Cost-Efficient Asset Management
Enterprise Asset Management (EAM) systems are designed to help your business run more efficiently, but the systems themselves can be costly to implement and operate. An EAM system requires that your business license a suite of specialized software. Companies will also need to provision enough hardware to run the applications. Not only does this hardware cost money to purchase and implement, but power, cooling, and real estate costs increase to meet requirements for maintenance and housing of necessary servers.
Further costs for an EAM include necessary upgrades and security patches, as well as the expertise required to operate the system and analyze the data for actionable insights. Only highly-trained technicians can maintain such a complex system properly.
Cloud hosting reduces both capital and operating expenses for EAMs by offering economical infrastructure and software services along with the specialized expertise needed to maintain the system.
Here are some of the ways running an EAM system in the cloud saves your company money:
Trimming Capital Expenses
Cloud can provide a more cost-effective infrastructure for EAMs by cutting down on capital expenses. With infrastructure as a service (IaaS), your business doesn’t need to make any investment in hardware. The cloud provider supplies the servers that are required to run your EAM. TSO Logic, a developer of applications analytics software, found that companies that move operating systems to the cloud can save 43% per year in overall program costs.
The cloud also eliminates the waste generated by overprovisioning. IT leaders often overprovision servers when they aren’t sure what their workload needs will be. TSO Logic discovered that 26% of companies are overprovisioned for running operating systems. IaaS allows your business to scale out and in on demand to meet the storage and performance requirements of your EAM system rather than overcompensating out of the fear of falling short.
When you run your EAM in the cloud, software as a service (SaaS) handles the applications. Like IaaS, SaaS is available at a pay-as-you-go rate. Instead of buying the software outright, the customer rents it and benefits from the cost savings gained by sharing software resources with fellow cloud users.
Operating More Efficiently
Typically, the cloud is known for reducing capital expenses by shifting them to operating expenses, but the right cloud provider will also cut your operating expenses. The EAM software is already installed and configured, so your business enjoys a faster time to value (TtV).
The ideal cloud-hosted EAM includes licensing and upgrades required to maintain and protect your system. Hackers exploit vulnerabilities created by outdated or unpatched applications. With SaaS, your applications are kept up-to-date at all times to protect against breaches. Hardware refreshes are also performed regularly so your system continues to run optimally.
Staffing can also be a considerable operating expense. Running an EAM requires specialized training, so certified technicians demand top dollar. Rather than paying out the nose to keep an expert on staff, your company can benefit from a dedicated team of EAM experts when you move to cloud hosting.
Learning to Love Your Bottom Line
EAMs save your company money by making the most of your equipment. Predictive maintenance and inventory management keeps your business operating smoothly. Running your EAM shouldn’t eat up the cost savings gained by running your business more efficiently.
Finding the right cloud provider for your EAM will ensure you have the hardware and software resources necessary without overprovisioning resources or missing out on upgrades and patches, which could lead to costly downtime. The money saved by running your EAM in the cloud can be reinvested in your business to encourage innovation.
Partnering with Intelligent Technology Solutions (ITS) will enable your company to get the most value out of cloud EAM. ITS has almost 20 years’ experience implementing and supporting Maximo EAM. We provide Maximo as a Service (MaaS) through an annual subscription. With MaaS, your EAM application is hosted in a secure high-availability data center. Our MaaS customers can experience up to a 90% cost reduction by operating in the cloud compared to running Maximo in an on-site data center.
Is your company’s level of availability where it needs to be? Contact ITS for a free consultation.
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