When EAM first appeared, organizations mostly used it to raise requests for asset replacement. Over time, EAM software evolved and gained many new features. Today the tool is used for asset management and also to measure overall asset performance, analyze data and forecast trends.
With EAM software in place, many organizations are overcoming the challenges they faced before. The software saves time, reduces equipment and machine downtime and, in the end, extends asset life.
What Is EAM Software?
EAM stands for Enterprise Asset Management. It is a system for managing the lifecycle of an asset, from procurement to final decommissioning, so that the asset stays in service longer. EAM keeps costs down and helps improve quality and productivity.
Enterprise asset management monitors the company’s assets and plans and tracks their maintenance. It answers every asset-related question, such as where an asset is, who is using it and when it needs service, with all the data in one central system. EAM solutions appeared later than CMMS.
Also Read: Strategies That Can Grow Your Business with EAM Software
The main objective of EAM is to improve asset quality and use while reducing costs. It gives more flexibility in operating and maintaining assets, keeps expenses to a minimum and makes sure assets are fully and effectively used. It tracks assets from their arrival until their retirement. The system also helps identify assets that are not performing.
Which Industries Can EAM Help Most?
EAM can help many industries. A few of them are highlighted below:
Manufacturing Industry
In a manufacturing plant, machines run for long periods. Depending on how long and how often each machine works, the organization can set a checkup interval, such as every 15 days, every month or every 2 months. This makes sure assets are inspected without anyone forgetting.
As a result, the organization knows whether its machines and equipment are fit for work. To catch the first sign of trouble in an asset, an EAM solution should be put in place to avoid operational problems.
EAM software helps detect potential issues through preventive maintenance and lets you schedule regular maintenance. You do not have to track every piece of equipment by hand. The software does this and alerts the right people in advance when maintenance is due.
Manufacturing plants and hospitals can have a lot of idle equipment, which becomes dead weight for the organization. With this software in place, the organization can identify those items and put them back to work, which improves productivity.
Healthcare Industry
With enterprise asset management software, a hospital or medical facility can keep precise and current stock records. This is especially critical for pharmaceutical and surgical supply stores. Keeping the right level of inventory is one of the most important activities for any healthcare organization.
Pharmaceuticals and surgical items are among the most used items in a hospital, so the facility must always keep a good level of medicine in stock. It should also have enough vaccines and the disposable products used in surgery, such as masks, syringes and gloves.
Also Read: How Beneficial is Asset Tracking Software for Construction Organizations?
Because medicines and surgical materials are expensive, the healthcare industry must keep track of all such supplies. The large investment that healthcare requires is reason enough to track all assets and inventory with a dedicated enterprise asset management solution.
Sophisticated surgical equipment and tools also need to be cleaned and sanitized before the next operation. If a machine needs maintenance, EAM software alerts the people responsible.
EAM software helps detect potential issues through preventive maintenance. It lets you schedule maintenance, assign it to staff and so on. There is no need to track each piece of equipment by hand. The software does it and notifies the people responsible for maintenance.
Construction Industry
Asset tracking is another powerful feature. Assets in the construction industry are mobile and often move from one work site to another. With enterprise asset management software, you can see the movement history of assets.
The system keeps these details current as assets move. It also helps schedule maintenance for each asset. Regular maintenance plays a vital role in extending the lifespan of an asset.
Teams across the organization stay informed with up-to-date asset information, such as what assets the company owns, where they are now, how many are in use, which employee is using each one and when it will be free.
With this kind of coverage, no asset is lost or left out. Every asset is tracked, and current information helps manage daily tasks and improve routine operations. Planning and scheduling work becomes easier as a result.
Through asset tracking, no asset or piece of equipment is ever off the organization’s radar. This information also helps you avoid buying assets you do not need, and you always have complete asset information at hand.
How Can Enterprise Asset Management Work From a Smartphone?
A mobile app plays a very practical role in managing assets. EAM software now commonly comes with an app for Android and iOS. With a mobile app on hand, managing assets becomes much easier.
A mobile app also brings more of the features of EAM into the field. Employees stay connected to each other, and technicians can update asset information on the spot with the app instead of going back to the office.
Also Read: Types of Assets Managed by Enterprise Asset Management in Different Industries
Why More Organizations Are Adding EAM Software
Demand for cloud-based EAM solutions and the need for a complete view of assets are driving more and more companies toward this technology.
In the next few years, many more organizations are likely to add EAM to their software. If you are looking to implement enterprise asset management in your organization, contact us. We will be happy to help.