EAM can be a great way of enhancing operational productivity and reducing expenses. Keeping track of a company's physical assets is a huge & hectic job. Here is an example, one machinery is not working properly and taking more maintenance than required in that case you can make a better decision through EAM either it needs to change or not. Now you don't have to make decisions on assumptions. When you have all the crucial information on your fingers, you can make better and effective decisions based on solid information. Moreover, you can keep track of maintenance as well.
As we know sudden failure is more expensive than other maintenance the solution is simple to provide regular maintenance to each asset on time. It can also impact the productivity of the organization.
As we all know, an unexpected breakdown can be very dangerous for a company, and it can make a dent in your pocket. This is one of the most important benefits & features through which you can schedule maintenance. Now we are coming to the main part! What Are the Benefits of Enterprise Asset Management?īelow we have discussed the benefits of EAM:Īs we have told you earlier, an asset is monitored continuously via the EAM system to increase its life and when an asset works properly it also increases return on investment.įor instance, if asset life increases by just 5 or 10 percent it will be very beneficial for your organization. Now that we have a basic understanding of enterprise asset management. It will provide you with answers to all assets-related questions, such as what's the location? Who is using it? When it needs service/maintenance etc.Īccording to Markets and Markets, “The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020.” EAM is executed to monitor the company's assets, optimize and track maintenance activities. It is a procedure of managing the lifecycle of an asset in order to increase its life, minimize costs, enhance quality and productivity. But first of all, let us understand this term so-called “Enterprise Asset Management”.
#Pitfalls of enterprise asset management systems software
Risk forms an adverse negative impact on an organization's Asset.ħ) Countermeasure: Countermeasure is an action initiated by the organization (typically security professionals) to mitigate a threat.JWhat Are the Benefits of the Enterprise Asset Management System?ĭo you know that Enterprise Asset Management Software can take your company to a whole new level? In this blog, we will show you 8 ways through which your company can save a lot of money. Risk arises from a threat, multiple threats, exploiting vulnerability. Threats can be accidentally triggered or intentionally exploited.ĥ) Attack: Attack can be defined as action taken by an attacker to harm an asset.Ħ) Risk: The term "Risk" can be defined as potential for loss, compromise, damage, destruction or other negative consequence of an organization's Asset. The exploit can be software that may cause a buffer overflow or a method of social engineering to hack a password.Ĥ) Threat: Threat can be defined as anything danger to an Asset. Vulnerability can be exploited by an attacker to gain access to an organization's network.ģ) Exploit: An Exploit can be defined as a way, method or tool which is used by an attacker, on a vulnerability, to cause damage to the target network or system. Vulnerabilities are always there in Applications, Network Protocols, Operating Systems etc. Chances for errors, mistakes are always there in every human created systems. Protecting the organization's assets is the prime function of security (physical security or network security).Ģ) Vulnerability: Vulnerability can be defined as an exploitable weakness in a system or its design. Examples: Properties, Vehicles, Heavy Equipments, Plants, Buildings, Employees, Computers, Data, Intellectual Properties etc. Key technical terms which Network Security administrators must know are 1) Asset, 2) Vulnerability, 3) Exploit, 4) Threat, 5) Attack, 6) Risk and 7) Countermeasures.ġ) Asset: Asset is anything which the organization is invested and which is valuable to the organization. Enterprise risk assessments and proper security measures provide more clear view about internal or external business risks. Risk assessment provides a mechanism for identifying which risks represent opportunities and which represent potential pitfalls. If Network Security measures are implemented properly, enterprise risks can be avoided to a large extent.
Network Security and Enterprise Risk Management (ERM) are related. Many key business factors are complex in nature and unpredictable.