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What is Enterprise Asset Management?

Enterprise Asset Management (EAM) is a combination of tools, sensors, software, and services teams use to maintain assets, control cost of repairs, and optimize an asset’s performance throughout its lifecycle. The goal of EAM is to ensure asset performance and longevity meets optimized operational standards. Key benefits include increasing asset capacity and uptime, while reducing operational expenses.

Enterprise asset management is a strategy that includes:

  • Safety initiatives

  • Planning and scheduling

  • Work order management

  • Supply chain and inventory optimization

  • Financial analysis

With the Industrial Internet of Things (IIoT) expanding, it’s important that professionals include Connected Reliability principles into their EAM. Data, systems, and teams must be connected, allowing for advanced analytics, increased communication, and expansion of IIoT initiatives. Insights gained from connected reliability devices allows teams to make data-driven decisions to improve asset efficiency and performance. It also transforms maintenance into a business value driver, instead of a budget burden.

What is the difference between EAM and CMMS?

Enterprise Asset Management and computerized maintenance management system (CMMS) software are often terms that are intermixed. However, EAM is an asset lifecycle strategy, while CMMS is a solution that is an integral part of EAM.

A CMMS relies on centralizing information, automating processes and workflows, and improving maintenance scheduling, planning, and completion.

While EAM is that full-lifecycle strategic approach encompassing the design and installation, maintenance, and decommissioning of an asset. A CMMS supports an EAM strategy.

To learn more about a CMMS, head to our What is a CMMS explanation page.

Why is Enterprise Asset Management important?

EAM strategizing allows organizations to ensure reliability by tracking asset health, performance, and efficiency across its lifespan. Every organization has assets by the hundreds, if not thousands or millions. Business is an asset game, and managing those assets effectively is key.

An ‘asset’ can be anything that a business needs to complete their purpose. If it’s critical to performing production, services, or operations, it’s an asset. EAM strategies and best practices allow maintenance and reliability teams to control their complex, asset-filled environments.

What are the top five benefits of an EAM?

  1. Digitization of assets – By combining your EAM strategy with a CMMS, you can centralize information and monitor assets through a single screen. The best solutions offer condition monitoring, automation of work orders, and mobile-friendly software to keep your workers on-the-go.
  2. Maximize asset life – When combined with an IIoT-enhanced EAM software, historical and real-time asset data can be used in decision making. Not only does this improve asset efficiency, but it allows teams to include aging assets in IIoT programs.
  3. Align maintenance and operations – Maintenance teams use data to determine when actions are performed, while operations and reliability engineers can gain meaningful insights from metrics. A properly set-up EAM strategy considers other departmental needs that support MRO and business goals.
  4. Move toward Predictive Maintenance and IIoT – An EAM strategy is in line with the expansion of IIoT technologies into spaces. More teams see the value in connected condition monitoring technologies to gain real-time insights.
  5. Maintenance as a business value driver – Leveraging an EAM strategy in your operations will ensure that you’re ready for anything that comes your way. When maintenance is planned and controlled, operations run more smoothly and efficiently.

Key Features of an successful EAM

  • Worker & Environmental safety
    Safety is first and foremost in industrial spaces, and should be a key driver of your EAM. Documenting, reporting, and alleviating environmental, health, or safety concerns.

  • Work Order Management
    Having a centralized location to manage the scheduling and execution of planned and unplanned work. Automating initial requests and documenting through completion improves workplace efficiency.

  • Labor & Scheduling Management
    EAM is also about balancing asset needs with labor availability. Tracking, scheduling, and organizing employees and contractors, and even their training and certification, is vital to a robust EAM.

  • Supply Chain & Contract Management
    Assets, parts and components, and materials used to maintain equipment are all supply chain or contracting efforts. Effective EAM solutions, such as a CMMS, should integrate supply chain and contract management.

  • Financial Management
    EAM isn’t just about the assets themselves, but getting input from all departments that have a stake in the game. By improving asset data, more accurate financial information on spending can be shared with finance departments, aligning maintenance with organizational goals.

  • Analytics, Dashboarding, & Reporting
    Analytics are the backbone of data-driven decisions. Providing analytics in dashboards and reports allow teams to gain insights into needed tasks. EAM solutions should automate planning, scheduling, and work processing.

  • Mobile workforce
    Today’s workplaces are highly mobile, with fewer workers sitting at desks and more on-site getting things done. Meter readings, electronic signatures, work order processing, and more, can all be accomplished from your smartphone, tablet, or laptop.

  • Cloud and IIoT
    The most robust SaaS solutions should be cloud-based, or hybrid-cloud and onprem, to control costs and improve functionality. Cloud-based applications allow teams to connect with EAM actions from anywhere.

EAM and SaaS

EAM as a strategy easily fits into the move toward predictive maintenance practices and technology. Cloud-based, SaaS (Software-as-a-Solution) EAM programs offer a more custom-tailored experience for organizations and users.

By reducing on-premises (onprem) deployments, IT infrastructure and capital expense requests are decreased or eliminated. Service providers can continue to improve and upgrade services without compromising data or functionality. This allows for an increased pace of new technology integrations while minimizing risk.

Learn how to put SaaS into your CMMS or EAM System.

Applications and Industries

Food and Beverage icon

Food & Beverage
Frequent audits, high-standards for compliance, and bottom lines all influence a Food & Beverage maintenance professional’s day. An EAM strategy better prepares facilities for audits, easily meeting compliance standards, and decreases budgetary burden.

Chemicals

Chemicals
Organizations need to safely and reliably integrate IIoT technologies while maintaining compliance with rigorous standards. EAM strategy and CMMS solutions are needed to control costs, standardize processes, and foster collaborative, connected teams.

Oil and Gas

Oil & Gas
Breakdowns in Oil and Gas facilities can lead to unsafe working conditions, and have major impacts on production losses. Keeping assets in optimal working conditions is vital to ensure a safe, productive, and efficient facility.

Utilities

Utilities
Suppliers of utilities can’t afford to have their customers cut off from supplies. An EAM program can help organizations ensure that utilities keep flowing to users. Keep up with customer demands by improving asset reliability, performance, and efficiency.

Waste Water Treatment

Wastewater Treatment
Keeping treatment plants running is critical to modern society. Costly cleanups can occur when machinery in treatment facilities fails. Facilities with a well-planned EAM program minimize breakdowns and their impact on safety.

Manufacturing

Manufacturing
Manufacturers need to optimize asset health so that production losses from downtime don’t impact the bottom line. Keep your production lines up and running by leveraging the principles of enterprise asset management.

Automotive

Automotive
As cars themselves get more connected, the automotive industry is ripe for a connected EAM strategy and solution. Ensure operates are standardized across production facilities by implementing EAM into your maintenance program.

Transportation

Transportation
Fleet managers know how many ‘moving parts’ they have, but tracking the status, efficiency, and other KPIs can get confusing. A well-planned EAM program will help transportation organizations untangle the web of assets, equipment, and vehicles.

Mining

Mining
When breakdowns occur in mining operations, worker lives can be put in danger. In order to ensure optimal working conditions for employees, keeping assets and equipment in optimal health is crucial.

Power Generation

Power generation
The globe runs on power generation. Without it, modern society just doesn’t function. An EAM program ensures organizations can keep up with user demands while minimizing the impact of maintenance and downtime.

Life Sciences

Life sciences
As the name suggests, life is on the line. And, when production lines fail, consumer lives can be impacted. Ensure you deliver on-time, all the time with an EAM strategy that centers around reliability.

Healthcare

Healthcare
The Healthcare industry is heavily regulated, and audits are a common though frustrating occurrence. EAM strategies can help teams meet compliance regulations and more easily pass audits.

Solutions

Resources