all maintenance procedures and define everything, answering the “what, who, when, and hows” of the entire process. Companies would need to use SOP to eliminate the vagueness of the entire maintenance process. Standards can also ensure that everything is replicable for other teams for quick and easy work, rather than figuring everything themselves.
Challenge #3: Operational Costs
Many maintenance managers look towards controlling the costs of their entire operation. Companies usually put a maximum of around 5 to 10% of their total budget towards maintenance. Depending on the size of the company, this can be a paltry sum that won’t afford the company the maintenance they need. This results in poor maintenance for the company, with only enough to perform reactive maintenance to keep their assets online. Sure, there is manufacturing equipment that only needs reactive maintenance but heavy equipment would need preventive maintenance to work. Keeping your maintenance budget under control is possible by streamlining your maintenance tasks. By simplifying the entire process and removing any unnecessary tasks, you can keep the costs down. Streamlining differs for each company, but you want a process that only takes fewer than half a dozen steps at most.
Challenge  #4: Cross-Functional Teamwork
It takes teamwork to effectively manage a team and help them run like clockwork every time. It’s hard to coordinate a group, especially those with embedded functional categories and their own culture within the manufacturing plant. Business owners will likely see a problem combining teams with shared responsibilities in keeping the company’s assets in working order. It’s even likely that teams don’t communicate with each other beyond the cursory exchanges they have to do at work. It’s important to foster teamwork and camaraderie across functional categories to improve maintenance procedures. As maintenance relies a lot on information exchange across different teams, the company must build rally points to reduce operational expenditures and institute new lines of communication.
Challenge #5: Lack of Training
Maintenance challenges stem from a team that is not ready to “answer the call.” If you have a small maintenance team, it can be hard to have a portion of the team do training while others take extra responsibilities that may even be beyond their skill level. Regardless, companies would want to take on the slight delay in maintenance to help their teams gain extra training. Additional training can help deal with disruptive infrastructure issues and limit unforeseen circumstances within the team.
The Bottom Line
It’s almost impossible for companies to plan for all maintenance challenges. Then again, it’s crucial for companies to control areas they are having difficulties with and create preventive maintenance plans that will help prolong the life of their assets. This saves time and money that is critical in any manufacturing business.

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How to Maintain Operational Consistency with Cloud, Web & Mobile App based EAM while on the move

How to Maintain Operational Consistency with Cloud, Web & Mobile App based EAM while on the move

How to Maintain Operational Consistency with Cloud, Web &
Mobile App based EAM while on the move

EAM & its usefulness

Enterprise Asset Management(EAM) optimizes business value by maintaining operational consistency. Operational consistency covers consistency in production, quality, processes, safety practices, regulatory compliances, work handover between teams with good & effective communication, delivering instant help to technicians and field work etc.

EAM does the central organization of the information. In addition to this, you can find the details regarding the availability and maintenance of the assets in the manufacturing sector. It focuses on centralizing information to facilitate and digitize maintenance management with automation and covers and manages the entire asset lifecycle from acquisition to disposal.

How does EAM work ?
  • EAM makes it convenient for people to use the data on maintenance in their business. EAM comes with the following capabilities,
  • Manages resources and labor: Track the availability of the labor and staff in the company by using the EAM software. It is ideal for all business houses- be it small, medium or large. The owner can check the presence of the employees in the company anytime, organize shifts.
  • Preparing the registry of assets: It stores the information related to the assets, such as the hierarchy of assets, costs, availability, documentation, and registration. Location and position of the material that is available in the factory at any given moment can be captured and stored.
  • Prepare the work orders & manage them: The main functions of the EAM include preparation of the work order number, order type, remedy codes, materials used, automation of the raw material management, and labor.
  • Parts Management: Automation of spare part stock is becoming convenient for the staff to track all the records on time with minimum re-order level alerts which help in striking a balance for maintenance of stock levels. Accordingly, they can order the materials on the requirement of their business.
  • Reporting and Analysis: You can generate the reports and do their proper analysis anytime with the help of the EAM. Details are available in the different categories, including assets, inventory availability, information regarding the assets, and material costs. Use all this available information anytime to decide on business expansion.
Faster Spare Dispatch

Innomaint provides the provision to store spares at customer location for quicker dispatch and faster fixes, Facility Managers can sanction spares on behalf of Customer Head. This may be helpful in cases were customer is not proficient with usage of the application.

Real-time precise asset tracking

Dashboard allows you to compare the outstanding maintenance tasks & breakdowns between any two customers and is customizable. You can drag and relocate individual widgets. Our EAM Software helps you to precisely identify the exact current location of an asset. This is especially useful to track assets that are frequently moved within the building or premises.

You can achieve all those with InnoMaint EAM.

The history behind the existence & use of the EAM

It wasn’t easy to do the asset and inventory management in the industries before the coming of the CMMS/EAM system. People buried all the essential information in the papers. At times, it becomes tough for them to locate the desired details for official purposes.

Now, things are becoming convenient for them with the help of the EAM. They can put all the information in the EAM software regarding the inventories, asset details, and work orders. The staff can check them anytime when they need time using Mobile app.

It saves their effort and time in maintaining all the information in a proper place. EAM has gained greater prevalence in middle-sized business ventures in the 1980-1990s. People can share all the details regarding the business with their team at the local networking system. Furthermore, it offers greater functionality, speedy implementation, easy-to-maintain things, and data security.

About the Author:

Nitin Gupta is a voracious reader and an even passionate writer. Having worked with numerous medical billing software and MNCs across the world, he really has very to the point and enthralling insights about the industry and the people working in them.

Nitin writes about technology and how it impacts various industries such as software blog pharma, hospitality, travel, and many other.

To Automate Your Preventive Maintenance Process

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5 Key Benefits of Predictive Maintenance in the Manufacturing Industry

5 Key Benefits of Predictive Maintenance in the Manufacturing Industry

5 Key Benefits of Predictive Maintenance in the Manufacturing Industry

Every industry requires maintenance to retain optimum functionality. Conventionally, maintenance was divided into two categories, i.e. Preventative Maintenance and Corrective Maintenance. Preventative maintenance refers to all the standard cautionary measures taken to avert or avoid a disaster. Corrective maintenance is exercised after a problem has occurred with equipment or machinery. Predictive maintenance is a more recent corporate philosophy, which falls somewhere between preventative and corrective maintenance.

Predictive maintenance is a regimen that utilizes data analysis tools and condition-monitoring techniques to detect anomalies and defects in industrial operations before they lead to an adversity. The process can predict possible equipment failure, so you can get it under control prior to experiencing a complete shutdown. Below are the 5 key benefits of employing predictive maintenance in the manufacturing industry:

1. Reduced Equipment Failures and Repair Time

When equipment and machinery is continuously monitored in real time, the rate of unexpected glitches or breakdowns is reduced by at least 50%. The early detection of a mechanical problem or deterioration is vital to sidestep hulking fiascos. Since the issue is recognized before the equipment malfunctions, manufacturers can rescue their business from a dry spell. Repair times are automatically diminished, as the faulty parts of a machine are fixed before the situation escalates. It takes less time to restore equipment that is partially damaged, as compared to something that has fallen apart entirely.

2. Lower Maintenance Costs and Greater Asset Lifetime

Since all the manufacturing equipment is audited on a regular basis and extensive issues are deterred, the overall maintenance costs naturally go down. All the machinery and spare parts are tweaked prior to reaching the risk zone, which greatly increases their life. Faults and errors that are not immediately dealt with turn into a hazard, which is always expensive to get rid of. Industrial assets function to their highest capacity with predictive maintenance, which ultimately boosts the business value.

3. Enhanced Workplace Safety

The manufacturing industry relies on manpower as much as on automated solutions. Workers in contact with faulty equipment are prone to encounter severe accidents. When an employee incurs serious injuries due to a workplace accident, he/she is compensated through worker’s compensation insurance policy purchased by the employer. High frequency of equipment failures in an industry is a major threat to the staff’s health and safety; the employer has to pay in the form of high insurance costs, which translates to substantial business loss.

4. Increased Production

Predictive maintenance saves a business from unforeseen catastrophes that lead to prolonged shut down of operations. Therefore, manufacturers do not have to worry about not being able to retain the demand and supply chain. Since the plant can operate more consistently, there will be a noticeable increase in production. Subsequently, manufacturers can expand business and pursue new leads.

5. Improved ROI

Manufacturers who implement predictive maintenance have witnessed an improvement in ROI (return of investment) of up to 30%. The condition-monitoring techniques and data analysis tools have increased the overall efficiency and efficacy of operations; smaller input yields greater output. An increase in production paired with lower maintenance costs results in bigger profits for the business owners. Enhanced wellness of employees and minimal hiccups in operations further cut down capital costs.

Author Bio

John Adams is a paralegal who writes about widespread legal and social issues. He helps readers overcome challenges and solve many personal problems the smart way, rather than the hard way. He aims to reach out to individuals who are unaware of their legal rights, and make the world a better place.

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How Can Industry 4.0 Solutions Help Plant Maintenance Management in 2021

How Can Industry 4.0 Solutions Help Plant Maintenance Management in 2021

How Can Industry 4.0 Solutions Help Plant Maintenance Management in 2021?

Industrial Revolution 4.0

Industry 4.0 solutions are the latest management techniques. They are implementing Artificial Intelligence to absolutely changing the way of data collection and explanation done by the machines. In case some industries are still carrying on the backdated technologies, they will experience the most extensive transformation they haven’t ever experienced. Now enterprises implement advanced solutions where humans and robots can talk with each other; they help the companies make improved decisions, better applications, and excellent customer care.

Modern companies are mainly dependent on machines and automation strategies. But the machines can’t perform as per their standard if they are not appropriately maintained. Properly trained employees develop predictive maintenance policies and enhance the companies’ productivity. The Industrial Internet of Things (IIoT) plays a significant role in this maintenance process. It links a machine to machine and machine to human. Predictive management helps the management locate the faults and take necessary measures to ensure that production can occur without any interruption.

Definition of Industry 4.0 solutions:

Industry 4.0 solutions are the latest maintenance management techniques that are highly effective. It brings a revolution in factory management that can be linked easily with IoT, cloud computing, and cognitive computing required for the plants to become smart ones. It could exchange information smoothly between the departments, sensors, tools, and systems. With the help of gathered collection, the 4.0 maintenance solution can provide a reliable assessment to assist administrators in deciding and deciding strategies for the plants’ smooth running.

Role of predictive maintenance in industry 4.0 solution:

Predictive maintenance plays a crucial role in industry 4.0 solutions. It can reduce maintenance or break downs that are not scheduled by depending on equipment sensor data related to vibration, noise, lubrication, and tolerating temperature. Predictive maintenance can also anticipate the tools that can’t work and are required to be replaced.

Advantages of using InnoMaint’s industry 4.0 solutions for plant maintenance management:

Industrial revolution 4.0 solutions offered by InnoMaint can help companies manage their tools and also decide when machines require servicing, repairing, and when they need to be replaced before any interference happens in the production work. Therefore, the administration can accordingly design maintenance plans and also decide the appropriate scheduling for their maintenance. It helps the companies to continue the production activity and prevent any intervention. The significant benefits of using current Industry 4.0 solutions for maintenance management in 2021 are:

  • It minimizes maintenance expenses.
  • Make sure the production standard.
  • Enhancing security
  • Improves the performance of the tools
  • Optimizing the competency of production
  • Decreasing the downtime and failure of resources
  • Enhancing the communication flow within the plant
  • Increases the coordination between man and automated robots
  • Advocates for proactive work method and declining the reactive way
  • Improving the supply-chain management strategies
  • Increase the longevity of the machines, and therefore, economic returns on all resources are increased automatically.
Conclusion:

In recent times pharmaceutical companies also use the Industrial 4.0 solutions for managing their wide product range. It helps them to improve production as there are advanced manufacturing tools. Any Indian pharmaceutical company, Oil & Gas company, Manufacturing plant etc can implement these solutions for managing plant maintenance efficiently.

About an author:

Nitin Gupta is a voracious reader and an even passionate writer. Having worked with numerous field Pharmaceutical company in india and MNCs across the world, he really has very to the point and enthralling insights about the industry and the people working in them.

Nitin writes about technology and how it impacts the various industries such as pharma, hospitality, travel, and many others as well.

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