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