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A Buyer's Guide to Finding the Best EAM Software

Buyer's guide

Enterprise Asset Management (EAM) is a process that allows businesses to focus on the management, maintenance and performance analysis of their physical assets. Utilised by industries that rely heavily on the use of their expensive and complex assets, the goal of EAM is to control and measure asset performance. By doing so, organisations are able to maximise asset usability, reduce expenses and improve the overall quality and efficiency of workflow. In this guide to EAM software, we’ll cover:

What is EAM Software?

Enterprise Asset Management Software allows businesses to view, control, maintain and manage their entire repository of physical assets. By doing so, they’re able to achieve a holistic view of all mission-critical equipment and infrastructure spanning an asset’s entire life cycle; from planning and procurement through to operations, maintenance and disposal.

Enterprise assets are usually fixed and include buildings, heavy machinery and plants. But they can also include moving assets such as ships, vehicles and aeroplanes. Typical users of EAM software include industries such as oil and gas, manufacturing, utility and aerospace.

The functionality of an EAM system aims to control and measure asset performance in a bid to maximise an asset’s usable life while also reducing maintenance costs and avoiding equipment downtime.

The loss of production and damage to a business’s bottom line through downtime can be staggering. For example, in 2016, manufacturers faced a loss of up to $260,000 per hour through unplanned downtime alone.

Although relatable to a Computerised Maintenace Management System (CMMS), EAM software goes further. Not only does EAM offer the tools for effective maintenance management of physical assets, but it also provides the functions necessary to achieve:

  • Asset management and tracking
  • Work order management
  • Asset analytics and reporting
  • Purchasing and procurement management
  • Labour and inventory management

Collecting, managing and analysing asset performance data through EAM software can have a positive impact on a business’s overall asset management strategy. It also allows you to assess your bottom line quickly, and ensure that assets remain profitable.

Typical functions and features of EAM Software

As well as providing the tools necessary to collect performance data and improve overall maintenance management, the robust and analytical approach offered by an EAM software solution opens the door to many other possibilities.

Work order management

Through work order management you’re able to schedule work for employees and assign the right technician to the right assets through a preventative maintenance strategy. EAM systems also allow you to track the status of current work orders and view upcoming planned work.

Management of asset lifecycles

The features found in most Enterprise Asset Management software allow you to track the entire lifecycle of an asset from when it enters the workplace to when it leaves. All of this data is stored into one centralised system, enabling you to access it no matter where an asset is in its lifecycle.

Maintenance planning and scheduling

Arguably the most common feature of an EAM software solution, the ability to build and implement a predictive or preventative maintenance schedule increase the usability of valuable assets and reduces costly downtime.

Reporting and analytics

A key part of being able to create effective maintenance schedules is by collecting data and analysing the performance of assets. By tracking KPIs, analytic tools allow you to spot issues before they occur.

Supply chain and inventory management

EAM software tools enable you to form an accurate understanding of the acquirement of inventory such as materials and spare parts. With this, you can analyse the demand for inventory throughout the workplace and begin to manage it accordingly.

What’s the difference between EAM and CMMS?

You might be thinking that an EAM software solution sounds a lot like a Computerised Maintenace Management System (CMMS). But, whilst there are some similarities between the two, they’re not the same. CMMS is used only to manage maintenance, whereas EAM software manages the entire lifecycle of an asset.

Although similar in a few ways to a CMMS, an EAM system comprises of many more features and functionalities. These extra capabilities enable businesses to not only manage the maintenance of their physical assets but to better manage their mission-critical assets through tracking, collecting and analysing asset performance data.

What’s the difference between EAM software and CMMS?

5 Factors to Consider When Shortlisting EAM Software

  1. Usability of the product

    The single most important factor in executing your asset strategy is how well your EAM software is used by your team. There are two types of usage; Passive usage, which is when your team members have no choice but to use the software, and active usage, which is when your team members like to use software. With active usage, all of the data is entered easily and correctly. This means your software gets used comprehensively, and you get useful reports and actionable insights. Generic product demos and images are a good source to understand the usability of EAM Software.

  2. Industry relevance

    Choosing an EAM Software that is well adopted by your industry or a relevant industry ensures you are not re-inventing the wheel. Software features, implementation, data import and reporting are some of the key areas where industry-relevant software vendors can substantially reduce adoption costs and positively influence usage.

  3. Reporting and real-time alerts

    Data and reports drive most businesses. While usability controls the accuracy of data entered in your EAM system, the accurate configuration of reports ensure you monitor and execute your asset management plan. The key here is to look for the depth of easiness to configure and fine-tune your reports. Most business dynamics change bi-annually if not quarterly. Your management software should be able to easily address your ongoing reporting requirements.

  4. Product features and tools

    The speed and quality of new features can be underestimated. Businesses use software to enhance the effectiveness and efficiency of assets, so it is vital that new software features help to get more out of the software investment and assets. Version release cycles of software should be closely understood before you sign on the dotted line. A 6 to 9 months release cycle is considered a good release cycle. Anything beyond 18 months should be closely understood.

  5. Implementation time scales

    There are two elements here; one is how long a typical implementation takes and the second is planned Vs. actual implementation success rate. Software that is well adopted by your industry should be quicker to implement. A long implementation cycle sometimes is necessary if your business processes are unique. But, sometimes, long implementation cycles can also be a sign of difficult software customisation or data import procedures. Your EAM software vendor should be able to supply planned Vs. actual success rates from previous implementations during pre-sales discussions.

Knowledge Guides for Enterprise Asset Management

Comparing the Benefits of EAM Cloud vs. EAM On-Premise
19th Sep 2019

One solution has minimal upfront costs, the other has hefty setup fees. One solution can be deployed instantly across mobile devices, the other has a lengthy installation process. But, they both have their benefits. Explore our handy guide and discover the comparison between a cloud-based and on-premise EAM setup.

Read More
5 Key Enterprise Asset Management Considerations
10th Oct 2019

The purpose of implementing enterprise asset management is to help control, measure and optimise the life cycle of your enterprise assets. But before you jump ahead and purchase an EAM software solution, there are 5 key points to consider.

Read More
What is EAM and When to Implement it into your Business
17th Sep 2019

You may have already done your research into an effective EAM solution, but is now the right time to implement it? We’ve put together a handy guide packed full of advice and information to help you understand why and when to implement EAM software into your organisation.

Read More
Important EAM Software Security Features That Help Protect Key Data
17th Dec 2019

Whether it be open source EAM software that is hosted a vendor’s server or built into the premises, its important to understand the security of your system in order to protect data. In this guide, we list the 7 best security features for all EAM solutions.

Read More
The Real Difference between CMMS and EAM
2nd Aug 2017

CMMS and EAM are two maintenance management solutions that are perceived to be one and the same thing. But, this isn’t the case. We delve deep into the many differences between the two systems and highlight each key feature.

Read More
Transforming Your Manufacturing Operations with EAM
14th Dec 2019

Discover how by utilising EAM software, you can gain greater control of your manufacturing processes and maintenance activities while maximising the efficiency and reliability of your physical assets.

Read More
The Right EAM Questions to Ask Before Purchasing Software
7th Jan 2020

The need to effectively manage your physical assets is clear, but are you asking the right questions regarding the need to implement the right system? Learn the 4 key questions you need to ask your software vendor before purchasing an EAM solution.

Read More
What is EAM and How Can it Enhance a Business?
16th Oct 2019

Discover our most complete guide to fully understanding EAM software. Discover its features and capabilities, know how best to utilise it with your own business operations, and find out how it compares with similar maintenance management solutions such as CMMS.

Read More
Why getting multi-device configuration right for your Enterprise Asset Management Software is critical for asset maintenance
10th Apr 2017

Key aspects of configuring Asset Management Software for multiple devices to make it easier for your workforce to manage assets.

Read More
The Art of Choosing Enterprise Asset Management Software
30th May 2016

A techno-commercial view of how to review and take collaborative decisions to select your Enterprise Asset Management (EAM) Software. 

Read More
Why do leading Manufacturing teams continue to use Enterprise Asset Management Software
6th Jun 2017

For manufacturing industries, their assets make up 30% to 70% of their total investment so it is only fitting to know why the leading manufacturing teams continue to use an Enterprise Asset Management Software.

Read More

Faq’s

Frequently Asked Questions

Helping to Answer all of the Questions you have About EAM Software

Q A

What Problems can an Enterprise Asset Management Software Solution Solve?

An enterprise asset management software solution is best suited for an asset-intense organisation. It can be critical in helping to plan an approach to maximise the usability of physical assets in a bid to sustain the production and operations of its assets. For example, EAM would perfectly suit a company such as Sodexo who manage 1.2 million assets across 24,000 buildings.

With such a large scale of assets to rely on for day-to-day operations, it’s more than likely that businesses will encounter problems in the management of their assets. But with features such as work order management, asset maintenance, and maintenance planning and scheduling, an enterprise asset management software solution aims to resolve any issues.

Collect and Store Asset Data in a Centralised System

A common problem in an asset-intense organisation is overcoming the sheer scale of managing the entire asset base. Without an EAM system, this process is usually done by hand or manual input through spreadsheets. This can lead to a lack of accessibility to recorded data and inefficient time management while waiting for the information to be uploaded.

But an EAM system has the features necessary to track, collect and store an entire database of information regarding each of its physical and infrastructure assets. This data can be recorded throughout an asset’s entire life cycle with better accuracy and precision, allowing managers and employees to better understand how to improve an asset’s usability.

The data is then instantly made accessible to designated work personnel through smartphones, mobile devices, tablets, and desktops. They’re then able to analyse the information and gauge where an asset is in terms of its life cycle.

Identify and Resolve Issues Before They Happen

Without accurate knowledge of an asset’s life cycle or how it operates in the workplace, businesses may find it difficult to construct an effective maintenance and repair schedule. And, without a schedule, assets can breakdown and sit idle without warning. This can result in a loss of production, costly unplanned downtime, and hefty repair costs.

But by implementing tracking tools that accurately collect asset data, and through precise analytics and reporting, problems can be identified before they happen. This could be done by creating a maintenance and repair schedule to implement preventive maintenance, as opposed to a reactive maintenance approach, or even by identifying the need to acquire a certain asset that will improve operations.

An effective EAM system can also provide enough details to alert a manager when an asset is deteriorating or coming to the end of its life cycle. This gives businesses extra time to decide whether to replace, repair or dispose of an asset when the time comes.

Reduce MRO Costs and Downtime

A financial issue that business may encounter, significantly without the accurate data collected by an EAM solution, is high MRO (Maintenance, Repair and Operations) and downtime costs. These costs can be directly linked to the lack of asset life cycle data that restricts businesses to building an effective maintenance and repair schedule.

By issuing a reactive maintenance approach, MRO costs can have an impact on business expenditure. For example, a CNC machine that is crucial for the operations of an engineering company breaks down and is unusable until repaired. Not only does this mean pricey repair costs, but it also results in unplanned downtime of an asset that is essential in the production process.

In 2018 an Aberdeen Research study estimated that the cost of unplanned downtime across all businesses had risen 60% in just two years, from $164,000 per hour to $260,000.

But these costs can be prevented with the use of EAM and the collection of efficient asset life cycle data. By having access to accurate data, managers will know when a machine needs servicing in order to maintain its health while keeping it operational for a longer period of time.

Q A

Which Assets Can be Managed by EAM Software?

EAM software is aimed more at asset-intense businesses with a large variety of physical and infrastructure assets. EAM systems effectively collect data form these assets to improve usability, reduce costs, and maximise usage. The term ‘enterprise’ relates to just how vast a range of assets can be in an organisation, from HR departments and IT centres, to spare parts and inventory.

Most physical assets managed by EAM software can be identified as fixed, which are assets intended for long-term use. This can include land, buildings, machinery, and equipment. EAM software is also an effective tool to use for the management of moving assets too, such as vehicles, ships, and aeroplanes.

For example, a Council could use EAM software to track and manage its roads, buildings, care homes and housing. And a utilities company could identify their water or electrical grid system as assets that are manageable through EAM.

Q A

Do You Need an EAM or CMMS Software Solution?

When choosing between an EAM or CMMS software solution, both systems appear, on the surface at least, to offer similar features and capabilities. But they’re actually two very different tools. Whereas EAM software offers a multitude of features to better manage the entire life cycle of an asset-heavy organisation, CMMS solely focuses on managing assets during operations. In fact, CMMS can be viewed as a section of EAM and is commonly a part of the software package.

When compared with its counterpart, an EAM software solution offers a broader range of features that are suitable for the tracking and managing of a vast range of physical assets. As well as providing data to create an effective maintenance schedule, like CMMS, it also offers other unique features that help to maximise the usability and health of all physical assets.

A CMMS software solution, on the other hand, focuses purely on the tracking and management of assets during their operational life. For example, if a small or medium-sized business (SMB) wanted to implement a preventive maintenance program to reduce expenditure and downtime, then a CMMS system would be best.

Q A

Is an EAM Solution Accessible for Field Workers?

In a modern working climate, a majority of enterprise asset management teams are decentralised and mobile. So, while EAM team members travel between sites and locations they must still be able to access important data and gain insights into asset and project performance.

This mobile way of working can be achievable through a cloud-based EAM solution, which grants access to users anywhere at any time. With access to the complete asset register of an EAM system, either on a smartphone or mobile device, employees are able to send and receive information and data in real-time. This can improve communication across all workplace departments and improve work orders for employees in the field.

Not only can an EAM solution be accessible for employees in the field, but it can also be a useful and important tool for updating work orders, accessing and updating asset data, and generating reports, all while out of the office.

Q A

Does it offer Real-time EAM Reports?

The real-time EAM reports generated from EAM software can be valuable for instantly analysing the life cycle and current condition of key assets. All with the intention to maximise usability and prolong an asset’s operational life. In terms of collecting real-time data, this can be achieved through connected IoT devices that send and receive information back-and-fourth to an EAM system.

Real-time EAM reports can be produced on a number of key factors in an asset’s life cycle including current condition, current and historical usage, maintenance and repair reports, and real-time location.

Reports can also be customised to monitor a variety of different business assets such as vehicle fleets, employees, manufacturing equipment, inventory, IT assets, and much more.

Without real-time EAM reports, project managers run the risk of losing valuable time and money when waiting for asset data to update. For example, if critical maintenance data hasn’t been updated regarding a key operations asset, then the decisions can not be taken to prevent a breakdown that can result in costly unplanned downtime. But, with real-time reporting installed, project managers can see the updated data and make an instant decision on the spot.

Q A

What is the Difference Between On-premise and Cloud-based Enterprise Asset Management?

There are two types of EAM Software solutions that are commonly used in business; on-premise and cloud-based enterprise asset management. On-premise is a system that stores all data on local servers. Whereas cloud-based tools collect data and host it on the server of a third-party provider, making it accessible over an internet connection.

This way of storing data and accessing it through a cloud-based enterprise asset management solution has become so sought after that 82% of providers have now built their applications specifically for cloud delivery.

Although most EAM services are geared towards a cloud-based setup, there are some advantages to implementing On-premise EAM. Benefits include having a dedicated IT support team to instal updates and maintenance, internally and securely handling data security and reduced costs for the long-term.

But an On-Premise EAM system can have its drawbacks, such as its lack of mobile integration and hefty up-front costs in infrastructure, hardware, and dedicated IT personnel. It can also have a lengthy installation process, with some systems taking 12-24 months to instal and deploy.

On the other hand, a cloud-based EAM system comes with its own benefits. Firstly, it has minimal upfront costs and can be purchased on a subscription-based pricing model. Secondly, most EAM solutions have a very low implementation timescale. This allows providers to deploy the system instantly and make it available through a webpage login or an app.

The centralised hub of an EAM cloud-based solution means that data is accessible to all teams, departments and users. This is useful for companies who need instant access to data but are working across multiple sites. It can also provide field employees with the information they need to make a critical decision when working off-site.

Q A

Can EAM Software Reduce Unplanned downtime?

The occurrence of unplanned downtime to valuable equipment can be disastrous for any business that relies on its assets for its day-to-day operations. Unplanned downtime is when an asset unexpectedly fails and requires maintenance that has not been scheduled, resulting in expensive repairs and a loss of production. But, with an EAM software system in place, unplanned downtime can be avoided.

Enterprise asset management software enables businesses to track and record the life cycle of its entire asset inventory. This means it can provide access to key data regarding the planning, acquisition, operations & maintenance, and disposal of each asset. This data then allows managers to generate reports on asset information such as condition, usage, and most importantly, maintenance and repairs.

Similar to CMMS software, operational data can be collected through the use of automated maintenance management. With this knowledge of an asset’s maintenance history, businesses can then build an effective maintenance and repair schedule for each asset. This means that downtime of any asset is planned, thus reducing the loss in productivity of any surprise unplanned downtime and reducing the costs of any major repairs that may occur.

EAM can be so effective for businesses that 81% of them believe a digital tool can completely eliminate unplanned downtime.

Q A

Every Enterprise Asset Management Software Solution Looks the Same - What is the Best Way to Compare Them?

When searching for the best EAM software that will suit your business needs, you may notice that they all start to look the same. But, with our algorithm and comparison tool, we can provide your business with a list of solutions that match your requirements. From here, you are then able to compare EAM systems and match each one against each other on price and reviews.

Our aim is to eliminate the process of EAM software search, making it as simple as possible. By providing us with your eternise asset management needs, we will help to find the right solution for you within minutes.

With your EAM information, we will compile a catalogue of product results. All based on your assets, how many assets you have, and what industry you work in. You can then take a deeper look into each product and even shortlist and compare EAM software systems against each other.

Before we list any enterprise asset management tool, we ask each vendor to demo their product to us. This way, we ensure each product matches our high-quality standards. We also rank and recommend each product based on verifiable data and feedback from past customers who have used the product.

Q A

Is EAM for Small Businesses?

In the UK, small businesses are primarily identified as a company with a workforce of fewer than 20 people and an annual turnover of £1 million to £5 million. And, as with most businesses, a steady flow of revenue is only achievable with the use of business-critical assets that contribute to day-to-day operations. But, like in a large organisation, if these assets where to breakdown or sit idle then annual turnovers could take a tumble.

EAM can be deployed in any sized business that is filled with a variety of physical and infrastructural assets. Although targeted mostly at larger organisations to help track and manage thousands of assets across multiple sites, small businesses can still require the management features that an EAM system offers.

These valuable features can include asset tracking, maintenance management, customisable reports, and more.

Q A

What is the Best Enterprise Asset Management System That Fits into a Complex Maintenance Workflow and Operational Process?

When deciding which enterprise asset management system is best for a complex maintenance workflow and operational process, it’s key to remember not to start with software or workflow requirements. Instead, it’s best to think about what you want to actually achieve from your enterprise asset management system.

For example, a business can have a goal to increase productivity in 24 months by 10% or achieve a 15% increase in asset uptime in 18 months. Defining this end goal and staying true to it is one of the simplest and cost-effective ways to achieve success with an EAM system.

Out of the 5,400 IT projects that McKinsey and University of Oxford researched to find reasons for software project failures, 13% were because of unclear objectives and a lack of business focus.

Once a business is clear on its reason for implementing EAM, the next step is to collaborate with colleagues and employees to identify the gaps in all maintenance and operational workflows. Defining a clear EAM process, including the maintenance data needed to achieve the overall end goal, will be the next step.

Once a business begins to review and compare EAM software solution, its best to try and review tools that are commonly used within the industry. There are two advantages of reviewing tools that are adopted in industries:

1. There is a strong terminology and data collection similarities within an industry

2. Generic EAM processes are very similar within an industry. So picking a tool that has been used within your industry will give the required head start and speed.

As you review the EAM tools, focus on ease of navigation and number of clicks required to find the information. Also focus on how easy it is to configure/reconfigure processes within the system. These evaluations are subjective, so it is recommended that you review at least 4 to 5 EAM Systems to avoid the risk of choosing an incorrect system.

Q A

What are the Best EAM Software Features for Effective Management?

Most modern systems are packed full of tools that increase asset efficiency in the workplace, but what are some of the best EAM software tools and features available to your business?

By having a much broader range of features, an enterprise asset management is much more than just a maintenance system. The benefit of having a wide range of features in an application is to enhance the management opportunities that best suit your business. Some tools featured in most modern EAM systems include:

1. The ability to store all asset and infrastructure data in one accessible centralised system

This allows you to have a greater overview of current and past physical assets, while also letting you forecasting and budget much more efficiently.

2. The ability to track assets in real-time

This is ideal to understand the process of an asset's life-cycle, from planning and acquisition to disposal. This can also include all types of tools for fleet management, document management, energy monitoring, preventive maintenance and much more.

Q A

Is it Possible to Manage EAM with a Mobile Device?

As technology and software tools modernise, the use of mobile devices and smartphones have become a common feature in the workplace and with EAM solutions. In fact, 60% of employees use mobile devices for work-related activity.

A key feature of being able to manage EAM systems and assets with a mobile device is the ease-of-accessibility, with employees and teams being able to access to an asset register from anywhere at any time.

The register will include all essential asset data and can be updated and edited while on-the-move. This is particularly handy for field employees who are working away from the workplace. It can also be used in businesses that have multiple sites and teams that need access to various data.

With built-in radio antennas, mobile devices can be configured to act as a receiver and track the signal of a transmitter. Allowing them to communicate with other devices like RFID tags and Bluetooth receivers. This gives access to real-time EAM data and can also be used to track an asset’s real-time location.

Other benefits to managing EAM systems with a mobile device include alerts and notifications for asset availability, knowing the status of work orders, instantly receiving maintenance alerts, and having access to reports and budgets.

Q A

An EAM software vendor doesn’t offer a free trial - Is this a red flag?

As you begin to find the right enterprise asset management tool for your business, there are some factors that you should consider. For example, do you require an open source and cloud based system? If so, then a product enabling open source programming and a vendor offering cloud based access will be a part of your core requirements.

Another consideration that should be taken seriously is if the vendor offers a free trial.

By accessing a free trial or live demonstration of a product, you can gauge if it is the right solution for your EAM processes. If you can’t see a link to a free trial on the vendor’s website, it’s worth emailing a salesperson and asking for one.

There are many reasons as to why you should actively seek a free trial, such as:

  • It’s the first chance for you to interact with the product

  • You can see how easy the UI is to navigate for you and your team

  • To understand if it can be integrated with your existing programs

  • It’s a great chance to test out a common scenario to see if it reacts how you need it to

If you can’t find an option for a free trial, and the salesperson can’t provide you with one, it might not be the best choice of product for you.

Q A

Can I use EAM to replace my maintenance software?

Although primarily used to manage your enterprise assets such as buildings, machinery and vehicles, an EAM tool can also be used to enhance your maintenance processes.

The ability to track asset lifecycles and collect essential asset performance data allows you to produce proactive and preventive maintenance programs. Essentially becoming a focused maintenance software.

You might be thinking that this sounds like CMMS. But, whilst there are similarities between EAM and CMMS software and in terms of using it for maintenance software only, they’re not the same. In fact, EAM is a much more complex and robust system.

An EAM will act as a perfect maintenance software tool by storing operational data into one centralised database. Then, by accessing this information, you and your workers can not only conduct your maintenance activities more efficiency but you’ll also be able to easily analyse which assets require maintenance and service. As well as assessing your inventory of spare parts and improving the procurement of them.

Other features that an EAM maintenance software solution will offer you, include:

  • Tracking and storing machinery and spare parts for all assets including IT assets and facilities

  • Collect and analyse performance data to enhance usability and reliability of assets

  • Assign the correct technicians and workers to service and maintain assets

  • Automatically schedule maintenance based on triggers such as time-used and current condition

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