EAM Document Handling Saves Time and Money

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Does EAM Document Handling Save Timeand Money?

With almost every asset purchase comes aslew of documents such as contracts, war-ranties or service guides. On top of this

there may be blueprints, diagrams, schematics or

other documents in addition to the vendor informa-tion that needs to be kept organized. Do you knowwhere your asset documentation is at and how itmuch it costs your facility to manage the paper ow?Let us paint a picture here for you.

In an effort to keep this post as concise as possiblethe following sections/questions are designed tohelp you understand the costs of manual documentmanagement:

How Are Asset Documents Handled At

Your Facility?

1. How many documents are associated witheach asset? For example: vendor contact in-formation, warranty, service contract etc

2. How many assets share documents? Forexample: a warranty may cover severalassets purchased at the same time like HVAC

fans.3. How are documents accessed, how often

and by whom?4. How many vendors do you have per type of

asset (such as elevators, chillers, boilers orHVAC)? Very important to know if you havemultiple facilities or duplicate assets.

5. Do individual facilities keep their own docu-ments or are they stored at the home oceor central location?

6. Who in your organization knows whatdocuments you have and how to retrievethem?

7. How long does it take to retrieve a docu-ment?

8. When an asset document request is made,does the person requesting the documentget a copy or an original?

9. How many copies of asset documents doyou make each year?

10. How many documents cant be found?

Asset Management Requires Accessible

Documents

Whether you are in hotel facilities managementor plant management you have assets of differentages. Some assets are under warranty, some haveservice agreements and others have been aroundso long the rust is the only thing holding it together(no manager jokes here lol). In addition, a multi-property facility such as a hotel might have multiplevendors performing the same function. An exampleof this is a different elevator service company foreach property.

Paper, paper everywhere and nowhere can the rightdocument be found. Part ofgood asset management

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Does EAM Document Handling Save Time and Money?

is being able to nd the right information at the righttime. With this in mind, there might be an opportu-nity for document and vendor improvement if yourfacility (multiple or individual facility):

Is unable to quickly determine the quality ofvendors. This includes promptness, pricing,quality of work, terms of service and so on.

Cannot identify how many vendors you use.

How many different elevator service com-panies do you use?

Cannot compare contracts across similarvendors to consolidate vendors and ser-vices. For example: Can elevator contractsbe consolidated to one or two vendors de-pending on city, region or country?

The only copy of the service agreement iscovered with coffee stains in a le cabinetand the boss is out of town when the eleva-tor breaks down.

The only time you think about the contractis when you are stuck in an elevator.

How do Your Facilities Stack Up?

If you are like mostfacilities management, you pro-bably dont have an answer to many of the precedingquestions. Do not worry, you are not alone. Thefollowing are some interesting statistics regardingdocument handling:

Interesting Paper fow Statistics

90% of corporate memory exists on paper. Of all the pages that get handled each day in

the average oce, 90% are merely shued. The average document gets copied 19 times. Companies spend $20 in labor to le a

document, $120 in labor to nd a misleddocument, and $220 in labor to reproduce alost document.

7.5% of all documents get lost, 3% of theremainder get misled.

Professionals spend 5-15% of their timereading information, but up to 50% lookingfor it.

There are over 4 trillion paper documentsin the U.S. alone growing at a rate of 22%per year.

Source: Coopers & Lybrand

A typical employee spends 30% 40% ofhis time looking for information locked ine-mail, documents, shared hard disks andling cabinets.

The average document is copied 9 to 11times.

When an employee leaves a company 70%of his knowledge walks out the door withhim.

Each four-drawer le cabinet holds an ave-rage of 10,000 to 12,000 documents, takes

up to 9 square feet of oor space, and costs$1,500 per year. Every 12 ling cabinets require an additio-

nal employee to maintain. 18 minutes is the average search time for a

document. Each lost document costs $350 to $700. More than 70% of todays businesses would

fail within 3 weeks if they suffered a catas-trophic loss of paper-based records due tore or ood.

67% of data loss is directly related to userblunders, making them 30 times more me-nacing than viruses and the leading cause ofdata loss.

At any given time, between 3 and 5 percentof an organizations les are lost or mis-placed.

U.S. managers spend an average of 4 weeksa year searching for or waiting on misled,mislabeled, untracked, or lost papers.

Large organizations lose a document every12 seconds.

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Source: AIIM, Forrester, Star Securities, USDepartment of Labor

How much money do you gure is going out thedoor due to poor document management?

It is easy to understand how paper can create bott-lenecks, lost time, wasted administrative labor anddrain the patience from reasonable people. The good

news is there is an easier way to handle documentsspecically associated with asset management. Thesolution is Enterprise Asset Management (EAM)software.EAM software works by creating an assetdatabase that can:

Collect asset detail such as location, physicaldescription, vendor information, barcode,age, condition and virtually any other infor-mation a facility wishes to track.

Allows document uploads. Any document

le (PDF, WORD, XLS, JPG etc.) can be loa-ded and assigned to an asset or multipleassets.

Allows the setting of access rights for whocan view the document.

Allows you to pull up documents using avariety of search criteria. For example: allelevator contracts or all building warran-ties.

Enable the setting of customizable summaryrecords with facility dened elds of im-portance. In other words a summary recordwill exist showing key facts without openingthe entire document.

Full document views are available on anyPC with access rights. No more lost docu-ments, copying or ling issues.

Increase centralization of vendor mana-gement and corporate wide asset/vendordecisions

Document handling with an EAM is not only a ti-mesaver for management but can be a huge costs

savings according to the paper ow statistics above.EAM document handling is just one way an EAMsystem can directly impact the bottom line of anorganization.

Share with us how your facility handles documentsand what problems you face. If you liked this articleyou may also enjoy reading:

EAM, EAM Documents, facilities management

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EAM Document Handling Saves Time and Money

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