Enterprise asset management (EAM) is critical for businesses that require a lot from their assets across the whole asset lifecycle. Asset-intensive organizations such as transportation, oil and gas, manufacturing, and utilities need EAM software to supplement their industrial infrastructure and equipment.
EAM helps companies monitor, manage and report on the state of all their important assets so they can be proactive about problem-solving without increasing operational costs. Basically, it makes creating solutions more efficient and intuitive with minimal to no additional spending.
There are a lot of other ways EAM software can help your organization, but first, let's define what Enterprise Asset Management is.
What is Enterprise Asset Management?
Enterprise Asset Management (EAM) is the process of managing the maintenance of equipment and physical assets of a business throughout each asset’s whole life cycle.
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).
The biggest benefits of using EAM software comes from the ability to optimize and streamline workflows to remove bottlenecks, and to use collected data to maintain your assets more effectively.
EAM software can assists you with:
- Tracking real-time asset performance
- Increasing operational efficiency
- Improving reliability and uptime of assets
- Centralizing important information
- Improving collaboration and communication
- Acquiring in-depth cost analysis
EAM solutions can be tailored to each businesses’ needs; but there are a few common solutions you'll find in most software.
- Work Order Management - automatically assign a work order to specific technicians or contractors to begin a repair
- Asset Lifecycle Management - maximizing the efficiency and cost-effectiveness of all assets until decommission
- Labor Managemen - manage assessments, training, and certification of employees and contractors
- Contract Management - create and manage contracts and service agreements with customers, partners, vendors and employees
- Financial Management - gather data on all financial activities and the utilization of funds throughout the entire organization
- Supply Chain & MRO Management - see where demand for materials is at its highest and lowest
- Analytics & Reporting - helps track your organization's key performance indicators (KPIs)
There are a huge number of EAM software available in the market today, and with that many options, deciding which provider to choose can be a daunting task. Before you pick the EAM software for your organization, consider these following factors:
To help you, here are four questions you need to ask when picking an EAM software:
- Cost - price of the software and service
- Experience specialization - customisation of software features
- Features and functionality - overall relevance of the software features to your organization
- Initial implementation - quality of how the software configuration
- Mobility - accessibility depending on the environment
- Support and services - customer support and consulting services
- Scalability - size of your organization
- Integration - how will it work with your existing software
Finding and implementing the right EAM software for your business involves a lot of factors. That’s why it’s best to talk to the experts so you can get the best EAM service possible.
Arcadis Gen offers customisable enterprise asset management software that fits your organizationsorganisations’ needs. Schedule an appointment with one of our EAM experts today.
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