Cowry Enterprise Asset Management System.
When one of the biggest budget items of your company is physical assets, it is essential to efficiently manage their lifecycle and ensure that their potential is fully used.
What is Cowry Enterprise Asset Management system?
CoWry Enterprise Asset Management system is a set of practices to ensure the reliability of assets and optimize their operational performance. This process relies heavily on asset lifecycle management which helps gain better control over asset health. CoWry Enterprise Asset Management system plays a great role for enterprises that own a big number of complex and expensive physical assets, such as vehicles, heavy equipment, buildings, etc. It is especially relevant for such industries as manufacturing, construction, energy, space, defense, and others. Lack of asset management for these sectors leads to high expenses on asset support and maintenance processes, as well as adds a certain degree of chaos to the operations.
EAM as a practice vs. CoWry EAM software
Enterprise asset management (EAM) stands for a set of practices designed to manage assets and maximize their efficiency and lifetime, reducing expenses on their support and improving their quality. In turn, CoWry EAM software is a tool that helps you perform asset management and guides you through the lifecycle of every asset.
Planning.
The first and most important stage, as it is a step when you design the concept of your asset utilization. Analyze what assets you lack, what requirements they should have, and how they should supplement and synchronize with the assets you already use. Don’t rush through this step, as here you should build a clear vision of a new project. It is a great time to research new technologies (for example, digital twins which gained popularity in the last few years) and run a digital transformation of your business, assess your needs, analyze current performance and optimize business processes. At the same time, don’t forget about essential organizational aspects, like budgeting.
COWRYERP Asset Management Benefits
CoWry enterprise asset management solution is a software piece that will simplify your life and the life of your company. Let’s contemplate why and what results in you can expect from CoWry EAM software implementation.
- Real-time Asset Monitoring:
EAM software enables real-time asset tracking, so companies can allocate their physical assets and gain full control over equipment wherever it is based. It is especially relevant for asset-intense enterprises when it is hard to manually follow every asset and evaluate its state.
Real-time data allows adopting more efficient strategies for asset usage, scheduling, and planned maintenance. It also reduces asset shortage or excess, as well as helps you to detect asset theft, loss, or misplacement almost immediately. - Enhanced Operational Efficiency:
- Delays and inflated costs on assets support are the main reason for headaches for maintenance and facility managers. Outdated workflows and process management based on spreadsheets and paperwork create an environment for disruptions and missteps.
- EAM software digitalizes your processes and hence, relieves your employees from repetitive and time-consuming data entry and gives opportunity to show their best. EAM software easily removes bottlenecks that can create challenges for efficient operations. - Improved Asset Reliability and Uptime:
- High uptime is a goal for every enterprise, as it maximizes the production and profits you might generate with the help of acquired assets.
- Adequately planned maintenance management, preventive in its nature, will help to prolong the life of your physical assets and reduce the number of sudden and inconvenient breakdowns that will bring block the manufacturing cycle. - Data Centralization:
- Like many other examples of business solutions, enterprise asset management software allows for generating and storing of operational data within one space. It enables shared access between your employees and different departments, which, in turn, enhanced collaboration and communication inside your company. - Access to In-depth Analytics:
- Wise business decisions come when quality analytics is available. EAM solutions help you to track the cost and their stream, from the moment the enterprise assets were bought to the total price of their maintenance over the whole asset lifecycle.
- This data will grant you an understanding of the total cost of ownership (TCO). It will help you optimize your investments, and expenses and leverage the in-depth reports for future growth.
Cowry ERP Project Management Features
Cowry project management seamlessly integrates with NetSuite accounting, allowing you to monitor and manage revenues, expenses, billing a
Take advantage of reusable project templates that provide starting points for projects, speeding and standardizing the creation process. Required items can be tied to sales orders, and bulk project creation saves significant time. Assign project managers based on preset template criteria.
The Project 360 Dashboard gives project managers a consolidated status of all their projects. Gain complete visibility into an entire project, including Gantt charts, resourcing, and project profitability. View important KPIs at a glance, and quickly drill down into detailed focus pages for each project area. Take corrective or proactive measures using actionable links for faster mitigation. automatically opinion an up-to-date view of the current health of projects down to the task level.
Cowry delivers a convenient way for managers to view summary information about their projects and quickly enter transactions against those jobs. Gain vital visibility and improve collaboration by assigning project resources a standard consultant role, with access to the project center.
Organize calls, events and tasks and link them to specific projects. Now, all information regarding a client is managed in one place, resource tracking and real-time collaboration are more effective, customer satisfaction improves and teams can easily find all the information they need so projects proceed efficiently.
Create revenue and cost budgets to predict margins, and measure those estimates against actual transactions. Track progress and monitor the costs associated with each project to keep on top of financial performance — and adjust as needed to stay on time and on budget.
Challenges COWRY'S Asset Management Solves
Without visibility, there is no sure way of determining the inventory of assets in a given location(s). With no previous record of assets and information, there is also no way to track important data such as an asset’s serial or model number for future support and service uses. This becomes even more problematic when smaller assets – like small appliances and tools – are moved among locations as they are routinely for various reasons. In short, there’s no way to be making smart asset-related decisions without knowing what you already have in place and where everything is.
If a business is not accurately tracking its assets at all, then it is highly likely that it is not tracking these assets’ warranty status or availability. This could cost the business real money in the form paying for unnecessary repairs. ServiceChannel research reveals that companies are losing up to 35% of potential warranty savings from paying for repair on under warranty equipment.
Asset tagging is essentially a data management strategy. Without modern asset tagging in place, it is difficult if not impossible to create a dynamic data profile of the key assets even at a basic level such as with repair and cost histories. This makes the FM and other users highly dependent on others such as contractors for repair and maintenance decisions, with no good way to hold these vendors accountable.
Determining whether an asset should be replaced or repaired is a common decision for FMs. Making the wrong decision can cost the business plenty either in paying too much or incurring the cost of equipment downtime. Without the right levels of data to analyze and to guide the FMs, these repair-or-replace decisions can end up being no better than a coin flip.
Without having a method to easily and confidently identify a particular asset, there’s no way to be sure that the on-site staff is choosing the correct piece of equipment when creating a work order (e.g. which stove, HVAC unit or refrigerator unit). In the case of emergency or on-demand services, time is of the essence and costs can accelerate with the wrong decisions when the service provider is not certain which asset to fix or maintain when on-site. Even planned maintenance can be wasted or assets can be put at risk if routine services are performed on the incorrect asset.
The biggest problem with any operational complexity is the time required just to maintain the status quo. This is certainly the case for FMs who are trying to manage critical assets without good asset tagging tools. Ultimately, with all the responsibilities that an FM has, the time investment in managing assets manually may be the greatest cost.
Spending on capital assets and equipment are a big portion of every budget with real business impact to a company’s bottom line. Major decisions such as investing in new capital equipment require comprehensive, accurate and clean asset data across a location portfolio to ensure that the business is acting intelligently and strategically. From new location build outs to future capital planning, it is critical for a business to know the asset inventory, its service history, and the cost-per-asset over its lifecycle. And there’s no way to do that without an accurate way to capture, maintain and track equipment company-wide.
How Much Does COWRYERP Asset Management Cost?
Companies of every size, from pre-revenue startups to fast-growing businesses, have made the move to CoWry. Looking for a better way to run your business but wondering about the cost? Users subscribe to Cowry for an annual license fee. Your license is made up of three main components: core platform, optional modules and the number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users — that’s the beauty of cloud software.