EAM or Enterprise Asset Management is the method of managing the lifecycle of physical assets in order to maximize the usage, i.e. to improve the quality, to save money, to improve the efficiency and also to safeguard the safety, health and the environment.
The EAM is eminently used in industries which profusely rely on complex and expensive physical assets, like plants, vehicles, and heavy equipment. The prominent users are shipbuilding, oil and gas, energy, mining, utility, government, defence industries and aerospace. EAM can be done either offline and online i.e. on paper or desktop software like spreadsheets but is frequently done in specialized EAM software.
Advantages of Enterprise Asset Management
In order to ensure that the high-value assets are operated in a way in which they are designed, the enterprise asset management will make sure that it minimizes the cost, risk and also optimizes the business value.
For example, the EAM software will alert the operations manager of the pending failure of the machine part and the software will also provide information and the scheduling tools needed to dispatch a repair person in order to replace the broken part before it breaks down and causes additional damage. The risk of improper operating equipment which injures the worker or spews pollutants which are dangerous for the health and environment can be avoided by timely maintenance.
The enterprise asset management is also helpful in keeping the costs down by partially automating the supply chain which ensures optimal inventory of materials and parts, which avoids rushing of orders or the requirement to revert more expensive or unreliable suppliers.
Functions of the software
A fully fledged software, have all the sufficient features, in order to execute the business functions in a prolific manner. The core aim of the EAM is to maintain a detailed and accurate database of assets which also includes the history, characteristics, and the documents of regulatory compliance. Other aspects like analytical tools and financial management are also included in the software. Another feature of the software is the asset lifecycle management which encompasses the major stages of an asset’s life i.e. from the initial design to planning to the production.
Supply chain management is important in EAM because the components and material should be secured for maintaining, building or repairing of the asset.
EAM software’s has come a long way where it was standalone and was operated by multiple users who would enter the data manually but today, the asset data is known automatically from the sensors which are attached to the asset and is connected over wireless networks.
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