Buyer's Guide for EAM Software
What is EAM?
EAM focuses on managing the lifestyle of physical assets in order to maximise the length of use, reduce costs, and improve quality and efficiency.
In this context, “Enterprise” means the way that assets interact across the company. This includes input from a number of other departments and locations, even support departments such as Human Resources.
Enterprise assets are usually fixed; buildings, machinery and plants. But can also include moving equipment like ships, vehicles and aeroplanes.
What is EAM Software?
EAM Maintenance Software helps enterprises collect, manage and maintain the physical assets that they rely on. The Software registers the buying, operations, production and disposal of all assets.
Collecting the data you need, then taking the time to analyse it, can have an effective impact on your asset management strategy. You also need to be able to assess your bottom line quickly, and ensure that your assets remain profitable.
You might be thinking that this all sounds like CMMS. But, whilst there are some similarities between EAM and CMMS software, they’re not the same.
CMMS is used to manage maintenance, whereas EAM maintenance software manages the entire lifecycle of an asset.
5 Factors to Consider When Shortlisting EAM Software
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. One type is passive usage, which is when your team members have no choice but to use the software. The second type is 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 demos and product 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 can substantially reduce adoption costs and positively influence usage.
3. Reporting and Real-Time Alerts
Data and reports drive most businesses. Whilst usability controls the accuracy of data entered in your EAM Software, the accurate configuration of reports ensures 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. Most businesses turn to spreadsheets when reporting gets difficult, it starts as a one-off instance but soon can become the standard way of managing your reporting requirements.
4. Product Features
The speed and quality of new features (software release cycle) can be underestimated. We use software to enhance the effectiveness and efficiency of our assets so it is vital that new software features always help us to get more out of our software investment and assets.
Version release cycles of your chosen 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. There are always trade-off's when it comes to implementation. A long implementation cycle sometimes is necessary if your business processes are unique.
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.