eProcurement & Procure-to-Pay Resources

Procurement Challenges in Enterprise Asset Management

Published June 3, 2020 at 9:15 AM

The application of a B2C-like buying experience to B2B purchasing has benefits no matter what the industry. Whether it is a quick service restaurant, media company, CPG firm or institute of higher learning, making buying easier has a measurable impact.

This impact is particularly true with managing and maintaining assets that drive the business.

Enterprise asset management systems (EAMs), such as IBM Maximo, deliver clear value to businesses managing important physical assets. However, they often fall short in the area of Procurement, delivering a cumbersome experience for the purchase of materials needed to support maintenance or service calls, taking time and resources away from their focus -- keeping assets available.  

Asset Management

Businesses invest heavily in assets to drive their success. Whether it is instruments on the assembly line, drilling equipment for oil exploration, heavy machinery for construction, or even lower value, high volume items like uniforms,  the high reliability and availability of these strategic assets are vital to the success of the business.  EAM technologies deliver invaluable analytics and intelligence to help businesses extend the life cycle of their assets.  This may include identifying and scheduling maintenance, providing updates on warranties, tracking service calls, etc.  Much like their ERP counterparts, when it comes to procurement, these technologies can be complex for the casual user.

Many companies have realized that the addition of a B2C-like purchasing platform, integrated to the enterprise asset management system can deliver the best of both worlds.

EAMs include the ability to create purchase orders or requisitions, but it is the robust search capabilities across catalogs to quickly acquire the correct parts that are needed to help technicians find the items they need, purchase them and have them available as quickly as possible. 

The BuyerQuest platform provides companies with a single buying channel, simplifying the purchasing process through an easy to navigate marketplace that feels more like a consumer website than business purchasing site. The technology allows for seamless integration with enterprise asset management (EAS), including automated processing from the EAS to BuyerQuest and back.

Operating with a B2C Mindset

When combined, BuyerQuest integrated to asset management creates a technology stack that automates, streamlines and simplifies the purchasing and work order processes. The combination of BuyerQuest with asset management delivers companies the following quantifiable benefits:

  • Planner/Scheduler resource optimization - time is the most important asset
  • Shortest time to value by extending and enhancing the EAS’s existing capabilities
  • Ease of use through a nearly zero training environment for end users
  • Dramatically increased operational efficiencies through intuitive solutions, cognitive buying, standardized processes, and expanded visibility
  • Increased savings by fully operationalizing the company's contracts to capture all aggregated savings potential
  • Procurement creating a competitive advantage for the business by becoming an enabler of savings and user satisfaction to drive more spend under control

A Real World Example

Consider a company that needs to purchase supplies and gear for their day to day operations. These purchases are low dollar and high volume.  While PO creation is system driven, the catalog search and addition of items to the PO is cumbersome and extremely time consuming.  Since these types of purchases are typically made by the maintenance team, the time spent creating PO’s and searching for items is time taken from performing more high-value work for the business. 

EAM users need an easier way to execute purchasing without losing the benefits of their EAM technology.

More and more companies realize the high cost in both lost time and resources when purchasing as part of the PO or work order process and have looked to BuyerQuest for a solution.

BuyerQuest Integrated Catalogs seamlessly integrates into technologies such as IBM Maximo and delivers users a B2C eCommerce-like search and purchase experience.  

Applying B2C Capabilities to Impact Asset Availability

When integrated to Maximo, for example users transfer from the requisition or work order to BuyerQuest and build their shopping cart. The shopping cart contents are then returned to the Maximo requisition or work order for continued processing. 

The combination of EAM with BuyerQuest delivers all the automated purchasing power of the BuyerQuest Integrated Catalogs, with all the controls and user familiarity of the EAM technology, saving time, resources, and money in the purchasing process without high levels of new, additional training.

Learn more about BuyerQuest’s integrated catalogs. 

 

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