How Manufacturing Companies Can Maintain a Competitive Advantage With New Technology.
Our world could not survive without the manufacturing industry. The continuous increase in demand for products and goods will always be our way of life and the manufacturing industry will have to be able to keep up with technology to survive.
Unfortunately, some manufacturing companies who were once thriving leaders of the market will eventually give way to others who have anticipated these advancements. In addition, other companies who are experiencing tremendous growth may not have the resources that are designed to grow with them and will eventually fall behind. So how do these manufacturing companies maintain a competitive advantage?
Here Is The Good News
Successful companies know the importance of keeping up with technology. Not only have they been able to change their mindset, but they have also taken the necessary steps to transform the way they do business. As a result, they have been able to maintain a healthy competitive advantage in their particular market. For others, they either don’t know where to start or they just don’t know how to get there.
To those companies who have fallen behind in their industry, I’m here to tell you that it’s not too late. There is still hope for climbing the ladder of success and reclaiming the crown as leader of your industry. For the companies who are still climbing that ladder but are growing faster than what their resources can handle, congratulations! This solution is perfect for you too!
There are many different ways to make your company great again and maintain a competitive advantage. However, the information I am about to share with you could possibly be the single most important step you could take. It’s certainly one of the first things successful companies are already doing.
Take Care of Your Assets
Proper asset management allows a company to plan responsibly and make more informed decisions about proactively managing aging assets on a continual basis to ensure the long-term sustainability of the entire system. In simplistic terms, if your companies assets are not properly managed and maintained, you could be faced with excessive costs when they falter or fail altogether.
If I were to ask how your company’s assets are being managed, what would you say? Do you know where they are? Are you aware of their condition? Do you have a good maintenance plan in place? Is it reactive or proactive? Is maintenance saving money or is it seen as insignificant or lowest priority on the budget? Do you have a software solution in place to effectively track it all? How well is that software providing what’s needed?
These are all questions that every manager or CEO should have a good answer for. Your assets are the “pumping heart” for any manufacturing company. Not keeping them properly maintained can lead to a significant financial disaster. There is a little-known standard called the 80/20 rule. It basically means that to have optimal efficiency with your assets, 80 percent of maintenance activities should be proactive (planned), while 20 percent reactive (unplanned).
How to Transform Your Maintenance Operations
Far too many companies are only performing maintenance when something breaks because of the old “If it isn’t broken, don’t fix it” mentality. This destructive mindset leads to spending more money to fix breakdowns instead of spending less over time to prevent it. Furthermore, stopping production unexpectedly and not being prepared for it will significantly increase downtime and result in a tremendous loss in revenue.
New research has proven that by giving more attention to your maintenance operations and investing in preventive maintenance, companies can significantly increase revenue. Top level executives need to realize that focusing on the long term and making an investment now is far more beneficial financially than trying to save a few dollars as you go.
Today’s technology is quickly advancing. Successful companies know that in order to meet industry standards and prevail with a competitive advantage, they have to stay ahead of the game. By implementing an intelligent software solution with the capabilities to provide cognitive analysis and insight into daily operations, companies are now able to make smarter decisions within their maintenance department. As a result, overall costs are reduced, better ROI is achieved, and more revenue is generated.
Increasing sales is no longer the single most important method to generate profit.
Enterprise Asset Management Software (EAM) provides the solutions necessary for companies all around the globe to better track and manage their assets while establishing an effective predictive maintenance program to maintain them.
What is Enterprise Asset Management?
Otherwise known as “EAM”, Enterprise Asset Management Software allows organizations to manage the life-cycle of their physical assets while combining all aspects of maintenance and production into one system.
Other common names for EAM include:
- CMMS Software
- Maintenance Management Software
- Work Order Management Software
- PM Software
- Facilities Maintenance Software
Why Your Company Needs It?
For companies involved in the manufacturing of products, EAM software is the smartest, easiest way to manage the complexities involved in operations and production. Tracking your assets, managing inventory & purchasing, creating preventive maintenance plans, and optimizing your work order processes can be a daunting task. Not to mention all the other aspects that fall into each of those categories.
Manufacturers can now optimize all of this by using Infor’s Enterprise Asset Management Software combined with DigitalThinker’s world class consulting services.
Core Features of Asset Management Software
Successful companies know the value in being able to track where their assets are, their status, what’s going on with it, and who has responsibility for it. Furthermore, having the ability to create and store records for each one allows for better decision making and strategic planning.
Implementing EAM Software makes it possible for companies to monitor, maintain and improve the performance and life-cycle of each asset. With a system that manages records and stores critical information on each asset, companies can save millions of dollars each year in maintenance costs, labor, and asset replacement.
Work Order Management and Preventive Maintenance
Work order management is one of the most important processes for any Asset Management system. Having a good system in place helps to eliminate higher maintenance/labor costs that are often associated with not knowing what work needs to be done, when work is complete, or how much it’s costing to do it.
With Infor EAM Software, you can assign work orders to individuals or teams, issue specific parts for the work that needs to be done, and do it in a manner that is fast and efficient. In addition, you can receive notifications when work is complete, schedule maintenance based on asset condition, and model scenarios to determine optimal preventive maintenance.
With pressures companies face to deliver results while saving money in the process, better managing your inventory and purchasing can have a drastic effect on a company’s ROI. Keeping too much inventory is just as bad as not having an adequate supply of frequently used or critical spare parts.
Using EAM Software to manage inventory prevents prolonged downtime because of not having the right parts in stock. Adjust inventory levels accordingly by monitoring what parts are being used the more than others. Set specific parameters for certain parts and receive notifications when it’s time to order. You can also store vendor information so you can place an order quickly and easily with just a few clicks.
Other Features of EAM
In conjunction with the core features, Infor EAM Software comes with a variety of other features for other specific needs.
Other important features include:
- Customized dashboard with real-time information.
- Mobile Application for access to EAM from the field.
- Customizable Key Performance Indicators (KPI’s) to help with benchmarking, trends, and other factors.
- Reliability and Risk Management to help predict problems and prevent them from happening.
- Regulatory compliance management.
- Purchasing control and monitoring.
These are only a few more examples. Infor EAM Software has TONS of customizable features for virtually any need you may have.
Infor EAM Software is a revolutionary technology that helps companies increase the life-cycle of their assets. It does this by optimizing their preventive maintenance program, work order process, and workflow. EAM allows you to become proactive instead of reactive which significantly reduces breakdowns and keeps production running at optimal efficiency. Furthermore, Infor EAM can help your technicians better perform their jobs with less confusion as well as decrease wrench time.
EAM Software provides organizations with the tools and information necessary for better decision making and strategic planning. As a result, you gain greater efficiency, lower maintenance and labor costs, higher ROI, and increased quality and quantity of your product. Best of all, EAM grows with you, so as future needs arise, Infor EAM Software is ready to take on whatever new challenges you may face.
Join thousands of other companies implementing this new technology so your company can maintain a competitive advantage in the manufacturing industry! DigitalThinker can help you get started!