Enterprise Asset Management?
Enterprise asset management (EAM), in the context of IT service management within Enterprise organizations can be defined as the systematic approach of managing and optimizing an organization's assets throughout its lifecycle. In a way that aligns with the organization's goals, It involves the strategic planning, acquisition, utilization, maintenance, and disposal of assets.
What Is Enterprise Asset Management
Enterprise asset management (EAM) is a way to manage your organization's physical assets. This includes things like machinery, facilities, and transportation fleets. It's more than just tracking assets; it uses software and services to manage them well.
EAM helps you check, maintain, and improve your assets. This boosts productivity and saves costs. It's especially useful for big industries with lots of assets. EAM systems aim to improve asset quality and use. They help manage assets from start to end. This means less downtime and better work performance.
Today's EAM uses new tech like IoT and AI. These help make better decisions with data. Work with suppliers and follow rules, and to use mobile apps for easier management. EAM brings together all parts of asset management. It covers planning, scheduling, and safety. This way, you can manage your assets better, cut costs, and work more efficiently.
Why Is Enterprise Asset Management Important
EAM solutions bring together asset information, making it easier to manage different types of assets. In manufacturing, EAM helps optimize production and meet safety standards. In healthcare, it improves maintenance for vital medical equipment, boosting patient safety.
Using EAM software gives a complete view of all assets and facilities. This helps in making better decisions and predicting costs more accurately. It also makes condition-based maintenance possible, keeping assets in top shape.
Preventative maintenance is supported by EAM, using historical data and manufacturer guidelines. This ensures assets perform at their best.
- Corrective maintenance fixes issues after they happen, like replacing broken equipment.
- Asset lifecycle management helps understand how long and well assets last.
- Labor management helps train and certify employees in asset management.
- Reporting and analytics help spot problems early, preventing bigger issues later.
EAM software with mobile features lets technicians update work orders instantly. This improves data accuracy. Companies in sectors like oil and gas, utilities, and aerospace depend on EAM to keep their critical assets running smoothly.
Key Components of Еnterprise Аsset Мanagement
Let's take a look at the key components of Enterprise Asset Management.
Asset Planning
Aside from the strategic identification, it includes prioritization of assets needed to support the operations. After assessing asset requirements and forecasting future needs, it’s necessary to develop plans for asset acquisition or replacement.
Asset Acquisition
The procurement and deployment of assets must be in accordance with the asset plan. Some activities encompassed by acquisition include vendor selection, contract negotiation, and asset installation.
Asset Utilization
The goal is to optimize the utilization of assets, thus maximizing productivity and minimizing downtime. Once asset usage is monitored and maintenance activities are scheduled, it’s needed to implement efficient operational practices.
Asset Maintenance
In order to ensure optimal performance and longevity, this component entails the regular inspection, repair, and preventive maintenance of assets. Activities like routine inspections, scheduled maintenance tasks, and timely repairs are commonly included in this phase.
Asset Disposal
At the end of their useful life, assets have to be disposed properly. It’s required to conduct activities like asset retirement planning and environmental considerations. Make sure asset disposal methods are in compliance with regulations.
How Do EAM Systems Work
EAM systems help organizations manage their assets better. They use cloud-based asset management to keep all important asset info in one place. This makes it easy to make smart decisions and work better together.
Gather and Store Asset Information in the Cloud
Cloud-based asset management keeps a lot of asset data safe. It lets you track asset conditions, values, and histories. This way, you know everything about your assets now and in the future.
Leverage the Data to Inform Asset Strategies and Maximize Productivity
EAM systems help make smart asset management choices. They use data to predict asset needs and plan better. This way, you can use resources wisely and plan for the future.
Schedule Inspections and Maintenance Tasks Proactively to Prevent Issues
EAM systems are great for preventive maintenance. They help schedule checks and maintenance early. This way, you can catch problems before they get worse and keep your assets running smoothly.
Expand EAM System Functionality to Support Assets and Workers in the Field
EAM systems can also help field workers. Mobile apps let teams collect and analyze data on the go. This keeps everyone connected and working efficiently, no matter where they are.
Benefits of Enterprise Asset Management Systems
Enterprise Asset Management (EAM) systems bring many benefits. They help manage assets better, improve operations, and use resources wisely.
Increased Asset Lifespan
EAM systems help assets last longer. They use data to plan maintenance, keeping assets in good shape for longer.
Reduced Downtime
EAM focuses on preventive maintenance. This reduces downtime, keeping operations running smoothly and improving productivity.
Improved Operational Efficiency
EAM makes operations more efficient. It standardizes processes and automates workflows, leading to better performance.
Cost Savings
EAM systems cut down on maintenance costs. This leads to more money saved and a higher return on investment.
Better Compliance and Risk Management
EAM makes it easier to follow industry rules. It tracks assets well, reducing risks and ensuring safety and environmental standards are met.
Enhanced Decision-Making
EAM provides insights for better decisions. Analytical tools help spot trends, guiding asset management strategies.
Mobile Access and Flexibility
EAM systems support remote work. They let workers access data anywhere, making the team more flexible and responsive.
Data-Driven Optimization
EAM uses analytics to optimize asset management. This leads to more efficient practices, longer asset lifetimes, and better service.
Improved Inventory Management
EAM systems make inventory management easier. Features like barcode scanning speed up repairs and improve labor efficiency.
Sustainability
EAM supports sustainability, as it expands asset lifetimes and optimizes resource use. It helps companies adopt greener practices while staying efficient.
Key Features of an Effective EAM
An effective Enterprise Asset Management (EAM) system has key features. These ensure top performance in managing assets. They help cut costs and improve how things work.
Work Management
Centralized work management makes starting and tracking tasks easier. It gives better control over work flow. This leads to faster fixes and less downtime.
Phases of Maintenance
Having different maintenance phases like fixing, preventing, and predicting problems makes assets more reliable. This helps solve problems before they get worse.
Planning and Scheduling
Good planning and scheduling tools help manage tasks better. They make it easier to adjust to changes. This is important for using assets well.
Supply Chain Management
Effective EAM systems work well with supply chains. They make it easier to work with assets and materials. This makes processes smoother and helps make better decisions.
Health and Safety
Adding health and safety features helps follow rules, keeping workers safe and avoiding fines. It makes the workplace safer.
Mobility
Modern EAM systems let you work from anywhere. This is great for managing many assets in different places. It makes things more flexible.
Analytics
Advanced analytics in EAM systems give insights into how things are doing. Using AI for analytics improves asset quality and use. This boosts return on investment.
Cloud
Using cloud-based EAM systems makes things more flexible and secure. It also saves money on upkeep. Moving to the cloud makes it easier to add new tech and follow rules.
The Role of Asset Collaboration in EAM
Asset collaboration in Enterprise Asset Management (EAM) creates a culture of teamwork and sharing. This helps organizations work better together.
With the sharing of asset data, everyone can make better decisions. This is because they have the right information.
Asset Data Sharing
Good data sharing keeps all asset details in one place. This includes maintenance plans, how well things work, and when they were bought.
This makes work flow better and people more productive. It also helps get the most out of your assets.
Knowledge Sharing and Training
Sharing knowledge and training helps employees do their jobs better. It makes them more skilled in managing assets. This way, everyone knows the best ways to do things.
Cross-Functional Communication
Breaking down barriers through cross-functional communication helps teams work together. This makes tasks run smoothly and without a hitch.
Work Order Management
Good work order management keeps tasks in order. EAM helps sort and track maintenance. This keeps assets reliable and work flowing well.
Supplier Collaboration
Working well with suppliers makes maintenance better. Sharing data with them builds strong partnerships. This leads to better service and assets that last longer.
Workflow Automation
Automating workflows in EAM makes things more efficient. It also keeps asset management consistent. This cuts down on mistakes and keeps costs low.
The Evolution and Future of Enterprise Asset Management
The world of Enterprise Asset Management (EAM) is changing fast. This change is part of a bigger trend in technology. EAM is moving from old maintenance ways to new, smart strategies. This shift is thanks to new tech like the Internet of Things (IoT) and artificial intelligence (AI).
The EAM market is expected to grow a lot, reaching $11.24 billion by 2032. It will grow at a rate of 10.4% each year from 2023. This growth shows how important it is to follow new trends in asset management, especially using automation.
Automation is changing EAM for the better, especially in areas like emergency services. It makes things run smoother and faster.
Soon, EAM systems will let users do more on their own. This means they can handle things like checking in assets and making service requests by themselves. It makes things easier and faster for everyone involved.
Looking to the future, EAM will focus more on using tech for real-time monitoring and following rules. As digital changes keep coming, companies in North America, Europe, and Asia Pacific will need to keep up. They must adapt to these new trends to succeed.
As EAM keeps evolving, we can expect big improvements. This will come from combining technology with smart management. It will help companies work better and be more sustainable in managing their assets.
EAM vs Regular Asset Management
As a specialized form of asset management, enterprise asset management (EAM) is specifically designed for large organizations or enterprises. It focuses on managing and optimizing the assets that are critical to the operations and success of the enterprise. Regular asset management is a more general term. It refers to the management of assets in any context, whether it be for personal, small business, or other purposes.
Key Differences Between Enterprise and Regular Asset Management:
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- The complexity of the assets: Enterprises have a broad range of assets. Apart from physical assets (like machinery, equipment, and facilities), there are also digital assets such as software systems and intellectual property. These assets are often spread across multiple locations as well as business units within the enterprise.
- Strategic vs tactical focus: In an enterprise setting, assets are considered strategic resources that directly contribute to the organization's objectives. Through strategic planning and decision-making, EAM ensures that assets are aligned with the enterprise's overall strategy while being utilized in the most efficient and effective manner. Regular asset management features a more operational or tactical focus. It’s concerned with the day-to-day management of assets to ensure their proper functioning and maintenance.
- Integrations: EAM often integrates with other business systems and processes within the enterprise. It may be connected to financial systems (for budgeting and cost tracking), procurement systems (for asset acquisition), and maintenance systems (for work order management). These integrations allow for a holistic view of asset information.
EAM vs CMMS
EAM, or Enterprise Asset Management, aims to improve asset performance. It handles the asset's entire life cycle, from design to disposal. CMMS, or Computerized Maintenance Management Systems, mainly focuses on automating maintenance to keep assets running smoothly.
EAM covers a wide range, including planning and compliance. It's used by teams across different departments. CMMS, however, is mainly for maintenance teams. It helps reduce downtime and repair costs.
In comparing asset management systems, EAM is often implemented in phases. CMMS is usually done in one go. EAM decisions involve top-level executives, while CMMS is mainly for maintenance teams. Industries like oil and gas benefit from EAM's safety and reliability features.
Both systems have evolved over time. CMMS started in the 1960s with basic tools. EAM grew from CMMS, adding asset performance and supply chain management. Knowing these differences helps choose the right system for your needs.
Examples of Enterprise Asset Management in Different Industries
Enterprise Asset Management It boosts efficiency and reliability in manufacturing, healthcare, and utilities. Here are some examples of EAM in action:
Manufacturing
In manufacturing, EAM makes operations better. It helps manage machines and equipment well. This leads to less downtime and more work done.
Utilities and Energy
Utilities and energy companies use EAM to keep their systems running smoothly. It helps them follow rules and maintain important equipment.
Transportation and Logistics
The transportation and logistics field uses EAM to keep fleets reliable. It also makes scheduling easier. This improves how things get done.
Healthcare
In healthcare, EAM tracks medical gear and follows strict rules. It helps improve care and service for patients.
Facilities Management
Facilities management uses EAM to manage buildings and structures. It makes operations smoother and maintenance better. This leads to higher service quality.
Oil and Gas
The oil and gas industry uses EAM to use assets wisely and manage risks. It helps with efficient use and following rules.
Public Sector
In the public sector, EAM helps manage assets in different agencies. It makes data sharing easier and operations smoother. This meets public needs better.
Mining
Mining companies use EAM to make equipment more reliable. It also improves how they work. This reduces risks and keeps everyone safe.
Aviation
The aviation sector uses EAM to manage fleets and follow rules. It helps track maintenance and keeps flying safe.
Hospitality
In hospitality, EAM manages property assets like facilities and equipment. It ensures guests are comfortable and service is top-notch. It also saves on costs.
Optimize Your Enterprise Asset Management with Kohezion
Kohezion provides custom asset management solutions that fit right into your company. Its easy-to-use platform helps you make smart choices and plan ahead for maintenance. This way, your assets work their best.
Kohezion comes with tools like simple dashboards and advanced analytics. These help you see your assets clearly, cutting costs by up to 30%. It works for both physical and digital assets, making it perfect for big companies.
Choosing Kohezion means you get better asset management and real-time tracking. This makes managing assets easier across different areas and places. It boosts your operations, reduces risks, and keeps you in line with rules. Kohezion gives your team the tools they need to manage assets well and excel in their work.
Frequently Asked Questions
EAM systems can manage a wide range of physical assets, including equipment, machinery, buildings, infrastructure, vehicles, IT hardware, and even smaller components like tools and spare parts. They are designed to track the entire lifecycle of any asset that requires maintenance, monitoring, and optimization.
Yes, EAM systems often integrate with other enterprise software such as ERP (Enterprise Resource Planning), CMMS (Computerized Maintenance Management Systems), CRM (Customer Relationship Management), and SCM (Supply Chain Management) platforms. This allows for seamless data sharing across different business functions like procurement, finance, and human resources.
EAM systems ensure regulatory compliance by scheduling mandatory inspections, logging maintenance activities, and providing audit trails. This documentation is critical for industries with strict regulations, as it helps organizations meet safety, environmental, and operational standards.
Yes, modern EAM systems, especially those with IoT integration and mobile functionality, allow for real-time monitoring and maintenance of remote assets. This is crucial for industries like oil and gas, utilities, and telecommunications, where assets may be distributed across wide geographic areas.
