Desire to Reduce Total Cost of Ownership Pushing the Enterprise Asset Management Sector Ahead
The numerous benefits attached with enterprise asset management (EAM), such as maximum overall asset productivity (OAP), reduced total cost of ownership (TCO), and increased return on assets (ROA) are driving the growth of the EAM sector. All organizations want to reduce the maintenance and procurement costs incurred during the product manufacturing process. EAM helps in reducing the cost by keeping a close eye on the operations, offering better advice on capital investment decisions, and integrating the data for effective control of equipment.
Furthermore, EAM can be used for asset utilization management, which includes asset inventory, invoice charge and meter reading tracking, maintenance agreement management, invoice payment and excess charge examination, and funding and invoice information analysis. Thus, with the rising need for effective utilization of assets by businesses, the sector for EAM is expected to grow in the near future around the world.
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