TechDogs-"Here’s Why Your Business Needs Enterprise Asset Management Software"

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Here’s Why Your Business Needs Enterprise Asset Management Software 

By TechDogs Editorial Team

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Overview

Here’s a scenario – imagine you’re the manager of your favorite sports team. It could be Manchester United FC, the LA Dodgers or even the Chicago Bulls. You would naturally conduct training sessions, fitness checkups and team exercises, right? This will let you understand the depth of your squad, the status of injuries and overall expected performance. It is undeniable that some of your players will be closer to retirement, while the younger players will be eager to prove themselves.

To manage your squad effectively, you need to understand the lifecycle of each player. If your right-back is playing his sixtieth consecutive match, you must look for replacements! The same goes for businesses – understanding each asset's lifecycle enables better decision-making, improved effectiveness and higher business revenue. While you have dedicated staff members for sports teams, as a business manager you need Enterprise Asset Management Software.

So, let’s learn about Enterprise Asset Management (EAM) Software!
TechDogs-"Here’s Why Your Business Needs Enterprise Asset Management Software " I Wish There Was A Better Way To Manage Enterprise Assets
What is the most important asset any sports team has? Naturally, it's the players! With everything else in place, if you make poor signings or let your star player leave for a rival, your trophy cabinet will be gathering dust! Similarly, to manage important assets, businesses need Enterprise Asset Management (EAM) Software. It helps businesses during the development, construction, commissioning, operation, maintenance and replacement of business assets across the enterprise.

Managing assets from various departments, locations and business divisions can be challenging – which is why businesses need this tool. It manages assets to improve their utilization and performance, reduce operational costs, extend the asset's life and improve the ROI on assets. EAM Software also provides businesses with timely information needed to manage organizational assets, both physical (real estate, equipment, infrastructure, etc.) and non-physical (software, digital assets, cryptocurrencies, etc.).

Read on to learn all about EAM Software, its working, evolution, features, benefits and future! 
 

What Is An Enterprise Asset Management Software?


Let's look at the concept of EAM before we dive into the software. Enterprise asset management, or EAM, is a process that offers businesses a thorough overview of their physical assets throughout their entire lifecycle. EAM Software smoothly oversees the asset's complete lifecycle – from design, commission and purchase to operations, maintenance, disposal and replacement.

It is frequently used for lifecycle planning by enterprises with a large number of personnel and assets spread across different locations. It essentially allows businesses to see the larger picture and make better decisions concerning assets. However, this wasn’t always the case – just as sports leagues introduced better rules over time, the software also acquired more sophisticated features as it improved.
 

Evolution And Origins Of Enterprise Asset Management Software


EAM Software did not exist independently till the early 2000s. Although the theory of EAM existed, it evolved as an extension of Computerized Maintenance Management Systems, or CMMS. These were usually defined as systems that used computerized records for the commissioning, maintenance and retirement of physical assets.

CMMS was introduced in 1965 for documenting, standardizing and verifying processes so businesses could replace manual tasks. The aim was to reduce time-consuming tasks and boost productivity.
When personal computers arrived in the late 1960s and early 1970s, CMMS became more affordable through the integration of features such as analytics and reporting. Over the next few decades, CMMS moved to on-premises systems and browsers. These systems were an improvement over the older LAN-based systems.

By the mid-90s, the Internet had come to the fore and CMMS tools were revolutionized. They could now be accessed via web applications on various devices. Some services even offered real-time tracking of assets for businesses, allowing faster decision-making.

By the early 2000s, cloud technology was commercialized. This eliminated the complex installation and server setups needed by web-based CMMS tools. This was also when enterprises demanded tools that could track the entire lifecycle of the assets, not just their current status. To address this need, Enterprise Asset Management Software was developed.

That is the journey of how and when EAM Software came into existence. Now, let's take a look at how this tool enables you to track the lifecycle of assets.
 

Features Of An Enterprise Asset Management (EAM) Software

 
Talking about sports, we believe that any team can only function if everyone does their job. The goalkeeper needs to prevent conceding goals and the quarterback must build the attack. At its core, EAM Software also has various "players" who execute different roles to help you strategize, optimize, execute and track the assets' lifecycle effectively:
 
  • Work Management

    The tool assists in the centralized management of the asset lifecycle data. It records data about assets from the purchase request to their retirement.

  • Maintenance Management

    This helps reduce corrective maintenance (repairs made after a problem occurs) and apply preventive and predictive maintenance. When data indicates a problem is about to occur, the tool schedules repairs and maintenance.

  • Planning and Scheduling Dashboard

    This software assists managers in intuitively navigating and handling asset dependencies by providing a visual view of work orders, maintenance plans, repairs, etc.

  • Supply Chain Management

    It is crucial to monitor and manage assets when they are employed in the business supply chain. EAM Software can help streamline supply chain asset management by utilizing AI-based lifecycle prediction and efficient integrated IoT solutions.

  • Analytics Management

    Improving analytics capabilities can lead to quicker and more insightful operational decisions. The tool can also automate repairs, scheduling and other asset-based operations using insights gleaned from operational data.

  • Cloud Integrations

    To reduce costs and reduce reliance on on-premises tools, EAM Software must offer SaaS applications, cloud-based deployments and hybrid cloud functionality.


Now, let’s check out how this tool benefits businesses and their assets!
 

Benefits Of An Enterprise Asset Management (EAM) Software


You must have realized that this software is pretty comprehensive – it can be the pinch hitter for your business team! It also performs consistently season after season, even as your assets scale. Here’s how:
 
  • Maximized Returns On Investment

    An asset can be monitored continuously via EAM Software to increase its life and ensure it functions properly throughout its lifecycle. This increases the return on investment for assets deployed across the enterprise infrastructure.

  • Scheduled Maintenance

    This is one of the most significant advantages of the tool. Any unforeseen breakdowns and repairs can be prevented with the ability to schedule asset maintenance and enforce it across the enterprise.

  • Enhanced Decision Making

    When you have all the crucial information about your assets at your fingertips, you can make better and more effective decisions. Moreover, the analytics features of the EAM Software help validate your decisions and insights.

  • Elimination Of Paperwork And Human Errors

    Since all the asset information is managed on the cloud, there is less paperwork and documentation. This leads to fewer human mistakes as well as effortless and quick access to data.

  • Improved Business Efficiency

    When enterprises operate at multiple locations, it is harder to track all assets and their lifecycles. However, EAM Software enables businesses with asset management, leading to cost-cutting, higher average lifecycles and better business performance.


Can you imagine having something like EAM Software for your sports team? It can tell you how to build an undefeatable once-in-a-lifetime squad! Till that happens, let’s look at the predicted trends in the EAM sector.
 

What’s The Future Of Enterprise Asset Management Software?

 
According to Markets and Markets, the global Enterprise Asset Management (EAM) Software market size is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.7%. It is expected to reach a market value of USD 5.5 billion by 2026!

This growth will be assisted by emerging technologies, such as IoT (Internet of Things) and augmented analytics. Enterprise Asset Management Software will integrate with these technologies to create a more robust management tool. It will provide better insights as IoT sensors will provide real-time asset data. Augmented analytics is expected to streamline asset management as more accurate insights will be available faster. Further, EAM Software will have a huge role to play in Industry 5.0 projects, where humans and robots will coexist. This solution will undeniably live in the cloud as decisions will have to be made instantly and delivered across the enterprise network. Safe to say, we can't wait to see what’s in store!
 

To Sum Up


The primary objective of any EAM Software is to monitor, track and manage asset performance, maintenance costs and the usage of assets across the enterprise. EAM Software is used by businesses in asset-intensive sectors to handle the management of physical assets. Employing a comprehensive EAM solution can enable businesses to optimize the lifecycle of every asset held by the company, resulting in lower operating costs and improved ROI. Moreover, it offers visibility into the lifecycle of assets, aiding in timely replacement and decommissioning.

Frequently Asked Questions

What Is An Enterprise Asset Management Software?


Enterprise Asset Management (EAM) Software is a comprehensive solution designed to provide businesses with a holistic overview of their physical assets throughout their entire lifecycle. It facilitates the management of assets from their initial design and purchase through to operations, maintenance, disposal, and replacement. By offering centralized management of asset lifecycle data, EAM Software enables businesses to make informed decisions concerning their assets, optimizing utilization and performance.

What Is The Origin Of Enterprise Asset Management Software?


Originally stemming from Computerized Maintenance Management Systems (CMMS) in the 1960s, Enterprise Asset Management (EAM) Software evolved as an extension to address the need for more sophisticated asset management capabilities. Over time, advancements in technology, including the introduction of personal computers, the internet, and cloud computing, contributed to the development of more robust asset management solutions. EAM Software emerged as a response to enterprises' demands for tools capable of tracking the entire lifecycle of assets, offering features such as real-time tracking, predictive maintenance, and comprehensive analytics.

What’s The Future Of Enterprise Asset Management Software?


The future of Enterprise Asset Management (EAM) Software is promising, with projected growth driven by emerging technologies such as IoT and augmented analytics. These technologies will enhance the capabilities of EAM Software, providing real-time asset data and more accurate insights. Additionally, EAM Software is expected to play a crucial role in Industry 5.0 projects, where human-robot collaboration will be prevalent. With its integration into the cloud and its ability to deliver instant decisions across enterprise networks, EAM Software is poised to become even more indispensable for businesses seeking to optimize asset performance and reduce operational costs.

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