What is Enterprise Asset Management software?

Written By: Sofie Bedard, Content Creator, on Apr 25, 2018

What is EAM Software?

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:

Save Money

  • Optimize part spend
  • Improve productivity with workflow optimization and labor tracking tools
  • Automate warranty process to increase warranty return
  • Implement better purchasing decisions based on facts

Decrease Downtime

  • Track labor and improve workflow efficiencies
  • Automate parts and inventory management to improve efficiency
  • Reduce asset downtime by improving the maintenance of assets

Extend Asset Life Cycles

  • Automate preventive maintenance scheduling
  • Improve asset and parts purchasing decisions
  • Gain reporting insights on life cycles

Track Energy / Fuel Usage

  • Report on Total Cost of Ownership (TCO) related to fuel spend
  • Understand greenhouse gas emissions
  • Identify fuel spend anomalies

Manage Safety and Compliance

  • Plan work effectively and identify hazards
  • Manage permits and licenses
  • Add safety instructions to work orders

Gain Business Intelligence

  • Capture real-time insights into the maintenance process
  • See high-level data that help with decision-making down the line
  • Understand your asset’s TCO
  • Improve maintenance to optimize emissions performance