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The importance of Enterprise Asset Management for your organization

Enterprise Asset Management (EAM) refers to a combination of tools, practices, and software that helps enable organizations’ effective facility management.

The goals of EAM are:

  • Improve asset quality and utilization
  • Increase productivity
  • Minimize operational costs

An organization with a stable EAM process in place can effectively control, maintain, and analyze its physical assets during all lifecycle phases (acquisition, maintenance, and disposal). EAM also provides asset managers transparency into the historical and present status of assets so they can be fully utilized and increase the revenue and ROI (return of investment) of the organization.

In a recent study, the EAM systems scene is expected to grow by 17% between 2020 and 2030, which could generate total revenue of almost $26 billion for the entire market. The surging need of companies to reduce operational expenses is the primary reason for EAM’s rapidly increasing popularity. The less companies spend, the more return of investment they get.

Why is Enterprise Asset Management Important?

All large organizations are asset intensive; meaning they have hundreds, thousands, and even millions of assets to take care of. Enterprise asset management is important because it assists businesses in managing, assessing, optimizingoptimising, and monitoring their assets’ quality and reliability.

There are different kinds of assets for various fields such as roads, pipes, fleets, and energy. EAM assists maintenance teams to have more control of complex environments to:

  • Preemptively resolve issues before they occur
  • Monitor assets better
  • Optimize asset utilization
  • Centralize asset information
  • Improve maintenance management
  • Manage older infrastructures and other assets
What are the Features of Enterprise Asset Management?

Some of the key features of a reliable enterprise asset management service are:

  • Work Order Management
  • Asset Lifecycle Management
  • Labor Management
  • Contract Management
  • Supply Chain & MRO Management
  • Analytics & Reporting
Do You Need EAM Software?

EAM software is a huge investment. Naturally, you want a system that can provide immediate results and long-term value. However, with so many solutions available in the market today, how will you know that you’re picking the right one for your business?

To help you, here are four questions you need to ask when picking an EAM software:

  • 1) Where are your business’s biggest weaknesses?
  • 2) What does your business need the EAM software to do?
  • 3) What does your everyday EAM process look like?
  • 4) What is your definition of a successful EAM software implementation?

The perfect EAM software is different depending on the business of the user. If you understand what your objectives are in detail, you can pick the right solution that fits your requirements and budget.

Regardless of the priorities, once an EAM software is present, you will be able to monitor your business’s production better and ensure that everything is running smoothly.

MinimizingMinimising errors, repairs and extending asset life can work wonders in improving your business’s processes, which would result in a higher return on investment and enhance the quality of your products and services.

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