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What is Enterprise Asset Management (EAM) Software?

Enterprise Asset Management (EAM) software offers features to track, manage and analyze asset performance and costs through all phases of the asset lifecycle.

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What Is Enterprise Asset Management (EAM)?

Enterprise Asset Management is a system of processes and tools for managing and maintaining an organization's assets and equipment. EAM software offers a wide range of features to track, manage, and analyze asset performance and costs through all phases of the asset lifecycle, from acquisition to disposal.
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EAM

Graphic of Gartner Peer Insights review of Maintenance Connection enterprise asset management software (EAM)

The Benefits of Enterprise Asset Management Software

Optimize, analyze, manage and track your assets through all stages of the asset life cycle to save time, improve asset maintenance activities including corrective maintenance, predictive, predictive maintenance – lower costs, and more.

Flexible Functionality

By allowing you to use both real-time data and historical information, an EAM can provide your maintenance teams with the insight needed to build informed maintenance strategies and extend the reliability, availability, and usability of your assets over time.

Multi-Site Operations

By providing a centralized view of all your asset data – including repair histories, energy usage, audit trails, warranty records and purchase order information – the right EAM software will help your teams get on the same page across sites and systems.

Advanced Reporting Insights

By allowing you to compile real-time data and historical information, an EAM can provide you with the insight needed to pinpoint maintenance needs, establish KPIs, and extend the reliability, availability, and usability of your assets over time.

Data-Driven Maintenance Operations

Advanced asset tracking, AI-powered remote monitoring and other “digitally transformed” maintenance management capabilities allow for future-proof operations and data-driven decision-making.

Schedule a call with our Enterprise Asset Management experts today to learn more.

Key Capabilities of Enterprise Asset Management

Advanced functionalities allow for true multi-site transparency, digital transformation and modern maintenance operations.

Flexible, Comprehensive Functionality

The right EAM software will allow your maintenance teams to scale up or scale down to meet your organization’s current needs. Maintenance Connection provides both straightforward CMMS functionality – like work order management – as well as EAM-level functionality like:

  • Spare parts inventory management  
  • Financial management  
  • Purchasing
  • Multi-site capabilities, and more
Two technicians looking at tablet with enterprise asset management software
Advanced Reporting and Dashboards

An EAM system can help you meet rising expectations and overcome persistent pain points by allowing you to extract meaningful data to pinpoint maintenance needs and manage KPIs. EAM dashboards can specifically cover:  

  • Multi-site insights  
  • Financial functions  
  • Inventory and equipment  
  • KPIs  
  • Maintenance logs    
Maintenance professional viewing enterprise asset management software dashboard to manage facility assets
Multi-Site Capabilities

EAM software and best practices - including a native mobile app like MC Kinetic - allow for true multi-site operations and seamless communication across teams and departments. This can ultimately streamline maintenance work and help organizations in an asset-intensive industry to:

  • Help teams and facility managers manage more physical assets across locations and devices
  • Provide a scalable technological infrastructure to execute maintenance tasks
  • Create a centralized view that allows for business intelligence insights and data sharing across sites
  • Help teams streamline language, tagging, and nomenclature among sites
  • Reconcile technology across sites and locations
  • Execute preventative maintenance cleanly and efficiently  
Two technicians maintain equipment in a large facility with enterprise asset management software

Why is Enterprise Asset Management Important for Businesses?

Enterprise Asset Management is crucial for businesses as it optimizes asset performance, reduces operational costs, and ensures regulatory compliance. Effective enterprise asset management leads to better resource allocation, improved productivity, and extended asset lifespans by enabling proactive maintenance. It also minimizes the risk of non-compliance penalties and accidents, enhancing operational efficiency. Enterprise asset management systems provide data-driven insights, aiding in informed decision-making, cost control, and inventory management. They also facilitate accurate asset tracking, lifecycle management, and the efficient utilization of resources, contributing to customer satisfaction and competitive edge. Ultimately, enterprise asset management is fundamental in maximizing asset value, minimizing risks, and maintaining operational excellence, ensuring assets are well-maintained, compliant, and utilized optimally throughout their lifecycles.

Industries Served by Enterprise Asset Management

How Alaska Airlines Uses Enterprise Asset Management Software

Alaska Airlines, a prominent U.S. airline with locations in 104 airports throughout the U.S., Mexico, and Canada, implemented Maintenance Connection to help with their enterprise asset management and facility work orders. See how Maintenance Connection helped them maintain good vendor KPIs, improve documentation, increase budget transparency, and coordinate scheduled and unscheduled maintenance.

Enterprise Asset Management (EAM) FAQs

What is the difference between EAM and a CMMS?

The formal difference between an EAM and a CMMS is that an EAM tends to provide a wider array of features for maintenance managers to track, manage, and analyze asset performance throughout the asset lifecycle. This can include features like:  

  • Inventory management  
  • A purchasing management system  
  • Document and knowledge management  
  • Multi-site management tools  
  • Labor management tools  
  • Service management  
  • An accounting system and financial management  
  • Supply chain management  

However, the lines are far more blurred in reality, as a modern and robust computerized maintenance management system also boasts these functionalities. You can learn more about the nuance and what to focus on when choosing a system here.  

Why is enterprise asset management important?

Enterprise asset management is important because the right EAM can help your organization track, manage, analyze and optimize your assets through all stages of the asset lifecycle, from acquisition to disposal. This can lead to:

  • Marked improvements in transparency and preventive maintenance capabilities
  • Maximized asset life  
  • Flexibility to work from anywhere  
  • Lower downtime
  • Simplified audits  
  • Centralized asset data  
  • Improved benchmarking and performance management  
  • More modern maintenance strategy and operations

What is the difference between EAM and ITAM?

Enterprise Asset Management (EAM) and IT Asset Management (ITAM) differ in their scope and focus. EAM revolves around managing an organization's physical assets and infrastructure, such as machinery, facilities, and vehicles. It aims to optimize asset utilization, extend asset lifespan, and reduce maintenance costs. In contrast, ITAM specifically deals with an organization's digital assets, including hardware, software, licenses, and data. ITAM focuses on controlling IT-related expenses, ensuring compliance with software licenses, enhancing security, and making informed technology investments. While EAM enhances the efficiency of physical operations, ITAM contributes to cost savings and risk mitigation in the realm of information technology. Both practices are crucial for an organization's overall management, but they address distinct aspects: EAM handles tangible assets, while ITAM manages digital resources.

What is an example of Enterprise Asset Management?

Accruent Maintenance Connection exemplifies Enterprise Asset Management (EAM) by providing a comprehensive software solution to help organizations efficiently manage their physical assets and infrastructure. It does this through:

  • Asset Centralization: Maintenance Connection offers a centralized repository for all asset-related data, enabling organizations to easily track and manage their assets, from equipment to facilities.
  • Preventive Maintenance: EAM is about prolonging asset life and reducing unplanned downtime. Maintenance Connection supports this by allowing users to schedule and manage preventive maintenance tasks, ensuring assets are properly serviced and maintained.
  • Work Order Management: The platform streamlines work order creation, assignment, and tracking. It helps organizations prioritize maintenance tasks, allocate resources effectively, and maintain a record of all maintenance activities.
  • Inventory Control: Effective asset management requires managing spare parts and supplies efficiently. Maintenance Connection's inventory management capabilities aid in ensuring the availability of necessary resources for maintenance tasks.
  • Reporting and Analytics: EAM involves data-driven decision-making. Maintenance Connection provides reporting and analytics tools to assess asset performance, maintenance costs, and compliance with regulations, supporting informed decisions and continuous improvement.

Overall, Accruent Maintenance Connection serves as a prime example of EAM by offering essential features and functionalities that empower organizations to optimize asset utilization, reduce costs, and enhance operational efficiency.