Enterprise Asset Management

Enterprise asset management (EAM) involves tracking, monitoring, and managing physical assets throughout their lifecycle using manufacturing technology solutions. Asset management tracks the location of physical assets, who they are assigned to within an organization, and their maintenance. Maintenance management includes planning, optimizing, executing, and monitoring maintenance activities.

EAM software tracks, monitors, and manages physical assets throughout their lifecycle. EAM software is beneficial to companies in asset-intensive industries such as manufacturing, construction, energy, and utilities.

EAM software tracks assets, locations and monitors usage, maintenance schedules, and costs across an organization.

Physical asset management involves tracking, monitoring, and managing tangible fixed assets throughout their lifecycle. Physical asset management tracks asset location, who is assigned the asset, and maintenance of the asset. Maintenance management includes planning, optimizing, executing, and monitoring maintenance activities.

Physical asset management is essential to an organization for the following reasons:

• Prevents asset loss
• Improves asset recovery
• Improves asset allocation and usage
• Extends asset life
• Increase asset productivity
• Reduces asset waste

When a regulatory body mandates standards specific to a business sector, businesses in those sectors need to adhere to the standards. Asset management systems collect the evidence an organization has complied with asset management regulations. Compliance helps organizations avoid penalties and fines from regulators.