Enterprise asset management is one of the important tools for effective inventory & asset management, especially when your organization is equipped with a lot of assets. There are lots of activities involved in effective asset management. Moreover, there are different needs of different industries.
Furthermore, there are different types of assets which is a challenge for the management! This is where EAM comes into play! In this blog, you will discover what is EAM and how it helps different sectors in asset management!
What Is EAM Software?
Enterprise asset management helps in managing the asset life cycle and increasing asset life. Furthermore, it assists in tracking maintenance. For instance, it helps in knowing which asset needs maintenance and which particular asset was provided last maintenance.
EAM avoids sudden failure of the asset, as a result, it increases the reliability of the asset and minimizes maintenance expenses. It has several features such as maintenance scheduling that too proactively & this is how the asset becomes more reliable.
Furthermore, it provides asset reports that are helpful in making crucial decisions. It is also helpful in increasing the productivity of employees with the data and statistics. EAM centralizes the information as well. For instance, the Manager can see the task status assigned to the employee. Centralizing information keeps everyone in the loop and lets you know the status of each task.
According to Markets and Markets, “The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020.”
What Are the Benefits of EAM Software?
The benefits of EAM Software are as follows:
- Extend asset life
- Increased operation productivity
- Boosting asset performance with KPI
- Preventing asset breakdown
- Saving maintenance costs
- Helps in achieving regulatory compliance
- Accurate information
Types of Asset Managed by EAM in Different Industries
1. Construction Industry Assets
The construction industry has lots of heavy equipment they are costly! Since construction assets move around a lot from one location to another, keeping track of them is crucial! EAM helps in keeping track of assets. One single asset of the construction industry is thousands of dollars. Therefore, it is important that you keep each asset maintained.
An asset in the Construction Industry:
- Inventory such as hammers, bolster, chisel, driller, etc.
- Concrete mixer truck
- Hoist lift
- Pile drill machine
- Water tanker
2. Healthcare Industry Assets
For the healthcare industry assets are significant as they very small equipment which is important in surgery. And if you do not keep track of them, they can get stolen and you will not the status of assets for example where pieces of equipment are kept or either they are clean or not as we know in surgery cases time is important.
Other ways EAM helps by providing real-time information of assets such as bed availability, ventilators, etc. It is important that you know where assets are so that precious time is not wasted. Similarly, assets shall be maintained so that in crucial time you know where assets are located. This can be achieved easily with EAM software
Assets in the Healthcare Industry:
- Inventory such as medicines, gloves, masks
- Cardio equipment
- Ultrasound machines
- ECG machines
- Surgical pieces of equipment
- MRI machines
- X-Ray machines
- Binocular microscope
- ICU Bed
- Refrigerator and so on
3. Automotive Manufacturing Industry Assets
Automotive industry assets have large plants, machines, and warehouses. These assets need maintenance at regular intervals otherwise they can interrupt daily activities. Moreover, a sudden breakdown can also occur & as a result it turns out to be more expensive than regular maintenance. With the reports such as MTBF, MTTR you can analyze breakdown in order to improve asset efficiency, performance and avoid sudden breakdown as well.
An automotive facility has a lot of assets and maintenance can be forgotten, whenever maintenance is forgotten then managers are notified about the same.
Assets in the Automotive Manufacturing Industry:
- High-pressure washer
- Wheel aligner
- Car washing lift
- Air compressor
- Battery charger and jumper
- Air conditioning machine
- Wrench set
- Inventory such as a hammer, screwdriver, etc.
4. Hotel Industry Assets
A hotel is a huge place and its needs to be cleaned and sanitized all the time. However, most of the hotel relies on spreadsheet for asset management. That is why most of the time hotel employee spends their time finding some documents or asset. The spreadsheet is not accurate and it allows anyone to change information. Therefore, it is not reliable! EAM eliminates the spreadsheet usage and manual process and emphasizes the automated process.
For this purpose, asset tracking technique is used such as barcode, QR Code (Quick Response code), RFID (Radio-frequency identification), etc. These technologies come in the form of tags and labels and they adhere to the asset. This asset tracking technology is very helpful in providing accurate information about each asset.
Assets in the Hotel Industry:
- Cooking equipment such as spiral mixer, deep fat fryer, meat mincer, etc.
- Water heater
- Food preparing equipment such as storage rack, dish landing table, pot rack, etc.
- Water treatment plant
Every industry has different requirements some accentuate asset tracking others emphasize maintenance but EAM does it all! As we can see there are a lot of benefits of EAM software that we have mentioned above. EAM is a type of asset management software, it can also help in several other ways such as providing accurate reports that can help in the decision-making process and predicting inventory requirements.
EAM is very helpful in work management & EAM comes the cloud technology so there are few extra features as well. Security is one of the important features of EAM cloud technology and it keeps data in encrypted form, authentication and authorization is also helps in the security of data. Furthermore, you can access information from anywhere across the world.
If your organization is not equipped with the EAM then you must invest in it. You will start noticing its benefits from the beginning. You will get complete control and visibility of your assets.
Frequently Asked Questions (FAQs)
1. What is the difference between CMMS & EAM?
CMMS mainly focuses on asset maintenance and EAM provides a complete solution. EAM takes a comprehensive approach in simple words EAM starts working from the procurement stage and works till the disposal stage.
2. Which Sectors use EAM Most?
EAM can be used by all industries because every organization is equipped with assets. However, EAM is mostly used by the hotel, healthcare, automotive manufacturing, construction, government, energy utilities, oil & gas, IT (Information Technology ), and so on.
3. What are the different types of assets EAM can manage?
As we have mentioned, assets as per the industry other than that there are laptops, computers, lifts, vehicles, elevators, cameras, etc.