Everything You Need to Know About Enterprise Asset Management

A manager has a huge responsibility and crucial role to play in an organization's growth. For instance, maintenance managers have to keep records of maintenance, create maintenance reports, the status of works orders, and so on.

These activities are significant for management to know how maintenance work is going. As a manager, you need to ensure that maintenance operations and assets run smoothly. This is where enterprise asset management software can help!

What Is Enterprise Asset Management?

Enterprise asset management is mostly offered as software as a service providing control over your assets. It helps in maintaining assets and makes them more operational.

The objective of enterprise asset management is to make assets more efficient. It also assists in minimizing operational costs and increasing asset productivity.

Enterprise asset management assists organizations by improving asset uptime & decreasing downtime. It takes care of assets in all stages of the asset life cycle from procurement to disposal.

The market of enterprise asset management is growing strong. According to Markets and Markets,  “The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020.”

An EAM software incorporates planning and scheduling maintenance and work order creation. It provides asset maintenance history and helpful in asset procurement and disposal. It also helps in tracking assets.

In simple words, EAM provides a complete and holistic view of the asset throughout its life. From procurement, tracking, maintenance, operational stage to asset disposal.

Also Read: 5 Reasons Why You Need To Invest In Enterprise Asset Management System

Why Enterprise Asset Management Is Important?

Organizations have a plethora of assets. Assets of all sizes small, big, huge & keeping track of them is a simple task.

Enterprise asset management takes care of these assets not only by tracking each one of them but also by maintaining them! But how?

This software has a record of each asset and allows you to schedule maintenance per usage and requirement. When maintenance is scheduled, it automatically alerts the team about the upcoming maintenance.

So, this software provides control over your assets.

What Are the Advantages of Enterprise Asset Management Software?

The advantages of enterprise asset management software are as follow:

1. Centralized & Complete Information

EAM system enables you to know where assets are located and use them when they are returned. it makes assets accessible when information is centralized. The manager can also see asset history that helps know assets and calculate their performance. Furthermore, you can also see each work order and its expenses.

2. Accurate Asset Tracking

EAM provides accurate asset tracking that helps in maintenance. Asset tracking saves assets from theft and misplacement as well. For precise asset tracking technologies are used.

These asset tracking technologies such as Barcode, QR Code (Quick Response code), RFID (Radio-frequency identification), etc. comes in the form of tags. These tags have a unique identification number that is stored in the software & the tag is attached to the asset. Whenever the tag is scanned, the software retrieves full information.

3. Minimum Sudden Breakdown

When a sudden asset breakdown occurs a huge maintenance bill is created because organizations do not utilize maintenance schedules.

However, this software ensures that each asset maintenance is the schedule so that breakdown chances are decreased. When sudden breakdown chances are decreased, its maintenance expenses are also decreased.

Furthermore, this software helps with maintaining asset health by keeping track of it. Employee safety is increased, when your asset is in good condition.

4. Informed Decision Making

This software collects all the information related to each asset such as asset history. Through which you can make better and informed decisions about asset maintenance.

It makes your asset predict asset performance and when an asset will require the next maintenance. With the help of data, you can set future goals for reducing maintenance costs.

Also Read: Seven Ways Asset Infinity Can Help Any Enterprise Business

What Are the Main Features of Enterprise Asset Management Software?

The main features of enterprise asset management software are as follow:

1. Planning and Scheduling

One of the main features of enterprise asset management is scheduling maintenance. It makes managers free from this hectic activity of scheduling maintenance of assets, as this software does it for them. EAM automates the process makes it simple & saves assets from sudden breakdown.

2. Asset Lifecycle Management

The data is really helpful in asset life cycle management. As data let you know all the information about the asset such as when the asset is purchased and when productive life will be finished.

Asset maintenance is given to the asset and how the asset performing. These types of information can play a crucial role in increasing asset life. With EAM software you can maximize asset utilization.

3. Notification Alert

The software alerts about each asset where it is located and when it is supposed to be returned. All their information is stored in the system & as per the schedule, it alerts the team about asset return.

Similarly, asset maintenance scheduling also works. You set the schedule for each asset & it alerts the team about each upcoming maintenance. As per the daily operational needs of business, the alert feature can be used in various ways.

4. Cloud & Mobile Technology

Enterprise asset management software comes with cloud technology allowing you to access it from any computer or laptop. This software also comes with mobile technology it means you can access it from anywhere across the world with your smartphone.

All you need is good internet. When you are not available in the office, with cloud and mobile technology, you can change the work according to the urgency.

5. Report & Analytics

Reports and analytics are very important when you want to grow your business or enhance the productivity of the organization. Information & data analytics helps in increasing asset life.

The analytics helps in increasing the availability & reliability of each asset. Information is the key to increase asset life and enhance the efficiency of the asset. When efficiency will increase, it will lead to an improved bottom line.

How Asset infinity's Enterprise Asset Management Software is Different?

Asset Infinity's Enterprise asset management software is different in various ways:

• Work order management

Work order management is really helpful for maintenance activity. As with each work order maintenance technicians get a checklist of the task. According to the checklist, tasks are done and the status of each task is mentioned in real-time.

• Check-in check-out

With the check-in/check-out feature, you can maintain a trail of movement of assets from one place to another. It keeps assets safe from theft and misplacement.

• Retrieving information quickly

With Asset Infinity's EAM, you can get complete asset information and asset list as well that exist in your organization. Furthermore, you can retrieve information based on location, category, department, employee, condition.

• Customized Reports

Within reports, you can get all the total worth value of your assets with information such as purchase price, depreciation value, and salvage value. They add data and provide valuable information related to each entity such as employee, asset, department. Reports help improve daily operations.

These are just a few of the features of Asset Infinity's EAM there are several other features as well. There are several other benefits of using the software. You can also try 14-day free trial.

Conclusion

Now that you must have got enough idea of what is enterprise asset management, how capable this software is & how effectively it can help your organization.

Enterprise asset management software can be really helpful to any kind of business that is equipped with a lot of assets. This software comes with cloud-based technology and mobile technology allowing you to access it from anywhere across the world. When you are away from the office and some urgent work needs to be done mobile application comes in handy.

Enterprise asset management software provides several other advantages such as compliance and helpful in quick audit process physical verification procedure & increasing return on investment, enhancing productivity & asset optimization and so on!

Also Read: 5 Detailed Reports Expected from Asset Management Software

Frequently Asked Questions (FAQs)

1. What is the difference between Enterprise Asset Management (EAM) & Computerized Maintenance Management System (CMMS)?‍

EAM and CMMS are quite similar to each other. EAM provides all the features of CMMS such as maintenance management, information centralization & reports & statistics. Other than this, EAM focus on asset life cycle management and minimizing expenses & increasing asset performance as well.

2. Which industries utilize enterprise asset management?‍

Here are a few of the industries that utilize enterprise asset management oil & gas, energy, manufacturing, automobile, healthcare, hospitality, and so on.

3. What is the biggest disadvantage of cloud technology?‍

The software performance and data interruption will occur if the internet does not work. Similarly, daily work will suffer. So, the internet issue is the biggest disadvantage of cloud technology!