Assets, whether it is machinery, tools or equipment is the life and blood of any industrial organization. Hence, properly safeguarding and maintaining assets assumes paramount importance for organizations striving to maintain competitiveness and drive sustainable growth. In the above backdrop, Enterprise Asset Management (EAM) software emerges as a strategic solution to streamline asset lifecycles, enhance operational efficiency, and mitigate risks. In this guide, we delve into the core concepts of EAM, its differentiating features, benefits, and how to select the optimal solution for your organization's needs.
Enterprise Asset Management (EAM) system is a robust software solution designed to facilitate comprehensive management of an organization's physical assets throughout their lifecycle. These assets encompass a broad spectrum, including machinery, equipment, facilities, infrastructure, and more. EAM systems integrate functionalities such as asset tracking, maintenance scheduling, inventory management, and compliance tracking to optimize asset performance and minimize operational disruptions. In the broadest sense, an EAM software could refer to a mobile EAM solution that can integrate with any centralized ERP system.
While the terms EAM and Computerized Maintenance Management Systems (CMMS) are used interchangeably and share common objectives, they serve distinct purposes within asset management frameworks. The primary focus of CMMS is on maintenance activities such as scheduling repairs, preventive maintenance, and tracking work orders. On the contrary, EAM extends beyond maintenance to encompass broader asset lifecycle management, incorporating aspects such as procurement, depreciation, and disposal.
EAM assumes significance in an industrial setup since it enables an organization to track, assess, manage and optimize asset quality and reliability. Organization of any kind - manufacturing, mining, chemical, food processing or oil & gas are asset intensive, meaning they maintain and manage hundreds, thousands or even millions of seats.
While assets can be of any type, the objective of these assets is to sustain production, services and operations. By incorporating EAM best practices, maintenance teams can gain greater control of complex environment to perform a variety of tasks for optimization and efficiency of the assets. Simply stated, EAM holds immense significance for organizations across diverse industries due to the following reasons:
EAM enables organizations to maximize the utilization of their assets by ensuring timely maintenance, minimizing downtime, and optimizing resource allocation.
Proactive maintenance scheduling and asset monitoring provided by EAM software help reduce repair costs, minimize asset downtime, and prevent unnecessary asset replacements.
EAM systems assist organizations in adhering to industry regulations and standards by ensuring assets meet safety, environmental, and compliance requirements.
With real-time data analytics and reporting capabilities, EAM empowers organizations to make informed decisions regarding asset investments, maintenance strategies, and operational efficiency enhancements.
Managing aging assets and infrastructure involves evaluating risks, prioritizing strategies for rehabilitation, repair, or replacement, and implementing a formal asset management program to optimize the whole-life cost and service delivery.
Centralized asset information refers to the consolidation of all asset-related data into a single, unified system. This approach enhances efficiency by providing easy access to comprehensive and up-to-date information about assets, such as their location, condition, and usage history. It enables better decision-making, reduces redundancy, and improves compliance with regulatory requirements. By centralizing asset information, organizations can streamline management processes, optimize resource allocation, and enhance overall operational effectiveness.
Now that we understood the benefits of the EAM software, let's explore which user category benefits most from it.
EAM software caters to various stakeholders across an organization, including:
These teams utilize EAM systems to schedule and track maintenance activities, manage work orders, and optimize resource utilization for asset upkeep.
They are responsible for overseeing the entire lifecycle of assets, while leveraging the EAM software to make strategic decisions regarding asset acquisitions, maintenance strategies, and asset retirements.
EAM systems aid procurement teams in managing vendor relationships, tracking asset purchases, and ensuring timely delivery of assets to support organizational needs.
EAM software assists compliance officers in ensuring assets adhere to regulatory requirements and maintaining comprehensive documentation for audits and inspections.
Also Read: Adoption of Mobile Enterprise Asset Management Solution
EAM software is essential for managing the lifecycle of physical assets in industrial setups. A good EAM software should typically consist of the below outlined features.
It is be noted that an EAM software can refer to any desktop, cloud or mobile based software. However, in industrial and warehouse contexts, where mobility and flexibility are crucial, mobile EAM software or precisely a mobile EAM solution is more suitable than desktop or cloud-based options. This is the due to the widespread usage of mobile devices across varied industrial operations including EAM. Apart from added advantages and the ease in its usage, a mobile EAM solution offers several benefits over the conventional EAM software. In the next section, let's delve into the typical applications of a mobile EAM solution across different industrial sectors.
Also Read: Revolutionize Plant Maintenance with a Mobile EAM Solution
A mobile EAM solution finds applications across various industries and sectors, including:
In a manufacturing environment, a mobile EAM solution can help in optimizing equipment uptime, minimizing downtime, and enhancing the overall equipment effectiveness (OEE) through proactive maintenance and asset performance monitoring.
Utilities comprises of power plants, pipelines, and substations. A mobile EAM solution can help manage such infrastructure assets to ensure reliable operation, regulatory compliance, and safety standards adherence.
In the transportation segment, a mobile EAM solution helps in maintaining fleets of vehicles, aircraft, and rolling stock, optimizing asset utilization, and ensuring compliance with maintenance schedules and safety regulations.
As part of the facilities management operations, a mobile EAM solution can help manage building assets, such as HVAC systems, elevators, and electrical systems to optimize energy efficiency, minimize operational disruptions, and ensure occupant safety.
A mobile EAM solution offers numerous benefits across industrial sectors, including:
Proactive maintenance scheduling and condition-based monitoring provided by a mobile EAM solution help enhance asset reliability and minimize unexpected failures, leading to improved operational uptime and productivity.
Optimizing maintenance activities, reducing downtime, and extending asset lifespan contribute to significant cost savings for organizations through reduced maintenance costs and enhanced asset utilization.
A mobile EAM solution can assist an organization in complying with industry regulations and standards by ensuring assets meet safety, environmental, and compliance requirements, thus mitigating risks associated with non-compliance penalties and fines.
Real-time data analytics and reporting capabilities offered by the mobile EAM solution enable organizations to make data-driven decisions regarding asset investments, maintenance strategies, and resource allocations, leading to improved operational efficiency and performance.
In the light of the above discussion, explore a good mobile EAM solution that is affordable, user-friendly, and meets your organization's objectives. Propel Apps, a leading product-based organization has developed a mobile EAM solution that transforms plant maintenance and asset management operations using Oracle EAM, design thinking, and enterprise mobile implementations. This solution helps your organization’s workforce by providing access to work orders, asset history, and additional information such as notes, pictures, and location. This enables more effective communication and decision-making on the go. To know more about our solution and its value-added features, feel free to schedule a call with us for a free demo.
