Keeping a track of assets manually for any organisation is an ordeal, especially in high-value industries where the asset footprint is vast and complex. Siloed management asset lifecycle brings the challenges of lack of visibility and control, adding to the complexities. Thankfully, Enterprise Asset Management software addresses this concern. Enterprise Asset Management (EAM) combines systems and software that help enterprises manage their physical assets like equipment, vehicles, machinery, etc. and non-physical assets such as software and intellectual property. With EAM software, companies can track the complete lifecycle of their assets, from purchase to disposal. According to IDC, businesses that adopted a modern EAM system witnessed a 15–20% boost in workforce productivity, a decrease in spare part inventory stock by 20–30%, and an increase in mechanical efficiencies of 5–10 percentage points. In this article, we will explore what EAM is and what makes it essential for enterprises.
What is Enterprise Asset Management (EAM)?
Enterprise Asset Management involves using specialised software to manage an asset’s lifecycle. Asset-intensive companies use it to keep a check on their property and ensure everything is functioning as expected. Industries heavily reliant on enterprise asset management solutions include mining, energy, engineering, construction, logistics and transport, manufacturing, healthcare, government, aerospace, and defence, among others.
Besides asset tracking, the software can be used for maintenance management, work order management, inventory management, and reporting and analytics. With enterprise asset tracking solutions, companies can monitor the location and status of their assets in real-time, while maintenance management enables them to schedule preventative maintenance and repairs, thereby reducing downtime and extending the asset lifespan.
Work order management helps enterprises assign tasks to technicians and other concerned personnel, while inventory management ensures that organisations have the necessary parts and supplies to keep assets operating smoothly. Reporting and analytics offer insights into asset performance, expenses, and other metrics, thus enabling enterprises to take data-driven decisions.
Key Capabilities of Enterprise Asset Management System
How Can EAM Solutions Benefit Your Enterprise?
Organisations of all sizes across every industry own assets in a variety of forms. With Enterprise Asset Management software, they can effectively manage assets as they gain a centralised view of asset information. Here are some ways in which industries stand to benefit from EAM:
The Bottom Line: EAM Software Maximises Asset Value
Enterprise Asset Management is a critical tool that organisations should use to manage their assets effectively. As seen above, EAM software goes a long way in optimising the performance of assets and reducing costs. By providing a comprehensive view of an enterprise’s assets, EAM helps companies make informed decisions about any repair and/or replacement of assets. They can track their asset performance, identify potential problems early, and take proactive measures to prevent downtime.
Hardcat EAM, powered by Yotta, is a market-leading Enterprise Asset Management software serving the asset lifecycle management needs across industries. Deployed on cloud and delivered as a service, it includes an accurate asset register, maintenance management, asset accountability, and more. The solution enables companies to access real-time data and analytics, identify potential safety hazards, manage assets anytime and anywhere, etc. Overall, organisations have much to gain from EAM software, and utilising it can achieve operational excellence, reduced costs, and improved overall business performance.