Introduction

Every organization, regardless of size, requires asset tracking for company-owned assets. Enterprise asset management (EAM) allows businesses across multiple industries to acquire, manage, and analyse physical assets.

Since the technology has evolved, enterprise asset management systems are now running on a cloud platform. A cloud platform provides many benefits. One of them is supply chain management.

Let’s dive into the article to discover more aspects of enterprise asset management.

What is Enterprise Asset Management?

Enterprise asset management (EAM) is basically an amalgamation of software, systems, and services that are used to control and maintain operational assets and equipment.

To utilise and optimise the quality of the assets throughout their lifecycle, enterprise asset management is of great importance to any industry. These management systems basically increase productive uptime and reduce operational costs.

Enterprise asset management is helpful for-

-Work management

-Asset maintenance

-Planning

-Scheduling

-Supply chain management

-Environmental, health, and safety initiatives.

With the advancement of technology, practitioners are incorporating analytics and artificial intelligence (AI) into EAM. The enterprise asset management system has eradicated the process of visual inspection of machinery by highly trained specialists.

The Internet of Things (IoT) and automated systems have transformed the process of the collection of massive amounts of critical data. Now, data collected from instrumented assets are analysed using AI techniques.

How does an EAM System Work?

With the advancement of technology, traditional enterprise asset management systems have evolved, and modern systems operate in the cloud.

A cloud platform offers many benefits, including larger data storage capacities, improved security, and simpler integration with complementary applications like supply chain management systems, mobile workforce management systems, the Internet of Things (IoT), sensor systems, GIS (geographic information systems), GPS, and other applications.

Here is the process for the EAM system:

-Collect and Store Asset data in the Cloud

The cloud system gathers and monitors asset data in a centralised data repository. In order to understand how assets are working and where attention is required, powerful analytics are used to extract detailed insights.

-Lead asset strategy with the data to enhance productivity

By using machine learning, digital twin technology, and predictive analytics, you can assess risk and identify possible equipment failures before they occur. Determine and complete maintenance tasks in advance to maximise asset availability.

-Proactively arrange inspections and maintenance work

To organize, schedule, and carry out maintenance tasks and inspections, integrated procedures and data are used. Put critical assets first to reduce downtime. This helps with early detection, reporting, and resolution of the issue.

-Extend Enterprise asset management system power to assets worker in the field

By using location services and rich visualization, work orders and asset procedures can be efficiently managed online or offline. Integrate GIS data to provide a map-based user experience for remote workers and assets. The maintenance processes, data, and work orders can be tracked and managed from anywhere.

Why is Enterprise Asset Management Important?

Irrespective of the type and size of organization, each and every organization have hundred, thousand, or even millions of assets to manage, track, and maintain.

Enterprise asset management is important for organizations because it helps in the process of tracking, managing, optimizing asset quality and reliability.

Assets can be of different shape and size- pipeline, manufacturing, equipment, transportation, railroads, windmills- and consists of essential components of equipment that requires maintenance, operation, services, and production.

The best practices of Enterprise asset management help the maintenance team to manage better in a complex environment.

Centralize asset information

A computerized maintenance management system (CMMS)) which is part of EAM, informs maintenance managers where an asset is, what it needs, who should work on it and when to work on it. It makes critical asset management workflows automated and makes them accessible and auditable.

Resolve issues before they happen

Asset management software enables preventive maintenance of equipments for reliable, uninterrupted operations. It assists in ensuring warranty compliance and preventing production-interrupting problems.

Maximize asset utilisation

To extend the availability, dependability, and usable life of physical assets, historical and real-time data collected from IoT devices and analytical and diagnostic tools are helpful.

Monitor assets smarter

AI-powered remote monitoring provides useful information about the present and anticipated states of assets. It aggregates data across departments and information silos, allowing for fewer, more precise alerts and improved decision-making.

Manage aging assets and infrastructure

More informed maintenance strategies help extend the equipment lifecycle, and to get improved returns on investments, embedding risk management into processes should be considered.

Elevate maintenance management

Equipment maintenance practices are enhanced by incorporating IoT, AI, and analytics. Asset tracking and traceability can be done for increasingly complex environmental, health, and safety requirements.

Combine operational applications

Enterprise asset management creates a single technology system to virtually manage all types of assets. For various asset functions within a company, processes are unified and standardized.

What are the Key Features of Effective Enterprise Assets Management?

Work management

Centrally manage both planned and unplanned work, from the beginning through completion, including the recording of actuals.

Phases of maintenance

It has three maintenance phases: corrective (when repairs are done after a problem occurs), preventive (which includes scheduled repairs), and predictive (when repairs are made because data indicates failures are about to occur).

Planning and scheduling

The schedules for preventive maintenance are shown on a Gantt chart, and work orders can be seen graphically. Work order management is intuitive to use and helps dispatchers manage tasks and work dependencies.

Supply chain management

The supply chain consists of both assets and materials used to sustain them. IoT technologies that facilitate the navigation of enterprise asset management systems should be incorporated into efficient solutions.

Health and Safety

The EAM system monitors and reports any safety, health, or environmental issues. It utilizes incident analysis, traceability of remedial actions, and process change management to minimise the risk.

Mobility

Boost productivity by reading meters, obtaining electronic signatures, and employing bar codes and RFID. The advanced features of smartphones, like voice-to-text and photo, can be utilized to capture information and deliver tools, documentation, and collaboration.

Analytics

AI-powered, extended, and enhanced analytics are performed to gain operational insights. Based on analysis, planning, scheduling, and work management procedures can be automated using optimization models.

Cloud
Support SaaS, cloud-based deployment, or hybrid cloud deployment to control costs, advance system flexibility, and reduce reliance on IT.

What is Enterprise Asset Management Software?

Enterprise Asset Management automates the lifecycle management of physical assets in use across the enterprise.

These assets consist of both fixed and mobile assets. Fixed assets such as buildings or machinery and mobile assets such as vehicles or personal devices are part of EAM.

Enterprise Asset Management Software enhances safety compliance, facilitates audit processes, and makes asset lifecycle planning and inventory management easier.

The primary user of EAM software is the maintenance team, which uses it to inspect, identify, and resolve issues. EAM software can be easily integrated with other types of maintenance software, such as facility management software, fleet management software, and aviation MRO software.

Some of the best EAM software widely used across industries include:

What are the Applications and Industries of EAM?

Energy and utilities

Capabilities for linear assets, such as pipes or powerlines, are compulsory for the transmission and supply of water, wastewater, gas, and electric power. Additionally, these systems must support involved crew scheduling and take into account geographical information from remote assets.

Chemicals, petroleum, and mining

Assimilating efficiency, compliance, safety, and dependability into workflows is important in these sectors. In order to reduce costs, maintenance methods must be standardised, improved, and collaboration encouraged.

Manufacturing

Automotive, aerospace, military, electronics, industrial products, consumer products, and other industries are all included in the manufacturing industry.

In these situations, EAM systems support the needs of product lifecycle management by integrating with the general procedure of management methods like Lean Six Sigma.

Transportation

These applications focus on giving information about assets and stock that support a logistical or service function.

Maintenance of train, road, and air traffic operations depends on fuel management, driver records, spare parts, bay schedules, and other information.

Life sciences

These systems keep an eye on, manage, and measure machinery, buildings, and mobile assets. It's crucial to manage standards, tracking, and e-signature. Complex regulatory requirements are met and validated with the aid of documentation products.

Healthcare

Healthcare EAM solutions need to handle intricate connections between infrastructure and equipment readiness. They keep tabs on facility conditions, track down valuable assets, adhere to reporting guidelines, and integrate with operational health information systems.

Nuclear power

Through detailed state management, workflows, escalations, and e-signature, nuclear companies place a strong emphasis on work and asset management to support regulations. Solutions take strict regulation compliance for security, safety, and health into account.

Summary

In summary, enterprise asset management helps organization to succeed now as well as in the future. A strong enterprise asset management system develops a business continuity plan with safety, asset protection, and compliance, and risk management measures for people and resources.

Visit Sprintzeal's blog page to learn more about related subjects. Whether you are a beginner or a professional, consider checking out the Sprintzeal course page or chat with our course expert for assistance.

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