"EAM" or "Enterprise Asset Management" is often used to describe software systems designed to give organizations the means to manage and pro-actively optimize their operations for quality and efficiency. These systems provide a framework for the management of design, construction, commissioning, operations, maintenance, equipment and facilities. However, while EAM systems introduce a logical workflow from which best practices can be established, performance is ultimately dictated by the quality of the data that resides within.
Any of us who have been around business for any length of time know this term. We’ve used it over and over again to apply to many scenarios, whether it’s: “20% of our people do 80% of the work”, ”80% of our revenue is derived from 20% of our customers”, “20% of our product line accounts for 80% of our revenues”, “20% of our locations account for 80% of our revenue”…and the list goes on. Unlikely as it may seem many of these statements bear evidence and some truth.
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Early in my career, this term was used to motivate and inspire me to achieve great things. Not only to reach for something through hard work and know-how, but to set my sights on something, on a goal that seemed virtually out of reach. To bring new ideas that would shake things up and deliver amazing results. To be a leader (even if – at that point – I was not a leader by title) with conviction and to get others on board...to make my vision a reality.
Seems there is always a new term or business trend that is talked about every few years. The latest is the discussion around data analytics. The information that can be garnered from solid operational data could prove invaluable in improving operations. This is true across many verticals and industries without exception.