An enterprise asset management system is software that deals with the management and overall maintenance of physical assets owned by a company from the beginning to the end of the asset.
It incorporates all actions corresponding to the entire lifecycle of an asset including procurement, capital planning, performance, installation, maintenance, compliance, risk management, and asset disposal. In simple words, what an enterprise asset management software does is manage the assets of an asset-holder which can be any company or organization.
Maintain X, UpKeep are some notable examples of enterprise asset management software. An enterprise asset management software works with the intent to extend the lifecycle of an asset while ensuring that it incurs minimum costs along the way. We can better understand an enterprise asset management system under the following heads.
Prominent Examples of EAMS
Among the most prominent enterprise asset management systems are as follows:
- ToolSense: It is a comprehensive asset management and maintenance management EAM software that is known for its overall good performance through the entire asset lifecycle. It helps real-time tracking and inventory management with mobile access and IoT integration.
- UpKeep: It is a mobile-friendly EAMS with a user-friendly interface, asset and inventory management, preventive maintenance and real-time tracking.
- MaintainX: It is a winner in streamlining operations with in-app repair tools and digital work order creation for asset management. It has a mobile-first design for on-the-go asset management and real-time monitoring.
- IBM Maximo: It is a leading EAM system that provides asset management throughout the asset lifecycle with real-time inventory management, AI-powered predictive maintenance, and IoT integration.
Uses of Enterprise Asset Management System
The use of an enterprise asset management system is to keep track of assets and manage them for maximum profits and minimum downtime by saving time and money. An EAM system helps organizations keep track of their assets like vehicles, manufacturing products, industrial resources, IT equipment, and other tools to the best of their ability to earn profits.
An EAM system is used by individual entities, companies or organizations to monitor their assets and make everyday decisions associated with asset lifecycle management, work order management, inventory management, and business performance management. It is used in knowledge sharing and training, centralizing asset data, safety regulation, supplier collaboration, analytics, and downtime.
Thus, an enterprise asset management system is used for the management and maintenance of physical assets owned by a company or organization throughout the asset lifecycle. It incorporates the usage of EAM at all levels from capital planning, procurement, compliance, installation, and risk management to disposal of the asset.
Applications of Enterprise Asset Management System
Enterprise Asset Management is a collection of services, software, and services to monitor, maintain, utilize, and evaluate the assets of an organization.
An Enterprise Asset Management (EAM) is often compared to a Computerised Maintenance Management System (CMMS).
The major applications of EAMS include all operations related to asset planning, risk estimation and evaluation, scheduling and proactive plan maintenance, labor management, financial management, planning, asset tracking, asset lifecycle management, reports and analytics, supply chain management, asset utilization, regulatory compliance, predictive maintenance, maintenance checklist, and management.
Notably, the applications of an Enterprise Asset Management System can be understood in the way the EAMS works and its benefits. Modern EAM systems have evolved into systems of technology running in the cloud.
It has four stages in its working:
- Collection and storage of asset data in the cloud and tracking asset information in a centralized storage.
- Usage of the data to formulate asset strategy and optimize maximum asset productivity by assessing potential risks and their solutions.
- Productively scheduled inspections and asset maintenance resolved issues, and minimize downtime.
- Extension of EAMS capabilities to workers and assets in the field, track and manage maintenance processes and work orders from anywhere.
Benefits of Enterprise Asset Management System
An enterprise asset management system offers several benefits to an asset holder. Let us go through its most fascinating benefits given below as follows:
1. Maximum Asset Utilization
Collecting from diagnostic and varied analytical tools, the EAM system makes use of real-time historical data to maximize the utilization of an asset. As a result, it promotes efficient business management per asset.
Enterprise Asset Management makes a visible approach to asset management by taking charge at all levels of the asset lifecycle from procurement and optimization to its end. This is how it can maximally utilize an asset for far better business prospects than conventional asset management systems.
2. Asset Lifecycle Management
Among the most prominent benefits of an EAM is that it enables the lifecycle management of an asset. In an entire business, asset lifecycle management (ALM) plays a key role in making the best use leading to maximum profits. An enterprise asset management, thus, looks well after the ALM of any asset.
EAM software optimizes the lifecycle of an asset by having a holistic view of the entire asset that exists and its location with its present condition. Then, an EAM optimizes an asset lifecycle at planning, procurement, deployment, and even decommissioning levels.
3. Work Order Management
Maintenance becomes essential for asset health. This is why an EAM pays huge importance to work order management.
It promotes reporting by maintenance engineers about the progress of their work in real time anytime anywhere. They can also use the EAM software to report current updates and future action plans as fast as they wish.
An EAM helps in automating manual functions like work order management that incorporates various functionaries such as maintenance engineers, administrators, and technicians. In addition, it allows automation of asset maintenance schedules, procurement of parts, and even health and safety measures.
4. Compliance
Generally, compliance means adhering to a rule, standard or protocol. Since most industries have strict standards for asset management and maintenance, an EAM system helps in compliance with the standards set while managing the assets.
An EAM helps an organisation or company meet its regulatory and complaint standards by providing proper documentation, maintaining audit trails and adhering to the safety protocols of the industries.
5. Enhanced decision making
Decision-making in an EAM-induced asset management system is limited to those personnel who manage these systems. An enterprise asset management system allows enhanced decision-making and better performance tracking along with real-time analytics and data-driven reporting.
This is done as an EAM provides the organization with loads of data on asset activities, performance, and inventory.
6. Asset Tracking
In simple terms, asset tracking adheres to providing information about each penny spent on the asset and how it is done. Without enterprise asset management software, asset tracking would be a hefty job.
An EAM allows organizations to track their assets by keeping all the information of their assets in one place. Several EAMs that are mobile integrated can now provide all asset intel on the phone of the asset-holder itself in real time. Thus, it promotes asset tracking from the mobile device.
7. Centralized Asset Data
Complying with the above point, an EAM optimizes to storage of all information regarding an asset in one place or one system. Resultantly, the EAM stores asset intel in a centralized manner to favour asset tracking at any point in time.
The centralized asset data managed and provided by an EAM may contain audit trails, asset usage, repair histories, purchase order information, warranty records etc.
8. Occupational Safety and Health
Besides all the core EAM functions related to asset management, an EAM helps an organization maintain the safety and health of its team. This is done by providing easily accessible and straightforward solutions.
9. Inventory Management
One may often ignore inventory management when thinking of ways to improve asset performance. However, it has an important role to play in promoting better asset performance and maintenance. An EAM, for these reasons, comes with a well-developed inventory management system.
10. Lower Downtime
Interestingly, an EAM helps manufacturers as well by lowering their downtime. It reduces unplanned equipment downtime that may affect the production output associated with an asset.
11. Improve asset reliability and uptime
An enterprise asset management system is considered the best for those managers who are looking to improve their asset reliability and uptime. An EAM helps improve the capacity and productivity of an asset by minimizing scrap rates and saving a lot of time and money.
12. Workflow Automation
An EAM software eases the task of asset management by promoting digital automation at all levels from the commissioning of assets to maintenance and decommissioning.
Additionally, it allows an asset holder to automate repetitive tasks related to asset maintenance. This may include tasks such as ordering repair parts, restocking etc.
13. Preventive Maintenance
An EAM also comes with preventive capabilities by conducting regular inspections and maintaining spares, services, and pieces of equipment to keep the operations running.
14. Supply Chain Management
Supply chain management is essential when it comes to asset performance. An EAM optimises efficient supply chain management by focusing on undervalued MROs (maintenance, repair, and operating) supply units.
Thus, an EAM is a result-oriented software with numerous benefits in asset management and maintenance, ranging from improved operational efficiency and asset tracking and centralization to several other core EAM functions.
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Enterprise Asset Management Software FAQs
Q1. What are EAM tools?
Ans. EAM stands for Enterprise Asset Management. It is a software that provides some tools and resources for the management and maintenance of a company’s assets.
Q2. What is the best enterprise asset management software?
Ans. Some of the best enterprise asset management software include MaintainX which is best for small businesses, SAP S4HANA Cloud, UpKeep, IBM Maximo, etc.
Q3. Is EAM a CMMS?
Ans. No. Despite some overlapping in the working of EAM and CMMS, they are different. Both of them offer very different management resources. However, an EAM is an advanced asset management software that can perform the functions of a CMMS well whereas a CMMS can not copy the functionality of an EAM.
