What is EAM software?

What is EAM software?

Enterprise Asset Management (EAM) software is an advanced solution which helps companies and organizations with the management and optimization of their physical assets across their entire life-cycle. This includes everything, from planning and acquisition to maintenance and replacement. An EAM system offers a central database in which all information about assets is saved, such as location, status, maintenance history and costs.

With an EAM system, companies can plan preventive maintenance; this then helps to prevent unexpected disruptions and extends the life-expectancy of the assets themselves. It also offers tools for maintaining work orders, monitoring stock levels and analyzing performance. These functions enable businesses to work more efficiently, reduce costs and improve the reliability of their assets.

In addition, software for enterprise asset management often supports integrations with other systems, such as ERP (Enterprise Resource Planning), CRM, Finance, APM, Track & Trace, AR, VR and IoT (Internet of Things), whereby real-time data and insights become available. This helps when making data-driven decisions and improves overall operational efficiency.

An EAM system that is user-friendly and flexible ensures that users will want to use the system. The fact that the system for enterprise asset management links into the organization's processes increases the likelihood that useful input will be provided by the users. This results in more valuable insights from the software.

What's included in Enterprise Asset Management?

If you take the term "asset management" literally, it means the management of physical assets within and outside the confines of an organization. From acquisition and commissioning to de-commissioning and disposal. Asset management software can support this entire process. The aim should be to use your assets in a safe and efficient manner, throughout their useful life. With maximum input and the lowest possible maintenance costs over their life-cycle. Once that's the case, you are complying with the definition of asset management.

When considering which processes are supported by Enterprise Asset Management, these include:

• Maintenance Management: in the broadest sense of the term. From corrective and preventive maintenance to predictive maintenance. With a focus on work order management, maintenance planning, asset tracking and monitoring, contract management, stock management and purchasing.

• Health, Safety & Environment: your assets function most effectively if they are used in a safe and sustainable environment. Moreover, your employees must carry out their work in a safe environment and you must comply with stringent regulations in relation to employment and the environment. Asset management software should ideally support these processes:

  • Work permit management

  • HSE incident management

  • Management of Change

  • Shift handover

• Operations: by directly involving operators on the work floor in your asset management tasks, you create a useful extension of your day-to-day operation. Simple tasks can be carried out on site, and downtime can be recorded accurately for improved analysis.

• Reliability: to improve the safety and reliability of your assets and production processes, it is essential to use the insights from reliability engineers. Functionality with respect to reliability substantially increases the value of your EAM system.

• Business information/intelligence: solutions for Enterprise Asset Management (EAM) centralize important operational data, which then provides insights to support the decision-making processes of managers and directors.

All these processes can be supported by a modern asset management system. Mobile options and AI applications simplify the corresponding work.

How does EAM software work in practice?

In order to implement EAM software, you usually introduce the asset management process in stages. This is a logical element in the full asset management life-cycle. This allows you to follow the operations of EAM software in practice:

1. Installation and configuration: begin by installing the software and set this up according to your organization's needs.

2. Asset registration: add all physical assets to the system, including details such as location, serial numbers, purchase date and maintenance history.

3. Maintenance planning: set up schedules for preventive and predictive maintenance to prevent disruption and extend the life span of your assets.

4. Work order management: create work orders and allocate these to technicians. Follow the progress of maintenance tasks and track which parts and tools are needed.odig zijn.

5. Real-time Monitoring: use sensors and IoT integrations to monitor asset performance in real-time and identify potential problems promptly.

6. Reporting and analysis: generate reports and analyze data to gain insights into the performance of assets, maintenance costs and compliance with regulations.

7. Mobile access: technicians can gain access to work orders, maintenance history and asset details via mobile devices, improving their efficiency in the field.

8. Integration with other systems: integrate EAM software with ERP systems and other business applications to centralize data and streamline workflows.

EAM Maturity Model

IFS Ultimo has set up its own EAM Maturity Model. Make the change from responding to short-term challenges to proactive planning for long-term goals.

The EAM Maturity Model has been created to help you improve your asset management strategies. Identify where in the asset management process you are currently located and evaluate where you want to end up.

What are the benefits of EAM software?

EAM software, as an automated maintenance system, offers tangible benefits which improve the efficiency and effectiveness of asset management:

• Better performance of assets: real-time monitoring can ensure inefficiencies are quickly tracked and tackled. This expands asset management efficiency.

• Reduce maintenance costs: smart preventive/predictive maintenance management reduces the percentage of corrective maintenance. This helps to reduce maintenance costs.

• Longer life span for assets: proactive maintenance reduces wear and tear and prevents expensive repairs, allowing assets to last for longer.

• Lower outage time: real-time reports help prevent unexpected interruptions, increasing productivity.

• Compliance with regulations and safety: by monitoring assets and ensuring that they fulfil all safety standards, companies can avoid fines and legal problems.

• Optimized use of resources: insights into asset usage helps to identify under-used assets and ensure the more efficient use of resources.

• Makes work more pleasant: working with state-of-the-art technology makes working in enterprise asset management more pleasant and challenging. You are learning something new every day. This also means you are more effective.

Who can use EAM software?

Asset managers and maintenance managers in the following sectors can benefit most from EAM software:

1. Production companies: these companies use EAM software to manage machinery and production lines, helping minimize downtime and increase efficiency.

2. Energy and utility companies: companies in the energy, water and waste management industries use EAM to maintain and optimize their infrastructure, essential to ensure a reliable service.

3. Transport and logistics: these sectors benefit from EAM software for the management of vehicle fleets, railways, sea ports and airports, and operational efficiency and safety are increased as a result.

4. Healthcare: hospitals and care organizations use EAM to manage medical equipment and facilities, supporting compliance with regulations and the safety of patients.

5. Government and public sector: government bodies use EAM to manage buildings, infrastructure and other public assets, helping to optimize resources and improve the service provided to citizens.

6. Mining and raw materials: companies in these sectors use EAM to manage heavy machinery and equipment, essential for the safety and efficiency of their operations.

Maintenance managers in other sectors, where expensive assets are used, could also benefit from the use of software to effectively support maintenance and asset management.