Enterprise Asset Management

Struggling to Track Your Assets Efficiently?

Leverage our Enterprise Asset Management expertise to keep your operations running smoothly and efficiently.

Contents

What is Enterprise Asset Management?

Enterprise Asset Management (EAM) refers to the comprehensive management of an organization’s physical assets throughout their lifecycle, from acquisition and operation to maintenance and disposal. EAM systems integrate processes and tools to ensure optimal asset performance, reduce costs, and extend asset lifespans. Key functionalities include asset tracking, maintenance scheduling, inventory management, and data analytics.

Why is Enterprise Asset Management important for Industrial Automation?

All asset-intensive industries, like Oil and Gas, Utilities, Manufacturing and Telecom depend on the availability and reliability of their assets to drive their revenue. Enterprise Asset Management is the set of practices that support the adequate planning, acquisition, maintenance and deposition of the assets your business relays on. These practices typically follows the guidelines defined in PAS 55 or ISO 55000, that provide a framework to manage assets effectively and efficiently.

What are the key advantages of using EAM in Manufacturing and Industrial Automation?

The key advantages of implementing an EAM Solution and processes are:

Improved Asset Performance: Regular maintenance and monitoring ensure assets operate at peak efficiency.
Reduced Downtime: Predictive maintenance and real-time monitoring help prevent unexpected failures.
Cost Savings: Efficient asset utilization and maintenance reduce operational costs.
Extended Asset Lifespan: Proper maintenance extends the life of assets, delaying the need for replacements.
Enhanced Decision-Making: Data-driven insights support informed decision-making regarding asset management and investment.
Regulatory Compliance: EAM systems help organizations comply with industry regulations and standards.
Inventory Optimization: Efficient management of spare parts and inventory reduces excess stock and associated costs.

What the typical use cases for an EAM Solution?

EAM can be used to support multiple business needs, but the most common use cases are:

Asset Tracking: Real-time tracking of machinery and equipment ensures accurate asset records and usage data.
Preventive Maintenance: Scheduling regular maintenance tasks to prevent equipment failures and extend asset life.
Predictive Maintenance: Using data analytics to predict when assets will require maintenance, minimizing downtime.
Work Order Management: Streamlining the creation, assignment, and tracking of maintenance work orders.
Inventory Management: Managing spare parts and maintenance supplies to ensure availability when needed.
Compliance Management: Ensuring assets meet regulatory standards and documentation requirements.

What are the most widely used EAM Solutions for Manufacturing and Industrial environments?

There are many solutions in the space of Enterprise Asset Management, many that cover only part of the scope of the spectrum of EAM. The following are the key solution that best cover the overall scope of EAM and some of the Pros and Cons of each of them:

IBM Maximo:
- Pros: Comprehensive asset management features, strong predictive maintenance capabilities, integration with IoT and AI technologies.
- Cons: High implementation and licensing costs, complexity in setup and customization.
SAP EAM:
- Pros: Robust integration with other SAP modules, strong analytics and reporting features, extensive industry-specific solutions.
- Cons: Expensive, can be complex to implement and maintain, steep learning curve.
Infor EAM:
- Pros: User-friendly interface, scalable solutions for different industries, strong mobile capabilities.
- Cons: Customization can be challenging, integration with non-Infor systems may require additional effort.
Oracle EAM:
- Pros: Comprehensive asset management functionality, strong integration with other Oracle applications, advanced analytics capabilities.
- Cons: High costs, complexity in implementation and integration, requires significant IT resources.
AssetWorks EAM:
- Pros: Focused on asset-intensive industries, flexible and customizable, strong support and training resources.
- Cons: May not be as feature-rich as larger competitors, integration with third-party systems can be limited.

Commonly Asked Questions about Enterprise Asset Management

What is a Enterprise Asset Management?

Is a set of Best Practices for managing the end to end lifecycle of an Asset in your organization.

What Are the Leading Solutions in Enterprise Asset Management?

The overall leading solutions in EAM are IBM Maximo, Infor and SAP, but there are several other solutions applicable to specific industries beyond these. As part of our consulting services, we provide our customers the support to select, implement and operate EAM Solutions according to their needs.