EAM - Enterprise Asset Management
Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. This covers the design, construction, commissioning, operations, maintenance and decommissioning or replacement of plant, equipment and facilities.
"Enterprise" refers to the scope of the assets in an Enterprise across departments, locations, facilities and, potentially, supporting business functions eg; Finance & GL, Human Resources and Payroll. Various assets are managed by the modern enterprises at present. The assets may be fixed assets like buildings, plants, machineries or moving assets like vehicles, ships, moving equipments etc. The lifecycle management of the high value physical assets require regressive planning and execution of the work.
Enterprise asset management software is a computer software that handles every aspect of running a public works or asset-intensive organization. Enterprise asset management (EAM) software applications include features such as asset life-cycle management, preventive maintenance scheduling, warranty management, integrated mobile wireless handheld options and portal-based software interface. Rapid development and availability of mobile devices also affected EAM software which now often supports Mobile enterprise asset management.
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F.A.Q about EAM - Enterprise Asset Management
What does Enterprise Asset Management (EAM) mean?
Enterprise Asset Management (EAM) is the management of the assets of an enterprise across departments, facilities, business units and geographical locations. EAM integrates techniques for holistic control and optimization throughout asset life cycles, including design, commissioning, operations and replacement:
EAM is categorized as follows:
- Physical asset and infrastructure management
- IT service management
- Digital asset (electronic media and content) management
- Fixed asset management and accounting
- Emerging asset management
The EAM framework optimizes and extends asset life cycles and reduces Total Cost of Ownership (TCO) while maximizing Overall Asset Productivity (OAP) and Return on Assets (ROA), which is key for manufacturing and similar industries with high-value equipment.
In summary, EAM is geared toward the following results:
- Maximized ROA
- Reduced costs and risks
- Improved asset decision making
- Compliance with required regulations
- Increased asset service responses and enhanced efficiency
- Lowered TCO