A company’s assets are vital to its success. From the machines and tools used in production to the buildings and land that house the business, these resources need to be managed efficiently or else the company risks losing money and efficiency. This is where enterprise asset management comes in. In this post, we’ll explain what EAM is and how it can help your business run smoothly. Stay tuned!
What is Enterprise Asset Management (EAM)?
Enterprise Asset Management (EAM) is a system used to track and manage assets throughout their lifecycle. EAM systems typically include features for tracking asset location, maintenance history, and financial data. Many EAM systems also include functionality for scheduling maintenance, managing inventory, and generating reports. Enterprise Asset Management systems are used by a variety of organizations, from small businesses to large corporations. An EAM system can help organizations to reduce costs, improve asset utilization, and extend the life of assets. Enterprise Asset Management is often referred to as simply “asset management” or “EAM.” However, Enterprise Asset Management systems are different from traditional asset management systems in that they are designed to be used by organizations with large and complex asset portfolios. Enterprise Asset Management systems offer a more comprehensive solution for tracking and managing assets across their entire lifecycle. As a result, Enterprise Asset Management systems are often more expensive than traditional asset management systems. However, the benefits of Enterprise Asset Management can be significant. Enterprise Asset Management can help organizations to save money, improve asset utilization, and extend the life of assets. It’s no wonder that the global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020.
The Benefits of Enterprise Asset Management Systems
Enterprise Asset Management (EAM) systems help organizations to manage, maintain, and optimize their physical assets. By streamlining asset management processes, An Enterprise Aasset Management system can improve organizational efficiency and enhance the bottom line. In addition, EAM can provide a number of other benefits, including the following:
- Improved decision making: EAM systems provide accurate and up-to-date information about an organization’s assets, helping managers to make informed decisions about asset utilization and maintenance.
- Reduced operational costs: EAM can help to reduce the cost of asset ownership by optimizing utilization and minimizing downtime. In addition, EAM can also help to identify opportunities for cost savings through improved maintenance and repair processes.
- Improved safety and compliance: EAM systems can help organizations to manage safety-critical assets and ensure compliance with regulations. By tracking asset location, condition, and maintenance history, EAM can help organizations to proactively address potential safety hazards.
- Enhanced customer satisfaction: An EAM system can help organizations to improve the quality of their products and services by ensuring that assets are available when needed and in good working order. In addition, EAM can help organizations to better manage customer expectations by providing accurate information about asset availability.
Enterprise Asset Management In-Practice
The goal of Enterprise Asset Management is to optimize the performance of assets while minimizing the costs of their operation and maintenance.
EAM systems typically include modules for work order management, asset inventory, and preventive maintenance. Work order management module helps create and track work orders for maintenance activities. Asset inventory module keeps track of all the assets under EAM’s purview, their location, and condition. Preventive maintenance modules schedule regular checkups and servicing of assets based on their usage history, manufacturer recommendations, or other factors.
EAM systems may also include modules for contract management, project management, and reporting. Contract management module helps organizations keep track of service contracts with vendors. Project management module assists in planning and executing maintenance projects such as asset upgrades or relocations. Reporting module provides organizations with data-driven insights into the performance of their assets and EAM system.
Enterprise Asset Management Software
Enterprise Asset Management (EAM) software typically includes a range of features, such as asset tracking, maintenance scheduling, and work order management. Some EAM systems also offer additional capabilities, such as project management and inventory management.
Enterprise Asset Management software can be deployed on-premises or accessed through a web-based interface. Some EAM solutions are also available as mobile apps, which can be used to track assets and view maintenance information while on the go. Enterprise Asset Management software is typically offered as a subscription service, with pricing based on the number of users or the amount of data storage required.
Enterprise Asset Management software can help businesses improve asset utilization, reduce downtime, and save money on maintenance and repair costs. When choosing an Enterprise Asset Management solution, it is important to consider the specific needs of your business and select a solution that offers the features and functionality you require.
Considerations for Choosing an Enterprise Asset Management System
There are many different types of EAM systems available on the market, so it is important to choose one that meets the specific needs of your organization. Enterprise Asset Management systems can be broadly classified into three main categories: on-premises, cloud-based, and hybrid.
- On-Premises EAM systems are installed and operated on a company’s own servers.
- Cloud-Based EAM systems are hosted by a third-party provider and accessed via the internet.
- Hybrid EAM systems are a combination of on-premises and cloud-based solutions.
When choosing an Enterprise Asset Management system, it is important to consider the specific needs of your organization and select a solution that will meet those needs.With so many EAM systems on the market, how can you choose the right one for your business? Here are a few things to consider:
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- What type of assets do you need to track? EAM systems can track everything from office equipment to vehicles to manufacturing machinery. Make sure you choose a system that is designed to track the type of assets you need to manage.
- What level of detail do you need? Some EAM systems provide very granular data, while others offer a more high-level overview. Decide how much detail you need in order to make informed decisions about your assets.
- How will you use the data? EAM systems can be used for a variety of purposes, from monitoring asset utilization to predicting maintenance needs. Think about how you will use the data from the system in order to choose a system that offers the features you need.
- What is your budget? Enterprise Asset Management systems can vary widely in price, so it’s important to set a budget before you start shopping.
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- Will additional infrastructure be required? Infrastructure-lite systems tend to be more expensive to set up and maintain, while infrastructure-free systems are less expensive and easier to deploy. However, both have certain advantages and the right Enterprise Asset Management system for a business depends on its specific needs and requirements.
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- Will the vendors being considered provide training? It is important to consider the training and support needs of the users. EAM systems can be complex, so proper training is essential to ensure that employees are able to use the system effectively.
Getting the most out of your Enterprise Asset Management System
There are a few key things to keep in mind to get the most out of your EAM system:
First, it is important to ensure that the system is properly configured to meet the specific needs of your organization. The system should be able to track all of the relevant data points for your assets, and the data should be organized in a way that makes sense for your team.
Second, it is important to establish clear processes and protocols for how data will be entered into the system. This will help to ensure that the data is accurate and up-to-date, and it will also make it easier to generate reports and analytics that are based on real-time data.
Third, when choosing an EAM system, it is important to select one that uses the right technology for your business. For example, RFID, BLE, and GPS can all be used to track assets and provide valuable data about their location and condition. Selecting an EAM system that uses the right technology can help to improve asset management and make your business more efficient.
Finally, it is important to make sure that your team is trained on how to use the system. The more user-friendly the interface is, the more likely your team will be to use it on a daily basis. Enterprise asset management systems can provide a wealth of data and insights, but only if they are used properly.
If you keep these things in mind, you should be able to get the most out of your enterprise asset management system.
If you’re ready to learn more about how implementing an Enterprise Asset Management system could benefit your business in particular, check out our Physical Asset Management solution, Life Safety solutions or contact us today! Our team of experts will be happy to show you how our Enterprise Asset Management software can help you manage your assets more efficiently and improve your bottom line.
Last Updated on January 26, 2023 by Radiant