Enterprise asset management (EAM) software enables businesses across multiple industries to view, manage, and analyse physical assets. Using a holistic approach, it helps optimize management strategies by tracking the lifecycle of all company-owned assets.
The goal of EAM software is to control and measure asset performance, allowing for the optimization of workflow practices, maintenance costs, and asset productivity. Spanning across several industries, EAM tools have a similar functionality to products in the Computerized Maintenance Management Systems (CMMS) category. In addition to preventative maintenance and inventory scheduling, work order management, and asset tracking, EAM software offers a more robust, analytical system for managing assets. It includes lifecycle planning tools, workflow analysis, multiple predictive maintenance methods, and advanced metrics to determine an asset’s future state and continued reliability.
EAM software shares many similarities with CMMS, including the ability to work alongside enterprise resource management (ERP) systems. Where EAM tools help determine and improve asset performance, ERP systems are able to integrate multiple modules and applications into a single database. All asset activity and financial information tracked by EAM software can be seamlessly integrated into the database provided by an ERP system.
To qualify for inclusion in the Enterprise Asset Management (EAM) category, a product must: