What is Enterprise Asset Management?
Enterprise Asset Management or EAM is the process of managing the lifecycle of physical assets in order to help save money, enhance efficiency and quality, maximise their use, and much more. EAM finds usage in industries that depend heavily on complex and expensive assets such as plants, vehicles, and heavy equipment. Major industries that use EAM include shipbuilding, utility, mining, and defence industries.
The Need for EAM EAM helps minimise both costs and risks and optimise business value by helping make sure that high-value assets run the way they are designed to. An enterprise asset management system is executed to better plan, optimise, implement, and track maintenance activities with the associated inventory, skills, tools, labour, information, and material.
More about the EAM Software EAM or the Enterprise Asset Management software offers a holistic view of the physical assets and infrastructure of an organisation throughout their complete lifecycle (from design to replacement). A majority of full-fledged EAM suites possess features for implementing every typical business function of enterprise asset management. Analytical tools and financial management are commonly found in EAM software.
Main Functions of EAM Software Main functions of EAM software include supply chain management, asset lifecycle management, core EAM, maintenance planning and scheduling, and monitoring.
Core EAM According to the research firm Gartner, core Enterprise Asset Management concentrates on maintaining a detailed, precise database of assets, their history and characteristics, and documents about regulatory compliance.
Conclusion In all, EAM or Enterprise Asset Management functions contribute to business value. It is a complex and robust system as it carries out the managing of the complete lifecycle of an asset. It outlines your objectives and allows you to see how you can achieve them when you take into account asset and spare parts information, HR and worker skills, and account budget and finances.