Shortlist Enterprise Asset Management Software to Fully Improve Asset Uptime, Asset Workflows and Asset Analytics

Enterprise Asset Management (EAM) is an effective process to help maintain and optimise a business’s mission-critical assets and infrastructure. By using digital tools such as software solutions and condition-monitoring devices, EAM can focus on the management of a physical asset’s life cycle to maximise usability and reduce costs.

EAM Software is a robust and complex system that helps businesses to increase the operational uptime of the assets that are crucial for driving revenue. It does this by using various tools to optimise and prolong the middle stages of an asset’s life cycle; operation and maintenance. By monitoring these areas, businesses can generate cost-efficient maintenance strategies, such as preventive maintenance, that reduce maintenance costs and eliminate costly unplanned downtime.

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.

The benefits of implementing an effective asset life cycle management plan are vast for any asset-intensive organisation generating revenue. Luckily, an EAM solution provides all the tools necessary to get a firm grasp on the life cycle management of mission-critical assets.

Without the right tools to track an asset’s life cycle, you run the risk of miscalculating depreciation values, going over budget on purchases, deploying the wrong maintenance strategy, and neglecting health and safety procedures.

Although EAM and a CMMS can be seen as similar systems, it’s the approach to asset life cycle management that really sets them apart. Whereas a CMMS focuses solely on maintenance processes, EAM takes a broader view and enables users to capture data throughout each stage of an asset’s life cycle.

The four main stages of an asset’s life cycle are:

1. Planning

2. Acquisition

3. Operations and Maintenance

4. Disposal

This detailed approach not only allows businesses to build and implement cost-effective maintenance strategies, like a CMMS does, but it also allows for more efficient future planning. As well as accurately generating ROI and depreciation values, which helps to optimise asset performance and carefully plan for an asset’s eventual disposal or replacement.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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