Enterprise Asset Management (EAM) provides organizations with the ability to increase profits and productivity while enhancing workplace safety. But a strategic approach to enterprise asset management is also important as according to the Occupational Safety and Health Administration (OSHA) reports, $250 billion per year was being lost by businesses due to workplace incidents. The U.S. Bureau of Labor Statistics states that workplace incidents resulted in 5,190 employee deaths and nearly 2.9 million non-fatal injuries.
Moreover, workplace incidents impact the functioning of the organization. Studies conducted by OSHA have revealed that injuries and illnesses also result in an increase in workers’ compensation and retraining costs, absenteeism, and faulty product.
Today, there are a lot of technology trends available in the market that have the most significant impact on businesses’ maintenance operations. A comprehensive, cloud-based EAM system keeps critical assets in top working order by incorporating Artificial Intelligence (AI) and the Internet of Things (IoT) technology to prevent the faulty working of machinery. The right software helps you keep track of maintenance schedule according to the manufacturer’s specifications, use of IoT technology to spot inefficiencies, automatically upload service records to a server which can be accessed by maintenance staff from any location, and provide management details on maintenance cost and performance.
The right EAM software helps companies save employee lives. This in return results in increased trust in the company and increases morale and productivity. All these will amount to increased profits for the company in the long run. So choosing the right EAM software not only saves employee lives but would also help in achieving increased benefits.