What is Enterprise Asset Management?
What is Enterprise Asset Management?
Enterprise Asset Management (EAM) provides the key to better managing your physical infrastructure assets from a single, common platform. It consists of an asset register, work order management, and inventory and procurement functions to benefit all functional departments.
As a comprehensive approach to managing an organization's physical assets, such as machinery, vehicles, buildings, and IT equipment, to maximize their efficiency, reliability, and lifespan, EAM integrates asset tracking, maintenance, compliance, and performance monitoring into a unified system, often supported by specialized software.
Key Components of Enterprise Asset Management
Asset Tracking & Inventory Management
- Centralized database to monitor asset location, usage, and status.
- Barcoding, RFID, or IoT-enabled tracking for real-time updates.
Maintenance Management
Reads, updates, and syncs data across enterprise systems.
- Preventive Maintenance: Scheduled servicing to avoid unexpected failures.
- Predictive Maintenance: AI and IoT-based monitoring to detect issues before they occur.
- Corrective Maintenance: Repairs and replacements for broken assets.
Work Order Management
Trigger actions based on spatial data like asset locations or service areas.
- Automates scheduling and assignment of maintenance tasks.
- Tracks work history and technician performance.
Compliance & Risk Management
Ensures adherence to industry regulations, safety standards, and environmental laws.
Reduces liability risks through proper documentation and reporting.
- Ensures adherence to industry regulations, safety standards, and environmental laws.
- Reduces liability risks through proper documentation and reporting.
Lifecycle & Performance Management
Tracks asset performance metrics to optimize efficiency.
Helps in decision-making for asset replacement or upgrades.
- Tracks asset performance metrics to optimize efficiency.
- Helps in decision-making for asset replacement or upgrades.
Financial & Cost Control
Detailed logs, retry mechanisms, and failure alerts for reliability.
- Analyzes asset costs, depreciation, and ROI to optimize budgeting.
- Reduces total cost of ownership (TCO) through better resource allocation.
Benefits of EAM
Increased Asset Lifespan
Proper maintenance and usage tracking extend asset usability.
Reduced Downtime
Proactive maintenance minimizes unexpected failures.
Improved Compliance
Streamlines documentation and ensures regulatory adherence.
Better Decision-Making
Data analytics help optimize asset investments and replacements.
Cost Savings
Lowers operational expenses by optimizing asset utilization.
Unify Your Asset Strategy with EAM
Unify Your Asset Strategy with EAM
Streamline operations, improve asset reliability, and reduce costs with an integrated approach to Enterprise Asset Management powered by Naviam and IBM Maximo.
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