Definition of Enterprise Asset Management ( EAM )

An Enterprise Asset Management system or often as EAM software, organizes and keep track of organizational physical assets.

EAM system is a digital approach to the planning and control of all of the activities required to maintain business assets throughout each individual asset’s lifecycle. These activities include, but are not limited to, the scheduling of planned maintenance, optimization of asset productivity, documentation of information in relation to breakdown and malfunctions, stock control, inventory, purchasing information and many more features.

Many physical assets can be managed by an EAM. The assets may be fixed assets like buildings, plants, machinery or moving assets like vehicles, ships, forklifts, containers, ships and other moving equipment. The lifecycle management of high-value physical assets needs careful planning and execution of work.

Definitions of EAM software across the web :

From techopedia.com : “Enterprise Asset Management (EAM) is the management of the assets of an enterprise across departments, facilities, business units and geographical locations. EAM integrates techniques for holistic control and optimization throughout asset life cycles”.

From techtarget.com : “Enterprise asset management (EAM) is the process of managing the lifecycle of physical assets to maximize their use; save money; improve quality and efficiency; and safeguard health, safety and the environment.”

 

The Big Picture of EAM – a visual tool for starting conversations about asset management. Source: The Institute of Asset Management

Scope of EAM software

“Enterprise” refer to the scope of the assets across organization departments, locations, facilities and supporting business functions like procurement, HR, Inventory and etc.

Asset management is used predominantly in asset intensive industries that are using expensive and complex physical asset, such as mining, utilities, oil & gas, facilities, manufacturing, government, ports & terminals and other.

Features of Enterprise Asset Management Software

Enterprise asset management software handles every aspect of running an asset-intensive organization. EAM software programs include features such as :

preventive maintenance – schedule maintenance based on meter readings, dates, or even by setting up custom triggers.

predictive maintenance – automatically schedule maintenance based on detailed analysis of the condition of an asset.

inventory management – Keep track of parts, tools and other materials required to perform maintenance.

work-order management – track work orders and all related information including the repair schedule, costs, downtime and more.

warranty management, integrated mobile wireless handheld options, portal-based software interfaces, asset intelligence among others.

EAM vs CMMS

EAM and CMMS are covered by the umbrella term “Maintenance Management Software”. Both system products have the same purpose of maintaining, managing and protecting your company assets by streamlining and automating maintenance management, inventory management, work order generation and scheduling. Both also help companies to achieve a schedule of proactive asset maintenance rather than operating in “reactive mode”.

The main functions of a CMMS ( article about EAM vs CMMS )include automating maintenance scheduling, managing company inventory and work orders plus maintaining an asset tracking database. While Enterprise Asset Management Systems are able to work with much larger sets of users from multiple areas. This software is also able to monitor all aspects of a maintenance strategy all the way from notification through to follow-up.

Along with the functionalities of a CMMS, a EAM solution will include an asset’s past maintenance records as well as financial records – This will enable better budget projections and predict replacement dates for each particular asset. An EAM will track all metrics needed to use reliability centered and predictive techniques enabling the determination of an asset’s future state and continued reliability. The EAM is able to provide a workflow analysis by tracking technician workflows from beginning to end. Overall an EAM is able to be expanded over long-term which includes all CMMS functions, while a CMMS system is focused on the maintenance systems and operations.

Benefits of Enterprise Asset Management

Implementing an asset management plan improve the efficiency of your assets, while maximising your return on investment. An effective EAM system will allow you to manage all of your assets across different locations and will aim to optimise and extend their life cycle.

There are many benefits of an Enterprise Asset Management system within your organization for fast, efficient and effective operations. Some of them are :

Decrease asset downtime and increase asset performance

Prioritising asset maintenance and repairs based on the risk of failure and criticality helps institutions adequately allocate resources and schedule work. Mainpac EAM software automates predictive and preventive maintenance based on equipment run times and risk by monitoring asset condition and identifying required components. This enables teams to maintain those assets which would have the highest impact in case of failure, keeping operations up and running even within financial constraints. When most important assets are maintained on priority, it increases their efficiency and extends their service life.

Improve asset repair and maintenance operations

Scheduling maintenance and repair starts with analyzing asset condition and observing inventory levels in real-time. By using Mainpac Enterprise Asset Management Software, organizations can stay on top of maintenance schedules and accordingly adjust stock to free up capital for more important operations. It provides real-time access to crucial information via mobile devices so field technicians stay efficient and updated on maintenance processes, lead times and parts inventory. This boosts productivity, eliminates additional costs, saves both staff time and asset downtime.

Improve WHS practices to minimise workplace accidents and injuries

Effective work health and safety practices begin with ensuring field managers have access to crucial asset information in real-time, especially when out on the field. When field managers have access to asset assessment and monitoring they can ensure stringent adherence to safe practices. They can complete their pre-start checklists before receiving a work order and avoid any injuries and accidents. This checklist must include a thorough inspection prior to starting work, ensuring the availability of replacement components and the provision of monitoring credentials. Mainpac Enterprise Asset Management Software puts every pivotal piece of information in a centralised platform so that on-site maintenance crew can implement the best safety practices when any hazards arise.

Summary

Every Asset-intensive organization faces their own unique set of challenges when it comes to improving operational performance and productivity against the available manpower, materials, energy, infrastructure and finance. Mainpac as a leading provider of EAM software streamlines every aspect of enterprise asset management with their robust scalable solutions for organisations of all sizes.