Enterprise Asset Management (EAM) systems are unified platforms created to manage all physical assets across the enterprise. EAM systems offer a holistic approach to asset management, allowing you to track the entire asset lifecycle through to audit trails, safety and compliance and even business intelligence.
EAM systems can also be used to evaluate risk, and are used in environments where asset failure has the potential to result in safety breaches or environmental impacts. They include asset and maintenance management capabilities, but also consider the wider total cost of ownership (TCO) for the physical assets across the company.
The benefits of using a single system to collect all this data is that all users have access to the same real-time information, and access restrictions can be set up to ensure only relevant data is shared. As EAM systems have evolved, so too have their integration capabilities – and the modern EAM can integrate with a variety of Supervisory Control and Data Acquisition (SCADA), Building Automation Systems (BAS), Enterprise Resource Planning (ERP) and Business Intelligence (BI) systems.
EAM software has the ability to deliver the core requirements for asset management as laid out in the ISO 55000 standards, and with more companies choosing to become ISO compliant, it makes sense that asset-intensive industries are choosing EAM. While ISO 55000 does not specifically reference the type of software essential to comply, the standard is demanding, and recommends you house all asset data from design to decommissioning within the same system. With the rise of software-as-a-service (SaaS) offerings, EAM has become the product of choice for many organisations wanting to optimise performance and minimise costs.
EAM systems take a more holistic approach, encompassing multiple business functions. They track the entirety of the asset lifecycle, offering a broad, powerful way to manage many facets of the business, treating asset management as a strategic company-wide initiative. They ensure that you align manpower, equipment and resources, maximising not only availability, but also the reliability and performance of your assets and infrastructure. The power of EAM lies in its ability to control all aspects of asset management and preventive maintenance. Integration with mobile working applications, the back office and the Internet of Things combine to deliver real return on investment.
The latest EAM solutions meet all of the requirements of modern enterprise asset management and maintenance in a single, easy-to-integrate application that can be managed centrally and accessed remotely by field-based engineers.
With the Internet of Things, an EAM system can be integrated not just with other administration systems, but with the assets themselves. This means that conditional monitoring is no longer reliant solely on visual or physical inspections. The performance of the assets can be monitored automatically. Alerts and alarms on sub-optimal performance can be generated and presented to relevant personnel on dashboards or as notifications to mobile devices. Planned maintenance activity can be scheduled to maximise utilisation of engineering resources and minimise the impact of any necessary downtime on customers and business operations. Integration with inventory management will ensure that the right engineer attends the job, equipped with the right tools and the right spares to complete the job with maximum efficiency.
Not only can your solution be configured to maintain up-to-the minute records of asset status, but it can also maintain detailed asset histories too, for comprehensive monitoring and record-keeping. Aside from ensuring compliance with relevant ISO standards, EAM software has the potential to add significant value in underpinning best practice when it comes to safety and risk mitigation as well. For the ultimate in safety and compliance, record-locking and signature capabilities are an optional system configuration too, guaranteeing watertight compliance and business transparency.
Using a world-class asset management system puts you ahead of your competition. In our guide we examine everything from why to invest to how to justify the cost to the board.
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