Written By: Sofie Bedard, Content Creator, on Apr 25, 2018
Over the past 10 years, Enterprise Asset Management (EAM) has steadily increased in prominence. Demand for EAM software is only expected to continue this steady incline. According to MarketsandMarkets, the Enterprise Asset Management market will experience an annual compound growth of 16.2% by 2024.
EAM has disrupted the industry by making it easier for companies to gain business intelligence helping them to respond to day-to-day exceptions in their workflow while navigating larger changes within the industry.
While no software application is built the same, all are designed to help organizations track, manage, maintain and report on their fixed and mobile assets. The high-level benefit of most EAM software applications focuses on extending asset life cycles, decreasing downtime, saving money, tracking energy / fuel usage, and gaining business intelligence. EAM is used across a variety of industries: transportation, construction, retail, oil and gas, government, schools, airlines, utilities, telecom, fashion, chemicals, and many more.
Read on for a general breakdown of how EAM software provides these five benefits:
Extend Asset Life Cycles
Track Energy / Fuel Usage
Manage Safety and Compliance
Gain Business Intelligence