Enterprise asset management (EAM) combines systems, services and software to control assets and equipment. The goal is to optimise the utilisation of assets for better productivity and cost management. “Enterprise” refers to the assets across departments that support the bottom line for functions like procurement, inventory and HR.
Ideally, EAM optimises asset management through the lifecycle, manages productivity and reduces the operational bottom line. The purpose is to get a larger picture of goals and objectives by accounting for worker skills, HR tasks and asset information. EAM typically involves asset maintenance, supply chain management and work management.
While EAM and computerised maintenance management systems (CMMS) tend to be associated, they’re functionally different in their centralised approach to the maintenance management process. EAM manages assets and supports their performance from beginning to end, including work orders, inventory, associated documentation and possible maintenance.
Devices connected through the Internet of Things (IoT), like sensors, vehicles and machines, can help with the incorporation of analytics and artificial intelligence (AI) systems into EAM. This helps with the gathering of insights for better practices, informed decisions, better efficiency and effective preventative maintenance.