Introduction
Enterprise Asset Management (EAM) software is a powerful tool that enables businesses to effectively manage and optimize their assets. From machinery and vehicles to IT infrastructure and intellectual property rights, EAM software offers a holistic perspective of an organization's assets, supporting informed decision-making and strategic planning. By tracking asset performance, streamlining maintenance processes, and enhancing operational efficiency, EAM software helps businesses drive growth, reduce costs, and ensure compliance with regulatory requirements.
In this article, we will explore the importance of EAM software in various industries and its impact on asset management. We will delve into real-world case studies that demonstrate the benefits of implementing EAM software, from reducing equipment downtime to optimizing inventory management. Additionally, we will discuss the role of mobile solutions in on-the-go asset management and how they have revolutionized the way maintenance teams operate. By understanding the value of EAM software and mobile technology, businesses can unlock the full potential of their assets and achieve operational excellence.
1. Understanding Enterprise Asset Management Software (EAM)
Enterprise Asset Management Software (EAM) is an integral tool that empowers businesses to effectively manage and regulate their tangible and intangible assets. This comprehensive system is instrumental in tracking, assessing, and enhancing the performance of assets throughout their lifecycle. EAM software caters to a wide array of assets, including machinery, vehicles, IT infrastructure, and intellectual property rights. By offering a holistic perspective of an organization's assets, EAM software supports informed decision-making and strategic planning, leading to improved operational efficiency and better financial planning and budgeting for asset management.
The role of Software Asset Management (SAM) in managing complex environments is highlighted in a white paper by USU Software AG. SAM's efficiency in asset management, especially in intricate settings, is amplified through managed services automation. The paper emphasizes the need for skilled SAM professionals, a resource often in short supply. It presents best practices for driving cost savings and achieving accurate discovery and inventory data. Managed services are proposed as a way to meet the evolving business needs and gain greater efficiency and stronger return on investment (ROI). The paper also underscores automation as a key factor in driving change and supporting technology functions.
The guide, "Guide to the Basics of Software Asset Management," delves into the evolution of SAM from pre-cloud to cloud era. It sheds light on how SAM assists organizations in maximizing their software investment while focusing on compliance and cost containment. The guide also offers a glimpse into the future of SAM, indicating a shift towards the Internet of Things (IoT) and Artificial Intelligence (AI).
Snow Software, a global technology intelligence solutions provider, offers a platform trusted by over 4,000 organizations globally for complete visibility and optimization of software usage and spend. The company provides software asset and cloud management solutions, alongside related content such as ebooks, reports, webinars, and case studies.
However, choosing the best EAM software requires further research or consultation with industry experts to match specific business needs. By integrating different systems, such as Oracle Fusion Cloud Warehouse Management and Manhattan Associates Warehouse Management IBM, businesses can gather data from various sources and create a unified view of their assets.
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This holistic view allows organizations to effectively manage and optimize their assets, leading to improved operational efficiency and better decision-making. EAM software helps maintenance teams to schedule and track maintenance tasks, monitor asset health in real-time, and optimize maintenance processes, reducing downtime, extending asset lifespan, and improving overall asset performance. Strategic planning with EAM software allows organizations to maximize the value and performance of their assets while minimizing downtime and costs.
2. Why is Enterprise Asset Management Important for Businesses?
Enterprise Asset Management (EAM) software plays a crucial role in business operations, especially for organizations that aim to streamline their processes and reduce costs. This software provides a comprehensive view of all assets, enabling companies to monitor asset performance, predict and prevent equipment failures, and strategically plan maintenance activities. This results in extended asset lifespan, reduced downtime, and improved operational efficiency. Moreover, EAM software assists businesses in adhering to regulatory requirements and standards, thus minimizing the risk of non-compliance penalties.
Consider the example of Axonius, a cybersecurity asset management and SaaS management platform. This platform integrates with various adapters to offer extensive asset management, serving industries such as energy, finance, healthcare, manufacturing, retail, and government. Its functions include compliance policy enforcement, cyber asset attack surface management, and cyber asset inventory software management.
Axonius was utilized by Cimpress, a multinational organization with 12,000 employees, to manage and secure assets across its 11 separate businesses. Cimpress struggled with asset visibility and identifying coverage gaps in its security policy. However, Axonius automated asset discovery and created a clean inventory, enabling Cimpress to double their EDR (Endpoint Detection and Response) coverage and decrease incident response time.
In another instance, Chainyard, a global IT firm specializing in digital transformation and blockchain technology, leveraged blockchain technology to tackle the complexities of asset tracking in large enterprises. By recording the status of assets throughout their lifecycle as they moved through the supply chain, Chainyard established a single source of truth for all partners in the supply chain. This real-world application highlights the versatility of EAM solutions in providing innovative approaches to asset management.
EAM software proves to be an invaluable tool in optimizing business operations, reducing costs, prolonging asset longevity, and enhancing operational efficiency. By incorporating innovative solutions like Axonius and Chainyard, businesses can further improve their asset management processes, ensuring they stay competitive in today's fast-paced business environment.
The benefits of EAM software extend to managing and optimizing the lifecycle of physical assets, such as equipment, machinery, and vehicles. The implementation of EAM software can enhance asset performance, diminish downtime, and improve maintenance operations. Additionally, EAM software provides real-time visibility into asset data, allowing businesses to make informed decisions regarding asset utilization, maintenance schedules, and replacement strategies. This ultimately leads to increased efficiency, cost savings, and improved overall business performance.
To optimize operations with EAM software, businesses can evaluate their existing processes, implement preventive maintenance strategies, utilize real-time data, streamline work order management, integrate with other systems such as ERP (Enterprise Resource Planning) or CMMS (Computerized Maintenance Management System), and provide training and support to employees.
EAM software also helps organizations manage the maintenance and repair of equipment, ensuring optimal condition and reducing the risk of failures. This software typically offers features such as preventive maintenance scheduling, asset tracking, work order management, and inventory management. By implementing EAM software, organizations can improve the reliability and availability of their equipment, extend their lifespan, and reduce unplanned downtime.
To reduce non-compliance risks, EAM software should be integrated with other systems such as Oracle Fusion Cloud Warehouse Management and JD Edwards Enterprise One. This integration can improve data accuracy, streamline processes, and automate compliance tasks, thus minimizing the risk of non-compliance with regulatory requirements and internal policies.
Finally, when implementing EAM software, defining clear goals and objectives, involving key stakeholders, testing the software before full deployment, and providing ongoing training and support are all best practices that can ensure a successful implementation.
3. The Benefits of Enterprise Asset Management Software
Implementing an Enterprise Asset Management (EAM) solution in an organization's workflow brings a wealth of advantages, the most prominent of which is the amplification of asset utilization. EAM software, by design, delivers real-time data on asset performance, facilitating proactive maintenance and reducing the occurrence of unexpected breakdowns. The automation of routine tasks such as maintenance scheduling, work order management, inventory tracking, and data analysis by EAM software, as seen in Alvao's asset management tool, provides comprehensive visibility into both hardware and software assets, ensuring efficient monitoring and inventory management, thus enhancing operational efficiency and productivity.
Moreover, EAM software significantly boosts operational efficiency by automating routine tasks, freeing up staff members to dedicate their time and skills to strategic activities. Alvao's Configuration Management Database (CMDB), for instance, simplifies incident and change management by accurately tracking relationships between assets. This capability, as demonstrated in case studies involving Oncomed Manufacturing and Sew Eurodrive, leads to more efficient asset management processes and expedited problem-solving when Alvao's EAM solution is implemented.
In addition to these benefits, EAM software offers valuable insights into the lifecycle costs of assets, empowering organizations to make informed investment decisions. By integrating EAM with existing systems, such as Oracle Fusion Cloud Warehouse Management or SAP Extended Warehouse Management, you can track and analyze the costs associated with your assets throughout their lifecycle. Alvao's IT asset lifecycle management feature, which captures hardware asset information automatically and allows for the tracking of various types of assets, has been instrumental in enhancing asset management processes for companies like Notino.
The most effective EAM solutions are those that can integrate with other systems, such as Computerized Maintenance Management Systems (CMMS) and Enterprise Resource Planning (ERP) tools.
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This integration paves the way for a unified platform for managing all business operations, streamlining operations, improving collaboration, and enhancing productivity. Alvao's asset management software, for example, facilitates software license optimization and enhanced asset tracking through integrations with Entra ID, Intune, and Configuration Manager.
In essence, integrating an EAM solution into an organization's operational framework amplifies asset utilization, boosts operational efficiency, enables informed investment decisions, and facilitates the efficient management of all business operations. Furthermore, EAM software allows organizations to comply with regulatory requirements and industry standards, ensuring that assets are properly maintained, inspected, and serviced in accordance with relevant regulations. This not only helps prevent safety or compliance issues but also reduces the risk of penalties or fines. Lastly, EAM software contributes to cost savings and improved financial management by optimizing asset utilization, thus avoiding unnecessary purchases and reducing maintenance costs. The software can also provide insights into the total cost of ownership for assets, aiding organizations in making informed decisions regarding asset investments and replacements.
4. Key Features to Consider When Choosing an Enterprise Asset Management Solution
Choosing an Enterprise Asset Management (EAM) software requires careful consideration of a variety of features that contribute to effective asset management. A crucial element is managing the asset lifecycle, which allows an organization to monitor an asset's journey from acquisition to disposal. However, the provided context does not mention specific EAM solutions that offer this feature.
Predictive maintenance is another significant aspect of EAM software. It uses data and analytics to anticipate when an asset might fail, allowing for proactive maintenance and reducing unplanned downtime. Some EAM solutions employ machine learning algorithms and sensor data to detect patterns and anomalies that may suggest an impending failure. Others use historical data and statistical models to predict asset performance. Thus, it's important to evaluate the specific features of various EAM solutions to find one that best meets your organization's needs for predictive maintenance.
Real-time asset tracking is another beneficial feature of EAM software. To enable this feature, it's essential that the EAM system can integrate seamlessly with various warehouse management systems, such as Oracle Fusion Cloud Warehouse Management or Manhattan Associates Warehouse Management. This allows the EAM software to access real-time data on assets within the warehouse, enhancing asset visibility, tracking, and management.
Robust reporting and analytics tools are also integral to asset performance analysis. For example, platforms like Makini offer various integrations and use cases that can help optimize inventory and warehouse management. Leveraging such tools can provide valuable insights into asset performance, facilitating data-driven decision-making.
EAM solutions often feature a user-friendly interface and mobile access, allowing users to interact easily with the software, whether they're using a desktop or a mobile device. The intuitive interface ensures users can perform tasks and access necessary information efficiently. Mobile access enables users to manage assets and perform maintenance tasks from anywhere, at any time.
Lastly, scalability is a key characteristic to consider in an EAM solution. It enables the software to adapt and grow with the business, accommodating changes in the asset portfolio and business expansion. However, the provided context does not directly mention anything about the scalability of EAM software.
In summary, the selection of an EAM solution should be a comprehensive process, considering a range of features including asset lifecycle management, predictive maintenance, real-time asset tracking, robust analytics and reporting, a user-friendly interface, mobile access, and scalability.
5. Data-Driven Maintenance Operations: The Impact of EAM on Industrial Processes
Enterprise Asset Management (EAM) software is a potent instrument that helps businesses transition their maintenance operations from being reactive to proactive. By leveraging real-time data and applying predictive analytics techniques like regression analysis, time series forecasting, and machine learning algorithms, potential equipment failures can be anticipated, and preemptive maintenance scheduled. This strategy minimizes downtime and cuts down on repair costs.
Take, for instance, the partnering of Evansville Water and Sewer Utility (EWSU) with Xylem to address operational and system capacity issues in their combined sewer system. They utilized Xylem Vue powered by GoAigua's SSOC/CSO prediction and prevention applications to create a digital twin of their sewer network. This digital twin amalgamated real-time monitoring data with hydraulic models, enabling EWSU to visualize and analyze system behavior in real-time. This implementation led to an annual reduction of combined sewer overflows by over 100 million gallons, surpassing the requirements of the consent decree.
Beyond maintenance, EAM systems also enhance inventory management. They achieve this by tracking the usage of spare parts and optimizing stock levels. This data-driven approach not only elevates operational efficiency but also extends the lifespan of assets and boosts overall business performance.
DataProphet's utilization of AWS to aid manufacturers in reducing scrap rates to nil serves as another great example of the power of EAM software. Their software, Prescribe, employs machine learning to identify optimum production parameters and prevent the creation of defective parts. As a result, the cost of producing faulty parts fell by over 40%, and one client even recorded a scrap rate of zero.
These instances highlight the transformative potential of EAM software. By harnessing the power of data and analytics, these tools empower businesses to foresee problems, optimize operations, and enhance overall performance.
6. Advanced Reporting and Dashboards: Gaining Insights from EAM Systems
Enterprise Asset Management (EAM) systems are fortified with advanced reporting and interactive dashboards. These features offer an uncomplicated yet comprehensive overview of asset performance and maintenance activities. By monitoring key performance indicators (KPIs), organizations can identify trends and anomalies, laying the groundwork for decisions based on data.
For instance, the Tampa Bay Estuary Program (TBEP) has adopted an open science approach to automate their annual water quality report creation, which was previously manual. Utilizing open-source tools like GitHub, RStats, and Travis CI, they have achieved enhanced efficiency, transparency, and reproducibility. The automated workflow includes data synthesis, plot generation, and the use of R Shiny dashboards for interactive data engagement. Travis CI ensures the inclusion of the most current data by automating daily checks and builds of the water quality report. This workflow is not only time-saving and error-reducing but also promotes collaboration and sharing.
Another exemplary platform is Explore Analytics. This user-friendly platform allows for the creation of reports with just a few clicks, eliminating the need for coding or data model changes. It provides powerful interactive dashboards that offer a comprehensive view of data from multiple sources in real-time.
However, for an EAM software to be considered top-tier, it should offer customizable dashboards and reports to cater to the unique needs of each organization, similar to Explore Analytics. It seamlessly integrates with ServiceNow, providing real-time reports within the ServiceNow environment. Prebuilt analytics packs are available for various ServiceNow processes, such as incident management, project management, and CMDB data quality.
In the quest for customizable dashboards and reports for EAM software, platforms like Makini.io are worth exploring. They offer integrations with Oracle Fusion Cloud Warehouse Management and JD Edwards Enterprise One, potentially providing customizable dashboards and reports that meet your needs.
When designing EAM software dashboards, it's essential to prioritize the most relevant and important information for users. This can be achieved by conducting user research and understanding their needs and workflows. The dashboard should provide a clear and intuitive interface with easy navigation and clear visualizations. It's crucial to design the dashboard with a responsive layout that adapts to different screen sizes and devices. This ensures that users can access and interact with the dashboard seamlessly on desktop computers, tablets, and mobile devices.
For EAM software KPI monitoring and analysis, the Makini.io platform offers integrations with various enterprise systems such as JD Edwards Enterprise One and Oracle Fusion Cloud Warehouse Management.
Monitor and analyze your EAM software KPIs with Makini's integrations.
By leveraging the capabilities of the Makini.io platform, you can monitor and analyze key performance indicators (KPIs) related to your EAM software.
Anomaly detection in EAM software dashboards refers to the capability of identifying and flagging unusual or abnormal patterns or behaviors within the data displayed on the dashboards. The anomaly detection algorithms analyze the data and compare it to expected or normal patterns, allowing users to quickly identify any deviations or anomalies that may require further investigation or action.
Overall, advanced reporting and dashboards are crucial tools in EAM software. They provide a clear view of asset data, enabling organizations to make data-driven decisions, optimize resource allocation, and improve strategic planning. By adopting innovative solutions like TBEP and Explore Analytics, organizations can enhance their operational efficiency and achieve their strategic goals.
7. Case Study: How Top Industries Benefit from Using EAM Software
Enterprise asset management (EAM) has proven to be a game-changer across a variety of industries, from manufacturing to utilities and transportation. For instance, a notable manufacturing company significantly reduced equipment downtime by 20% after integrating an EAM software. This software empowered the company with real-time equipment efficiency monitoring, predictive analytics for potential failures, and organization of preventive maintenance.
Similarly, a utility company leveraged EAM software for efficient spare parts inventory management, resulting in a 15% reduction in maintenance costs. With the ability to track spare parts usage, monitor inventory levels, streamline procurement, and forecast spare parts requirements, the EAM software ensured optimal availability of necessary parts. Moreover, it provided insights into equipment performance and maintenance history, which enabled proactive maintenance strategies and reduced the risk of equipment failure.
One specific example of EAM solution implementation is the global insurance company that utilized Flexera OneIT Asset Management to optimize their software licensing efforts. With operations spanning 54 countries and a workforce of 153,000, the company aimed to manage software licensing risk effectively. The solution helped streamline the licensing process, reduce manual labor, and increase efficiency with automation tools. It also improved the company's license management maturity level with team training and project team involvement. Flexera's ITAM solution provided spend visibility and savings, enabling the company to remain compliant with software end-of-life and end-of-support dates.
Enviro Building Services, an energy management and automation specialist based in the greater Sydney area, also benefitted from EAM software. The company faced challenges in managing business processes, preparing quotes, and invoicing for large jobs. EMAC, an affordable and user-friendly EAM software, allowed the company to streamline its business processes, issue invoices promptly, and manage different groups of employees. As a result, the company experienced a 78% revenue growth and 250% staff growth over the last two financial years. These case studies reinforce the profound impact of EAM systems on enhancing operational efficiency and reducing costs.
8. The Role of Mobile Solutions in On-the-Go Asset Management
Mobile technology has emerged as a key player in Enterprise Asset Management (EAM) systems, revolutionizing the way asset management is conducted. Mobile platforms enable maintenance teams to make instant updates to asset data, report any discrepancies, and manage work orders from any location, thereby amplifying productivity and curtailing response times.
Mobile EAM systems have the ability to capture real-time data, enhancing the accuracy of asset information. A premier EAM platform is anticipated to incorporate a comprehensive mobile application, ensuring seamless asset management irrespective of the user's location.
The influence of mobile technology is steadily replacing conventional methods of acquiring and managing maintenance data. As per the 2017 State of CMMS report, the number of organizations utilizing a mobile CMMS jumped from 40% in 2016 to 75% in 2017. As a result, organizations are beginning to recognize the benefits of mobile solutions beyond just maintenance tasks and operations.
A unified mobile maintenance solution is preferred, which allows different teams to input, view, and update data from a single application. This centralized point of data ensures consistency and accuracy. Other sought-after features include online/offline access, allowing field workers to access and sync data even without internet connectivity, and a configurable user interface that accelerates implementation and facilitates training.
Modern mobile solutions also offer features like note-taking, camera usage, geolocation, and barcode scanning, equipping technicians with the necessary tools to carry out their jobs efficiently. Another significant feature is time entry and confirmation, which enhances the accuracy and integrity of logged data by allowing technicians to log time accurately.
A comprehensive EAM mobile solution not only benefits plant maintenance but also operations and warehouse management. Organizations are recommended to harness mobile asset management technology to cultivate a more productive and efficient workplace. For instance, the Makini.io platform, which integrates with various warehouse management systems like Oracle Fusion Cloud Warehouse Management and Manhattan Associates Warehouse Management IBM, allows you to harness the power of mobile applications to efficiently manage your assets in a warehouse environment.
It's worth noting that products like Prometheus Mobility offer the features mentioned above and more, making them a valuable addition to any EAM strategy. To optimize response times in asset management, it's crucial to ensure that the mobile application is properly optimized for performance. This includes minimizing the amount of data transferred, optimizing database queries, and using caching mechanisms to reduce server load.
Technologies such as content delivery networks (CDNs) can help improve response times by caching static assets closer to the end user, reducing latency. Implementing techniques like lazy loading, where assets are loaded only when needed, can further improve response times. Lastly, regularly monitoring and analyzing performance metrics can help identify bottlenecks and areas for improvement.
Overall, the rise of mobile technology in the EAM landscape denotes a shift towards a more efficient, accurate, and comprehensive approach to asset management.
Conclusion
In conclusion, Enterprise Asset Management (EAM) software plays a critical role in helping businesses effectively manage and optimize their assets. By providing a holistic view of an organization's assets, EAM software enables informed decision-making and strategic planning. It allows businesses to track asset performance, streamline maintenance processes, and enhance operational efficiency. The implementation of EAM software has been shown to have significant benefits, such as reducing equipment downtime, optimizing inventory management, and improving overall asset performance. Additionally, the role of mobile solutions in on-the-go asset management has revolutionized the way maintenance teams operate, enabling real-time updates and improving productivity. By understanding the value of EAM software and mobile technology, businesses can unlock the full potential of their assets and achieve operational excellence.
To maximize the benefits of EAM software in asset management, organizations should conduct thorough research or consult with industry experts to choose the best software that matches their specific needs. Integrating different systems and leveraging innovative solutions can further enhance asset management processes. By integrating EAM software with other systems such as Oracle Fusion Cloud Warehouse Management or Manhattan Associates Warehouse Management IBM, businesses can gather data from various sources and create a unified view of their assets. This holistic view allows organizations to effectively manage and optimize their assets, leading to improved operational efficiency and better decision-making. Furthermore, by embracing mobile solutions for on-the-go asset management, businesses can empower their maintenance teams with instant updates and real-time access to asset data from any location. By implementing EAM software and embracing mobile technology, businesses can drive growth, reduce costs, ensure compliance with regulatory requirements, and achieve operational excellence.
