Why Do You Need Enterprise Asset Management (EAM) Software?

When it comes to managing, tracking and reporting on your company's assets, the days of paper-based management are long gone. Enterprise asset management software is a must-have for any business today. 

EAM software monitors and manages your IT hardware and software resources in a centralised location. This article will explain the benefits of using this kind of software, how it works and why you need to use it.

What is Enterprise Asset Management (EAM) Software?

EAM, or enterprise asset management software, delivers a comprehensive view of a company's physical assets and infrastructure throughout its lifecycle, from design to execution. 

EAM software can help you handle work orders, agreements, asset lifecycle, supply chain, and a broad range of other abilities through which you can make your business stay on top.

These software applications include asset longevity management, preventive supervision scheduling, combined mobile handheld options and portal-based software connection.

Rapid development and availability of mobile gadgets also impacted EAM software which now frequently supports mobile enterprise asset management.

Why is Enterprise Asset Management Software Essential?

EAM software helps businesses to: 

• Optimise and transform their asset utilisation techniques.
• Breaks asset information into a single and thorough platform.
• Track and control ageing assets and develop better systems for current assets.
• Monitor assets more cleverly and cohesively. 
• Consider maintenance timetables and enhance asset longevity.
• Prevent problems from arising and resolve issues before even they happen. 

Hence, after reading these reasons, we can say asset management software helps you better know your company. Also, how you can better track and reform your assets that can take your business climb.

Who can Employ the EAM Software?

1. Asset Managers: Maintenance managers can use EAM to observe asset performance, schedule maintenance works, assign resources to work orders, and specify opportunities to design the inventory performance.

2. Maintenance Teams: Associates of the maintenance team can utilise EAM to access work demands, action plans, and documentation on how to conduct their work. Field service technicians demand a mobile version of the EAM to access it while travelling.

3. Production Managers: Manufacturing operations depend significantly on the uptime of the assets employed in production. With EAM, production managers can make plans and allocate tools to various workstations. Hence, they need to know what assets are available and the most trustworthy ones.

4. Accountants: Complicated tools can be expensive to buy, execute, and sustain, and these prices can impact the profitability of a company. Thus, it is vital for accountants to correctly count asset prices based on EAM systems' data, like buying fees and labour costs related to maintenance.

Benefits of Enterprise Asset Management (EAM) - 

EAM software provides you with multiple benefits, which we are explaining here - 

1. Simplifies Inventory Management:

• An EAM presents abilities like robotic inventory managing and facilitating the inventory method.

• With an EAM, you have the opportunity to manage inventory on a significant enterprise level.

2. Schedules Work Orders: 

• EAM software provides both technicians and administrators with the design, data, and communication required to diagnose issues quickly, plan work orders, and keep track of upcoming work.

• This is achievable using features that automate buys to have the right parts in the right place at the right time.

• You can keep track of each spare part, including vital details like buy date, availability on particular sites, where the function is controlled and more.

3. Asset's Longevity Management:

• A robust EAM can deliver you the asset details and documentation required to move from reactive supervision to preventive supervision. 
• With an EAM, the history of assets is stored, which means that companies can examine asset data and use it to make modifications.

• So you will be able to watch specific crucial details like asset manufacturer, guarantee details, buy date, current supervision requests and asset area.

4. Safety Rule for Workers:

• An EAM can aid you in keeping your team’s health and security by giving easily accessible safety needs for each job.
• It can even assist you in efficiently handling labour work via managing planned and unplanned work, from initial request to completion.

5. Contracts Management:

With EAM software, you can build and handle your contracts with clients, vendors, partners, and workers to better have costs, mitigate hazards, stay compliant, and maximise your ROI.

6. Finance Management:

• The EAM system trims prices by simplifying maintenance procedures such as preventative maintenance, inventory management, work order management etc.
• A robust EAM can also combine effortlessly with your finance software to aid you in operating your accounting and project spending.

7. Work From Anywhere:

• Enterprise asset management software is accessible on mobile devices so that you can work from any place, right from your phone.
• It has multi-site capabilities and features like SaaS or hybrid deployments, the ability to read meters, electronic capture signatures and use bar codes. So it maximises remote work capacities and encourages social distancing.

Industries that can use Enterprise Maintenance Software -

Enterprise asset management software is easy to use across a broad range of industries, including: 

• Manufacturing  
• Utilities   
• Oil & gas   
• Retail   
• Healthcare   
• Public sector   
• Education   
• Telecom   
• Corporate   

An EAM software offers five prior use cases over these industries: facility maintenance, fleet supervision, production & simulating keeping, linear asset supervision and field assistance.  

Challenges you may Face with Asset Management Software - 

EAM software solutions may come with some challenges - 

1. Relocating from Legacy Methods: 

• Adopting an EAM solution may be difficult for companies using a traditional inventory management system. 
• For companies that are friendly with a different system, it will be necessary to create plans to optimise the new system and use it for its entire prospect. 
• Companies should be mindful that it will take a fair amount of training time to execute an EAM strategy.

2. The Complexity of the Software: 

• EAM software may be challenging to execute and sustain, mainly when employed to hunt and manage hundreds of assets over numerous locations. 
• EAM also tracks records like technical features and warranties, maintenance work, spare parts stock, and asset actions, excluding the sheer volume of asset data. 

Why is EAM Better than CMMS?

EAM is frequently mistaken for a computerised maintenance management system(CMMS), but there is a difference between the two. The CMMS is a logistics software that centralises maintenance data and simplifies maintenance processes. Indifference, EAM is an IT asset management mechanism that sustains asset performance from investment to write-off.

CMMS software is a reduced version of EAM that concentrates on small and medium businesses instead than enterprise customers. 

Both are regarded as asset management solutions, but CMMS usually does not contain features for predictive supervision or tracking of complicated assets that EAM have. 

Some Popular Enterprise Asset Management Software - 

1. UpKeep - 

UpKeep is an asset functions management solution that assists in assets’ maintenance, dependability, and functions. Your teams can efficiently oversee the day-to-day supervision life cycle, modify asset usage, and learn real-time performance details.

This software comes with mobile-friendly and easy to use technology to help technicians be more efficient. It has more convenient features such as: 

• Single command centre
• Comprehensive ROI analytics
• IoT sensors to keep you going
• Incorporated across your system 

2. Fiix -  

Fiix is a convenient maintenance management platform. It connects assets, work orders, and stakes management tools with high functional cloud and mobile abilities,

It has the most open integration network and AI-driven analytics. Thus, with Fiix, you can thoroughly view work, device elements, prices, plans, and KPIs. 

Also, you can join store foundation IoT solutions, and corporate IT plans to enhance asset performance, communication, business results, and sustainability. 

More than 3,000 companies use Fiix software to decrease downtime, trim expenses and elevate asset performance.

3. IBM Maximo - 

The IBM Maximo software provides critical intelligence for a new asset management and operations era. 

This solution integrates asset performance management (APM) solutions with CMMS and EAM platforms into an open, mixed cloud-based environment. Thus, you will acquire monitoring, maintenance and reliability information in a single platform. 

Moreover, IBM Maximo comes with the following attributes: 

• Remote surveillance
• Predictive supervision
• Workers security 
• EAM on mobile
• Visual examination 

Bottom Line - 

Prosperous and future-proof EAM software allows businesses to use the latest augmented facts and machine knowledge to control the whole asset life cycle.

Thus, you can also improve your tools' uptime, handle the most challenging asset projects, and control costs and progress with asset management software. We hope this article will guide you to embrace EAM software in your business.