Enterprise Asset Management or the EAM is an outstanding software solution that caters to almost every industry in Singapore. When it comes to the construction industry, it is not an option but has become a necessity nowadays. As it is enriched with a diverse range of powerful features such as reporting and analysis, there is a lot that construction organisations can gain from this.
What exactly is EAM? What are the problems encountered by the constructors in Singapore? Plus, what are the key benefits of EAM? Let us give you a 360-degree overview of this through our article.
What is EAM Software?
It is an assortment of tools, services, systems, and software that are utilised to maintain and manage operational business assets. Its main goals are to maximise asset quality and raise efficiency. Furthermore, it controls how assets are used for the business operations. Businesses can use their resources to their fullest potential as an outcome, resulting in increased productivity, increased efficiency, cost savings, and overall health, safety, and well-being.
If put in a simple way, it is a process for controlling an asset’s condition in order to lengthen its lifespan, save expenses, improve quality, and boost production. The organisations implement EAM to track maintenance operations, enhance asset management, and monitor asset performance throughout their missions. So, it is clearly visible that the more the business world gets complicated, the more the companies turn their heads to this state-of-the-art technology. It is witnessed through the statistics that the market for EAM is estimated to be growing to USD 11.66 billion by 2032.
Top 5 Problems Encountered in Construction
Ageing Assets
When everything around us ages, how can the assets we utilise survive from ageing? Yes, This poses a huge issue to the construction industry since it has the ability to jeopardise project performance when it comes to safety, efficiency, and all other aspects. Issues might arise that are expensive and time-consuming if infrastructure and equipment are used beyond their intended lifespan. The danger of accidents and unforeseen breakdowns may rise when the structure’s strength deteriorates. The productivity of an organisation can be hampered and operating costs are raised by outdated equipment and technology.
That is why it is highly necessary to upkeep the conditions of the construction assets. Also, on the other hand, some of the obstacles might occur when your company assets are ageing, because it will not be able to comply with the Singaporean construction standards. Your company might face some legal threats for utilising ‘not-safe’ equipment which can be harmful to the labourers as well as the quality of the constructions you build.
Assets Getting Stolen
Can you think of one industry where theft is not a problem? As you may be aware, Due to the high value of the equipment, tools, and supplies, construction sites are frequently targets for thieves. As an obvious result, Theft of assets causes unwanted delays and cost extensions in project schedules and budgets. What happens when your construction site is subjected to theft is, your work and schedule can be jammed and stopped. That is when the construction administrators have to think of new budget requirements and the time-consuming insurance work.
The danger of theft does not end there, it is highly possible to endanger the lives of the site workers and the security of the construction site. This is a highly risky situation. If you need to combat asset theft, it is necessary to invest in strong security systems, tracking technology, and personnel training altogether. That is how the most successful companies in the Singaporean construction industry streamline their responsibilities when it comes to handling theft.
Overusing and Underusing Assets
Equipment malfunctions, faster wear and tear, and safety risks might result from operating tools, equipment, or machinery more frequently than is advised. As a result, there could be expensive repairs, project delays, and incidents involving workers. On the other hand, underusing tools means not utilising their full potential, which leads to ineffective operations and resource wastage. Inactive equipment wastes money, takes up valuable storage space, and requires maintenance expenses with no payoff. This will directly affect the construction industry ROI as you can see.
It is necessary to strike a balance between the usage of the equipment to an extent where it is recommended. It will ensure that your tools are utilised effectively which will lead to enhancing project efficiency and profitability at the end.
Unexpected Downtime
One of the main obstacles in the construction industry is they experience unexpected downtime if the assets are not well-maintained. When the project schedules are disrupted, there will be a huge gap in the budgetary requirements. Critical tasks are put on hold when equipment breaks down or faces unplanned problems, which can result in missed deadlines and even legal penalties.
On the other hand, delays also influence the labour and material schedules for the project and might harm client relationships.
Safety Issues
Construction field and safety are two concepts that are interwoven for sure. Do you agree with that? Construction sites are active places with many risks, including using heavy machinery, working at heights, using electrical equipment, and being in restricted areas. Neglecting safety can have significant consequences, including injuries, fatalities, legal penalties, and damage to reputation.
The one theory that should be applied to this sector is ‘precaution is better than cure’. Do you know why? That is because the ‘cure’ in this particular field costs a great amount of money!
How EAM Tackles the Obstacles in Construction Asset Management
Looking into Asset Performance
This involves continuously monitoring assets utilising a variety of data sources. But how exactly does this process work? Data on asset statuses, consumption trends, and performance indicators can be gathered via integrated sensors, IoT devices, integrated systems, etc. Accordingly, the EAM system receives this data and it has the ability to immediately process and analyse them.
Everyone involved in asset operations has access to dashboards and reports that provide information on the health and performance of the assets, allowing for quick decision-making. Automated alerts and notifications make it easier to spot problems too. Ultimately it helps with starting maintenance procedures while assuring maximum asset performance and reducing downtime.
Schedule Maintenance
Maintenance is given utmost priority when this particular industry is concerned. This robust system has the potential to help construction companies when scheduling their maintenance work regularly. The best thing about EAM software is it offers predictive maintenance planning by centralising asset data and historical performance data. Also, it optimises maintenance schedules by using data analytics and condition monitoring to foresee equipment problems.
Construction organisations can easily plan maintenance ahead of time during downtimes, avoiding expensive failures and minimising project interruptions. As an outcome, construction projects keep on schedule and below budget due to better asset dependability, extended equipment lifespans, and saving money.
Receiving Deep Analysis
The EAM systems are powered by comprehensive asset analysis capabilities. We mentioned above that EAM has the ability to gather relevant information through the integrated software. That is how the system provides comprehensive insights into asset performance, condition, and consumption trends by centralising data from many different sources. Then the system processes all data with sophisticated analytics tools, which provide in-depth reports and visualisations.
Based on those findings, a construction company can maximise asset allocation, forecast maintenance requirements, and find cost-saving possibilities by using data-driven decision-making. This is known as the best technological method to increase ROI for the Singaporean construction world.
Enhanced Asset Reliability
The latter can assist in identifying and resolving possible issues before they result in downtime by centralising asset information. This is done through monitoring maintenance schedules, and also employing predictive analytics. What occurs when you plan for maintenance is that it helps keep equipment in excellent condition and lowers the possibility of sudden failures.
In the end, the constructors can witness this increase in asset uptime and reduce project delays drastically. It does not end here, but it eventually enhances the efficiency of construction companies, ultimately saving time and lots of money.
No Room for Theft
This helps construction organisations prevent asset theft on building sites by putting in place effective tracking and security systems. Since it is enriched with the integration of GPS, sensors, and other robust technologies, EAM systems offer real-time asset location data, enabling them to carefully track the movement of their assets.
Another thing is it helps asset classification and record-keeping, which makes it simpler to quickly locate lost stuff. This is an excellent way to increase visibility and discourage theft, increasing asset recovery rates as a result. When it comes to construction, you are improving the security of your site means you save millions of money by preventing losses.
Walking Down from Modern Tech to Timeless Solutions
Since you have read this whole article, you know the importance of implementing modern technologies in the quest for business success. No matter what the industry, these solutions will adjust their power to bring the best results to you. However, it is also important to do some research before purchasing any of the tools for your business as not every technology can offer you the maximum outcome. Collaborating with a genuine software supplier can take this burden away from you for sure.
