What is EAM and How Can it Enhance my Business?
EAM can be an effective application for any business, but what is EAM and what are the key benefits of implementing an EAM system?
but, before unravelling the question of what is EAM, it’s important to understand what your business assets are and what best way to manage them.
What is EAM?
EAM (Enterprise Asset Management) focuses on managing the life cycle 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.
Collecting the data you need, then taking the time to analyse it can all impact on the effectiveness of an asset management strategy. This can be especially difficult if assets are spread out across locations and managed on-site by different teams. You need to be able to assess your bottom line quickly, and ensure that your assets remain profitable.
How to Plan for Effective EAM
In asset-intensive industries – such as mining, road, rail, ports and air travel – you need to be able to manage your business assets and equipment. You want to ensure that your assets perform well and last, whilst costs and quality are kept under control.
All limited companies in the UK need to record their assets in their tax return every year, including total value and depreciation.
The definition of an asset can differ from industry to industry. For a property of facilities business, their assets are the physical property and land. For IT, assets will be IT infrastructure and devices. Utilities business will class their electrical or water grid system as an asset. Councils will have buildings, roads, housing and care homes as their assets.
What is EAM and CMMS?
EAM Software helps businesses collect, manage and maintain the physical assets that they rely on. It 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.
CMMS is used to manage maintenance, whereas EAM maintenance software manages the entire lifecycle of an asset.
Benefits of EAM Maintenance Software
One of the key reasons to use an EAM application is that it can provide a complete view of assets and infrastructure, and allow for future planning. It can let you see the tools that are available to help meet the business’ priorities – including finance, skills, materials and data.
EAM applications can also provide you with information through the entire asset lifecycle, not just a snapshot at a point in time. It can support your business in a number of ways right from the start, including:
- Providing a complete overview of all business assets and infrastructure, allowing for efficient budgeting and forecasting.
- Allowing management of an asset’s lifecycle from design to disposal, which allows for better maintenance scheduling.
- Offering modern tracking technologies to allow for real-time tracking and geographical route tracking.
- Allowing all asset data to be stored in one centralised EAM cloud-based app to be accessed anywhere, at any time by anyone.
Who should use EAM?
Simply, any person responsible for the following:
- Finance, procurement and accounts management
- Maintenance and operations teams
- Directors with legal responsibility for asset management
- IT teams with responsibility for asset management
- Security team
- Change Managers and consultants
- Customer service and support teams with links to asset management
Where do you go from here?
To find out more about which Enterprise Asset Management Software is best for your business, try our free search tool.
Over 18,000 businesses have already used CompareSoft to find the right tool for them – we can even supply you with case studies for your industry!