Q&A Series: What Is Enterprise Asset Management (EAM)?
What is enterprise asset management (or EAM)?
Enterprise asset management or EAM is a more future-proofed way to manage physical assets by understanding the full lifecycle of each asset within your operational ecosystem. Integrating strategic asset management, preventive and predictive maintenance, EAM allows operators to see the full picture of their assets and make smarter data-driven decisions about repair, longevity and lifecycle.
What are the benefits of enterprise asset management?
With the sophisticated asset tracking and management of enterprise asset management, facility and maintenance managers and directors can have a better handle on the full scope of their physical asset systems. This simplifies the process of making decisions about budget, repair vs. replace, capital planning and more. With data on asset lifecycle today, 5, 10 and 20 years into the future, EAM provides the numbers needed to plan ahead and stretch budget dollars with more viable operational assets. Enterprise asset management simplifies the planning process and creates a longer lasting asset portfolio.
Overall, EAM helps:
- Stretch asset lifecycle by understanding age, condition and longevity
- Predict asset breakdowns and needs sooner with data and analytics on the full lifecycle
- Provide data for better capital planning, so it’s easier to predict needs and allocate resources
Why is enterprise asset management important?
In the world of maintenance and operations where budgets are continually being cut and assets are failing, enterprise asset management is becoming an important way to manage and enhance asset lifecycle. From boilers to HVAC to every other asset in today’s facilities and communities, EAM helps you track, manage and optimize it all within budget constraints. More strategic, enterprise asset management has been key to many organizations staying viable in the past few years and better allocating dollars by predicting asset lifecycle needs with more clarity.
Why is enterprise asset management the future?
EAM is the future of operations management because it’s a way to truly manage assets based on the full picture of their life and needs. When operators have more data on their asset inventory, state, history and predicted failures, they can make better, quicker decisions that lead to higher asset performance.
How can I be more strategic with asset management?
There are several ways you can more strategically manage assets, and it all starts with harnessing the power of an asset management system. After all, you can’t manage what you can’t measure. With strategic asset management software, you get to see the full asset lifecycle come to life.
Whether you’re wondering if that asset will last for 10 more years or how much money you should put into that other asset, you can answer each question you and your management have with the data of a strategic asset management system. And after you decide the best moves to make, you can use data, charts and graphs from your software system to share why you made that decision and even prove the need for additional resources.
Strategic asset management can take you from worrying about your assets today to feeling confident about asset performance and planning years into the future.
How does enterprise asset management help with preventive and predictive maintenance?
Preventive and predictive maintenance are a critical part of enterprise asset management, allowing you to connect the dots with what you’re doing today that will impact your tomorrow. EAM software takes into account the data gathered with preventive and predictive maintenance measures to create more exact planning. With a solid preventive and predictive maintenance program paired with EAM software, you can holistically see where your assets are today and what they need tomorrow.
How can enterprise asset management help me plan for the future?
If you feel overwhelmed about planning for the future of your assets and operations, then enterprise asset management can help. EAM puts all the pieces of your operational analytics together (asset age, history, maintenance, etc.) to paint a picture of a true asset lifecycle. When you can see this across your asset portfolio, then you can more clearly understand the future of each asset and make adjustments to optimize.
Instead of investigating each asset as it breaks down or needs attention, enterprise asset management helps you get ahead and feel confident about your asset data and decisions.
What is enterprise asset management software and how does it work?
With this new way of managing assets, you need a new system to help fully harness its benefits — and that’s where enterprise asset management software comes in. EAM software can help you organize all your asset information and tracking to create a system that helps you plan daily maintenance tasks and understand future needs. With an EAM system, you will feel more in control of your asset management and even have analytics to share with other decision makers.
What is the difference between EAM and CMMS?
You may be wondering what the difference between enterprise asset management software and CMMS (computerized maintenance management software) is. They are both used to optimize asset, maintenance, work order and inventory management through software and the cloud. The difference is that an EAM system looks more holistically at asset management across an organization. In addition to maintenance, work order and inventory tasks, EAM systems also manage:
- Asset register and data collection
- Inspections and survey data
- Contract management
- Asset valuation