Enterprise asset management (EAM) is a combination of software, systems and services used to maintain and control operational assets and equipment. The aim is to optimize the quality and utilization of assets throughout their lifecycle, increase productive uptime and reduce operational costs.
Enterprise asset management involves: work management, asset maintenance, planning and scheduling, supply chain management and environmental, health and safety (EHS) initiatives.
EAM is often associated with a CMMS or computerized maintenance management system, but it’s different. A CMMS can be one aspect of EAM. It focuses on centralizing information to facilitate and automate maintenance management processes. EAM is an asset lifecycle management approach that supports asset performance from acquisition to disposal.
In the Internet of Things (IoT) era — with everything from valves to vehicles connected by sensors and systems — practitioners are incorporating advanced analytics and artificial intelligence (AI) into EAM. Data gathered from instrumented assets is analyzed using AI techniques. The resulting insights help maintenance teams make better decisions, enhance efficiency, perform preventive maintenance and maximize investments in their physical assets.