What is Enterprise Asset Management?
Enterprise asset management (EAM) is a process of managing the lifecycle of physical assets and equipment in order to maximize its lifetime, reduce costs, improve quality and efficiency, health of assets and environmental safety.
Enterprise Asset Management Software
Enterprise Asset Management system is implemented to better plan, optimize, execute, and track maintenance activities with the associated labor, inventory, skills, materials, tools, and information.
Enterprise Asset Management is also often referred as CMMS (Computerized Maintenance Management System), however there is a difference between EAM and CMMS systems even thouh they have a simillar goal.
What is CMMS?
CMMS is mainly used to handle operations during the life of the asset. In other words - the period when equipment is up and running.
The main functions of a CMMS include:
- Maintenance scheduling.
- Managing spare parts inventory and work orders.
- Tracking assets information.
What is EAM?
- On the other hand, Enterprise Asset Management is a more robust and complex system as it manages the entire life cycle of an asset.
- Basically, the EAM software lets you see a much larger picture compared to CMMS. EAM outlines your goals and lets you see how you can achieve those objectives by taking into account budget and finances, HR and worker skills, spare parts and asset information.
"Enterprise" refer to the scope of the assets across organization departments, locations, facilities and supporting business functions like procurement, HR, Inventory and etc. The assets refered in EAM can be fixed: buildings, plants, machineries but also moving equipment like vehicles or ships. Effective asset management is required in asset intensive industries and it needs to be carefully planned and executed in order to achieve positive results. Enterprise asset management (EAM) software applications often include features preventive maintenance, maintenance planning and scheduling, has integrated wireless mobile solution to handle work orders.
CMMS or EAM is a software that maintains a database of information about maintenance operations. This information is used to help maintenance workers conduct their work more effectively. For example analyze which assets require maintenance and which spare parts should be used to maintain equipment. It also helps management make decisions based on calculated costs of machine breakdowns.
EAM system data is also very important when it comes to regulatory compliances. Keeping track of maintenance records is one of the compliances for safety. To properly manually keep maintenance record information requires a tremendous amount of work and time. EAM systems allows to track completed and assigned tasks and records all the maintenance history on an asset or location which makes it easier for organizations to provide authorities with needed documentation for compliance.
Download EAM White Paper to learn more about Enterprise Asset Management solution capabilities:
EAM has many maintenance functionalities. The different functions of EAM includes Preventive Maintenance Software, Reactive maintenance, Cost Control, Word order systems, Scheduling and planning maintenance and more.
Dynaway EAM will now be part of the standard package of Microsoft Dynamics 365 known as Asset Management Module. Learn more about the transition here.