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Enterprise Asset Management Definition

Enterprise Asset Management (EAM) is the optimal and sustainable lifecycle management of the physical, financial, human, information and intangible assets of an organization. EAM also refers to the technology -- EAM software -- to enable that management in the most efficient and optimal ways possible.

Most of the today’s modern organizations employ multiple systems for tracking assets crucial to doing business. For instance, IT assets are managed by one system, and equipment or vehicles are managed by another. For such an organization without the broad functionality of a true enterprise asset management software, there are more costs in terms of money, time, service, organization, and risk. This is where a cloud-based EAM solution with Real-time visibility and powerful analytics helps maximize asset performance for the purpose of achieving its organizational strategic plan.

Risks to effective asset management include – not knowing the company’s assets, over or under maintenance, improper operation, improper risk management and sub-optimized asset management systems. As a solution, EAM includes asset performance management, lifecycle management, maintenance management, facilities management, fleet management, and maintenance, repair and overhaul operations. The software can also include the means to manage, and even predict maintenance activities, whether they should be performed by staff, contractors, partners or volunteers.

Some of these systems can use application programming interfaces (APIs) to connect to a broader IT architecture. In terms of functionality, EAM lies on the Asset Management continuum between the Computerized Maintenance Management Systems (CMMS) and the Strategic Asset Management (SAM).

The advantages of utilizing EAM are as follows:

  • Reduces Risks (of theft, loss of production, fines and bad publicity)
  • Organizes Asset Portfolio
  • Improves Service - prevents unproductive downtime, thus improving upon an organization’s responsiveness, quality and reliability.
  • Saves time
  • Saves money

Examples of EAM software are eMaint, FT Maintenance, Maintenance Connection, Asset Essentials, Fiix, MPulse, MAPCON, MicroMain Maintenance Software, and more


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