What is Enterprise Asset Management?

Enterprise Asset Management or EAM software is a digital method to the preparation and control of all of the actions needed to maintain company equipment during each individual asset’s lifecycle. These activities include, but are not limited to, the scheduling of planned maintenance, optimization of asset productivity, documentation of information in relation to breakdown and malfunctions, inventory, purchasing information and many more features.

There are many assets that can be managed through enterprise management software. These assets may be fixed assets like factories, plants, machinery or mobile ones like vehicles, boats, forklifts, containers, ships and other moving equipment.

EAM software is used across an organization in multiple departments, locations, facilities and it supports business functions like HR, inventory, procurement and other.

What industries is Asset Management used?

EAM is mainly used in industries that are expensive and complex, such as mining, utilities, oil & gas, facilities, manufacturing, government, ports & terminals, and others.

What are some of the features of EAM?

Enterprise asset management software handles every aspect of running an asset-intensive organization. EAM software programs include features such as

preventive maintenance, predictive maintenance, inventory management, work-order management warranty management, integrated mobile wireless handheld options, portal-based software interfaces, asset intelligence among others.

What is the difference between EAM and CMMS?

EAM and CMMS are covered by the umbrella term “Maintenance Management Software”. Both system products have the same goal of maintaining, managing and protecting company assets by streamlining and automating maintenance management, inventory management, work order generation, and scheduling. Both also help companies to achieve a schedule of proactive asset maintenance rather than operating in “reactive mode”.

Along with the functionalities of a CMMS, an EAM solution will include an asset’s past maintenance records as well as financial records – This creates better budget projections and predict replacement dates for each particular asset. An EAM will track all metrics needed to use reliability-centered and predictive techniques enabling the determination of an asset’s future state and continued reliability. Overall physical asset management enables to be expanded over long-term which includes all CMMS functions, while a CMMS system is focused on the maintenance systems and operations.

Benefits of EAM software

Implementing an asset management plan improves the performance of physical assets while maximizing your return on investment. An effective EAM system allows you to control all of your assets across different locations and will aim to optimize and extend their life cycle.

There are many advantages of an Enterprise Asset Management system within your organization for agile, effective and powerful operations. Main benefit is decreased asset downtime and increase asset performance. Prioritizing asset maintenance and repairs based on the risk of failure and criticality helps companies properly allocate resources and schedule work. Mainpac EAM software automates predictive and preventive maintenance based on machine run times and risk by controlling asset health and recognizing required components. This enables companies to maintain those assets which would have the highest impact in case of failure, keeping operations up and running even within business constraints. When most important assets are maintained on priority, it improves their performance and prolongs their service life.

Overall, Enterprise Asset Management can bring a great benefit to asset-intensive organizations if implemented correctly. You can read more about the EAM in the learning center on the Mainpac website.

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