17 Ways to do a basic GAP analysis for Enterprise Asset Management (EAM) Systems

Enterprise Asset Management system is a part of the Oracle Modules which has a log of all the assets and it's classification. We are going to see how we can do a basic audit for the EAM systems in an organization.

1. Check current activity flow chart in the department in concerns with the EAM practice being followed in the station level and what kind of monitoring, reporting and implementation are being carried out.
2. Oracle Resources - The primary step is to check the available resources in a oracle system which can give you a full analysis on the current position of the assets.
3. Current Practice Undertaken - Now, here we have to check the SOP's and methodology of recordings which are taken place to put in data.
4. Authenticity of Fed Data - This is very critical to check as the fed data may not be accurate always. Whatever the planners feed inside the EAM should be based on the actual, so that when they run the reports, it must be clear and exactly seen.
5. Accountability and Financial Implication - An EAM auditor can link the data with the financial implications and how does assets affect the calculations. Depreciation is one of the factors to be considered while valuation of an asset.
6. Staff knowledge about EAM practices - It is very important to see the expertise which the staff possess for the creation of EAM reports and other data.
7. Work / Move Order’s Open/Close Count - Another important step is to check what is pending in the system to close to get an exact position of the asset inventory.
8. Asset numbering / coding / segregation must be verified and cross checked with end user
9. Validation of Reasons behind pending work orders is to be taken into prime consideration.
10. Data Management and consideration / Reports from EAM being considered while at maintenance should be checked at all times.
11. Check whether detailed study has been conducted on Best Practices, Current Practices.
12. NOC’s / Permits to be studied with their activity flow chart and working methodology and study core affected areas and measure possible financial losses.
13. If required, study life capacity of assets and the planning of inventory. Should have EAM back up reports before decisions.
14. Study Planned and Unplanned Shutdowns / Maintenance
15. Preventive, Routine and Annual Maintenance Planning should be examined and how it affects the running of plan must be verified.
16. Check tools & functions available to support the EAM Data.
17. Work Order Generation to be carefully examined and if pending/open shall be cross checked with end user on the below grounds :-

• Resources
• Practical Difficulties
• Approaches
• Management Interference