What is Enterprise Asset Management?

What is Enterprise Asset Management?

Enterprise asset management - in short(briefly) EAM, is a combination of software, systems and services used to protect and control operational assets and equipment. It aims to optimize the quality and use of assets throughout the lifecycle, increase efficient uptime and reduce operational costs. EAM software helps you keep track of your company's equipment and other assets to keep them up and running. In other words, the software that covers the maintenance and repair of your company's machinery, facilities, vehicles, vehicle fleets, properties and other assets is called Enterprise Asset Management.

Why is Enterprise Asset Management Important?

EAM is important because it helps organizations track, evaluate, manage, and optimize asset quality and reliability. Organizations of all sorts have hundreds, thousands, indeed millions of resources. Assets can be of many shapes and sizes including railways, pipelines, manufacturing equipment, transport fleets, windmills and all kinds of equipment needed to sustain production, service and operations. Enterprise Asset Management best practices help maintenance teams better control complex environments.

Enterprise Asset Management Software

An EAM solution tracks the cost of materials and workmanship required for the maintenance of each piece of equipment, configures data by equipment type, location, production line, product group, age, or other categories and allows you to plan and preventive maintenance efficiently. Data collected from instrumented entities is analyzed using artificial intelligence techniques. Rising experiences lead care groups to create way better choices, make a difference increment efficiency, perform preventive upkeep, and maximize ventures in physical resources. Thanks to EAM software, the maintenance team completes only one corrective maintenance task, despite all three preventive maintenance tasks it performs. This rate determines the proactive asset management program preferred by more efficient and more profitable enterprises.

One of the main tasks of Enterprise Asset Management software is to ensure equipment efficiency and reliability, leading to the need for EAM. Failure of equipment causes it not to bring profit. On the other hand, low-operational equipment is not working at full capacity and will likely cause more waste and product quality problems. All these problems will cause large investment assets to be idle and a poor customer experience. The long-term benefits of using EAM software are, of course, to ensure maximum return on capital goods and it will be to take your company forward by making more data-driven decisions.