Enterprise Asset Management (EAM)

Table of Contents

Enterprise Asset Management (EAM) software manages all aspects of your assets including maintenance operations and asset performance. It provides a range of functionality from granular reporting and tasks to high-level data for the accounting, production, compliance, and other departments. With EAM software, you can streamline and centralize all of your asset-related maintenance and other data in a single system. This can include service requests, work orders, inventory, maintenance tasks, and inspection schedules. Additionally, EAM software makes your data easily accessible for your team on their computer or mobile device.

Some of the functions of EAM software includes:

  • Asset Lifecycle Management
  • Work Order Management
  • Maintenance, Repair, and Operations (MRO) Materials Management
  • Workforce Management
  • Service Contract Management
  • Financial Management
  • Data Reporting and Analytics

Is an EAM the Same as a Computerized Maintenance Management System (CMMS)?

You may often hear about EAM and CMMS software simultaneously, but there are some key differences. Simply put, a CMMS is a specialized system for maintenance only, and an EAM is a more general system with more features. A CMMS covers a small portion of your asset management as it is only for maintenance. EAM software is more robust in functionality and reporting. It handles more aspects of asset management, from maintenance to resource management. Furthermore, an EAM is excellent for high-level visibility to drive strategic analysis and decision-making.

The Benefits of EAM Software

The objective of EAM software is to maximize an asset’s productivity during its useful life. This software benefits your organization by:

  • Consolidating all aspects of asset management
  • Automating preventive maintenance
  • Increasing efficiency of asset management processes
  • Improving asset productivity
  • Reducing downtime, maintenance, and inventory costs
  • Providing a range of in-depth, convenient reporting
  • Increasing visibility at every level
  • Making maintenance data more accessible with a cloud-based mobile app
  • Streamlining data collection
  • Integrating with sensors to identify and automate predictive maintenance
  • Supporting OSHA compliance

Every business is different and will experience its own unique benefits of EAM implementation. This list of benefits only scratches the surface.

Who Uses EAM Software?

If your company depends on equipment, machinery, or other assets to produce a product or provide a service, then you would benefit from using an EAM. Some of the most common industries that implement CMMS software are:

  • Manufacturing Plants and Mills
  • Oil and Gas
  • Construction
  • Mining
  • Farming and Agriculture
  • Transportation
  • Food and Beverage

A wide range of industries can use EAM software for any assets from cranes to manufacturing equipment. Also, EAM software’s broad functionality is perfect for businesses with assets spread across multiple locations.

How to Choose Your EAM Software

When you look at enterprise asset management software for your business, you will want to keep a few main factors in mind. This includes the functions you need, your budget, who your users will be, and the size of your company. All of these details provide you clarity on whether an EAM or a CMMS is better for you. For example, if you will have multiple departments outside of your maintenance team using the software, then an EAM is a good choice. A CMMS would not provide the data and reporting that your accounting and senior management employees need.

EAM software supports you with OSHA compliance, preserving a safe work environment, preventing costly equipment breakdowns, and optimizing the productivity and life of your assets. So, as assets get more complicated and you need to operate efficiently, an EAM is a worthy investment to help you manage it all. Companies in asset-reliant industries can have a maintenance budget that takes up to 50% of their entire operational budget. As a result, it’s essential to improve asset reliability, increase accountability, get back valuable time, and reduce costs to keep your asset management on budget.

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