What is Enterprise Asset Management Software?

Enterprise Asset Management (EAM) software works to help organizations with tracking their assets and keep things running efficiently and reliably. An EAM deals with every aspect of the physical enterprise, including facilities, machines, vehicles, property, and other assets of the company. This is an essential facilities management software that streamlines operations. EAM follows and tracks the entire lifecycle of assets.

With an EAM, the data produced is detailed and comprehensive. It tracks equipment, the labor, and material needed to maintain those assets, groups the data into different types, and allows the planning and preventative management of the maintenance required. EAM software also helps with compliance and quality control issues.

Overall, the software uses a centralized platform designed to increase uptime and performance while extending the lifecycle of the asset. Organizations should realize a reduction in operational costs with a rise in safety, health, and environmental issues.

People sometimes get this confused with a computerized maintenance management system (CMMS) but they are different in that a CMMS helps in the management of assets, and focuses on maintenance information and its processes through scheduling and tracking of work orders.

What Makes EAM Software Unique?

EAM software is distinctly different from CMMS because it can function as an enterprise resource planning (ERP) system that not only handles equipment and maintenance, but also includes finance, inventory control, and human resources.

Think of it this way: Companies use EAM to transition from being reactive to proactive, ensuring maintenance needs are realized before they become an issue. This starts with the proper planning of a preventative maintenance schedule. Additionally, EAM supports organizations that are striving to achieve a level where they work from a criteria-based mindset and approach. By using this solution, companies can use EAM as they evolve to condition-based maintenance that triggers a preventative maintenance alert after reaching certain levels.

Having EAM as part of a comprehensive ERP package helps provide the necessary data for material, equipment run time, and other factors that mitigate costs.

What Determines Enterprise Asset Management Software Success?

Enterprise asset management deals more with the thinking side of operations to prolong the life of assets while enhancing levels of production. As more managers look for ways to promote better transparency and accountability, EAM software is an essential step for businesses that don’t have the capacity to invest in more hardware to streamline their operations for better productivity. These four areas help this software thrive:

Flexibility

Managers that understand the need for flexibility amid the changing times and can use this software to their advantage make this successful. There are several constraints to consider that are continuously growing in this area. By cutting the number of breakdowns in equipment, improving the life of the assets, and gaining more efficiency, managers can realize more ways to streamline operations. With EAM software integrating with other critical business software, costs are reduced, while maintenance and other processes are seamlessly automated.

Analytics & Reporting

EAM provides KPIs and metrics that matter throughout the organization. Accounting, operations, procurement, materials, risk management, and a few other areas rely on EAM to work more efficiently and effectively. Reports and data are provided to improve the workflow while determining the lifecycles of current assets. With a variety of reports and data, managers can realistically make predictions about the management of their assets while ensuring the data remains clean through AI-driven insights.

Mobile-Friendliness

Connections to the EAM system make things easier for technicians and managers with the flexibility to access data from anywhere and any device.

Strict Compliance

Regulatory compliance is important. Having EAM software that helps managers navigate through these codes and regulations can help avoid penalties and fines. Depending on where the organization is, there are local, state, and federal regulations that must be followed. EAM software can assist with providing recurring updates and alerts on what is needed and when. This also helps prevent any data leaks of assets while employing encryption methods and role-based access control to introduce and implement new security measures.

How to Select the Right Solution

Selecting the right EAM software solution is not easy. Organizations wishing to go this route must think critically and strategically about the functionality of the company as it is now, and their plans of where it will be in the future. While funding is always at the forefront, there must be an acceptance of the changes and improvements the EAM implementation is expected to deliver. Adoption from all the end-users is key.

Before selecting the best solution for your organization, you must consider the following:

• Does the EAM software support all stages of your asset lifecycle?
• Does the EAM software support larger projects within your organization, such as shutdowns of any of the plants, engineering, and extensions within the lifecycle?
• Is maintenance contracting supported? What other areas related to maintenance contracting are supported?
• Is OEE supported, and how?
• Does the EAM solution have the capability of evolving with your organization? Does the vendor have a roadmap of their vision and continuous improvements?

Cloud-based facilities management software works within the system to assist with the management of facilities in an efficient and effective way. This is advantageous to organizations with more than one facility as it helps with day-to-day management while reducing maintenance costs. This solution uses technology to deliver secure hosting, improved security measures, and higher instances of quick scalability. Information is easily accessed by facilities managers and workers using secure logins while promoting greater collaboration, increased customer satisfaction, and faster resolution times. The software also provides automatic system updates, alleviating the need for downtime.

Moving into the future, EAM can be used in a variety of ways, including sports facilities management operations to enhance the transparency of FM operations, provide deeper insight into budgets for accurate forecasting and planning, help centralize invoices and vendor management, track equipment and warranties, guide new construction design and operations, source the best providers, and enable the mobility of staff.

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