The Detailed Enterprise Asset Management Reports You Need
The ability to receive and review a multitude of enterprise asset management reports is just one benefit of implementing EAM Software in a business.
Having access to real-time reports means that a business can react to maintenance, inspection and safety requirements at the touch of a button.
In this guide, we’ll cover:
What Are Enterprise Asset Management Reports?
Enterprise asset management reports give valuable information and updated overviews of a business’s asset management. Reports can help improve asset tracking and even reconciling asset transactions.
These reports can also assist with depreciation planning, accounting, capital acquisition planning and asset disposal.
Reporting and data collection can even be automated to move away from manual data capture completely. But, as with an analytics and reporting system, the data that comes out of the reports is only as good as the initial data gathered.
So, provided that the right parameters have been set up to automatically collect data, this should be easy to automate reports appropriately.
What Are the Benefits of EAM Reports?
Improved data capture and access to information is made easier by moving away from manual enterprise asset management to a software-based solution.
Modern EAM software applications have the ability to process detailed reports, which provide valuable data and insights at all stages of the workflow process to make the right decisions and save money.
Some benefits of an EAM solution producing these detailed reports include:
- A more convenient and cost-effective way to capture data than a manual-input process
- An easier and less time-consuming process of sharing data between teams and users
- The ability to set parameters to gather only the data you want
- Improve safety and identify issues before they become a problem
- Streamline processes to implement time and cost savings
- Manage and maintain the asset lifecycle through effective data
9 Types of Enterprise Asset Management Reports
With most EAM software solutions, enterprise asset management reports can be customised to fit business requirements. Here are just a few key types of reports that an enterprise asset management application is able to generate:
Maintenance reports can essentially help a business to track the maintenance requirements for each asset.
This allows repairs and planned maintenance to be scheduled ahead of time and when necessary. This regular maintenance also allows for the life cycle of each asset to be prolonged, effectively reducing costs by avoiding unnecessary and unplanned maintenance activity and downtime.
A depreciation report can help to measure the timescale of an asset and enhance an asset’s life cycle. It also means that accounting and budgetary planning for future purchases can be supported.
This can make historical depreciation and new depreciation calculations much easier to obtain.
Asset Tracking Reports
Businesses can track their assets, such as their location and frequency of use, by using tracking supports.
These reports can even be set up for specific time periods or intervals to meet the needs of the asset manager.
Inventory reports make it easier to track inventory, manage stock and order additional parts and supplies as required.
Statistical reporting and stock management are also made easier by using inventory reports, rather than relying on more traditional stock management methods.
Workflow reports can be seen as one of the most essential parts of effective EAM. These reports can display how asset-related processes are working, and if there are any areas for improvement within a team.
Whereas, without an effective asset workflow report, businesses may experience a loss in productivity and a rise in overheads.
Regulatory Enterprise Asset Management Reports
Regulatory reports can help to ensure that assets are complying with relevant regulations.
They can be used for inspection and audit purposes, as well as keeping ahead of any regulatory issues.
Quality Control Reports
Quality reports can be used in conjunction with other data to measure the quality of assets and their outputs, as well as keep on top of quality control.
They can also support companies when implementing quality improvements and measures, which in turn can improve safety.
In line with quality and regulatory reports, safety reports are also an essential part of asset management. They can help to identify safety issues, before they ever become an issue.
Safety reports can also be used to ensure that employees and customers stay safe.
User reports help to keep track of which employees are using which assets and how.
This can help businesses to track user competency, and safety, as well as mitigate any issues. These reports can also be used to review productivity and develop efficiencies.