Enterprise asset management software: Everything you need to know in 2024

Introduction

If you are a manufacturing unit, there are high chances that you have to manage multiple assets, that are crucial to running your business . These days, many software are marking their place in the market; amidst such competition, “Enterprise asset management software” is the best choice for all small units and large units. It benefits companies by streamlining their operations and enhancing overall efficiency.

Enterprise asset management solutions are customized software developed for maintaining and managing tangible assets efficiently throughout the asset lifecycle. This software combines various features, making it a reliable choice for enterprises and industries of all types. In this blog, we will cover everything about enterprise asset management software.

What is enterprise asset management (EAM) ?

As stated above, Enterprise asset management or EAM refers to the management of physical assets. It is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. As developing it yields excellent results, choosing the right enterprise software development company will help you venture in the right direction.

Enterprise asset management has a plethora of features that set it apart. The features’ simplicity and strategic objective allows you to optimize various asset management processes. Some of the features are stated below:-

• Work Order Management
• Labor & Scheduling
• Mobile Workforce
• Cloud and IIoT
• Supply Chain Management
• Financial Management
• Analytics & Reporting
• Inventory Management

Benefits of EAM

a) Brings down the maintenance costs using predictive maintenance.

b) Promises effective maintenance scheduling as well as planning.

c) Overall equipment effectiveness (OEE) is crucial to comprehending vendors and their equipment in an efficient asset management system.

d) EAM system offers the benefit of process automation.

e) Assists in ensuring compliance with regulations.

What’s the difference between CMMS vs EAM ?

CMMS (Computerized maintenance management system) and EAM systems have similar purposes and functionality. The primary difference is that CMMS caters to small businesses; conversely, the EAM system serves broader spectrum industries with prominent features.

– CMMS aims for maintenance function, but EAM system is a comprehensive approach with multiple business functions.
– CMMS has the limitation of tracking right after the installation; on the other hand, EAM tracks assets throughout their lifecycle.
– CMMS has limited capabilities for single or multiple sites. EAM proactively operates numerous sites across businesses.
– CMMS is a reliable alternative when it comes to handling small operations. However, it is paramount to remember that CMMS lacks scalability.

Considering all the above pointers of differences between CMMS and EAM, it is essential to remember that though EAM is expensive, it is a better option than CMMS.

Let us consider a simple example: one inappropriate online comment can turn up approximately 25 customers against you, whereas preventive maintenance can save on other maintenance costs as well. This justifies that EAM is a comprehensive CMMS that integrates inventory, purchasing, document, accounting, and business intelligence, offering a significant ROI that outweighs the initial cost for business growth.

What is EAMS?

Enterprise asset management software provides a holistic overview of tracking, managing, and analyzing asset performance and costs throughout their entire lifecycle. It is designed to streamline and optimize the lifecycle of assets right from the beginning of installation to regular maintenance till event disposal or replacement. Some key aspects of functionalities and aspects associated with EAMS are as follows:-

a) Management of assets
b) Maintenance management
c) Work order management
d) Inventory optimization
e) Asset performance analytics
f) Compliance control
g) Asset depreciation and valuation
h) Usability testing
i) Integration with other systems

What Determines Enterprise Asset Management Software Success?

Below mention are the essential factors to maximize the ROI of the EAM solution:-

1. It offers seamless flexibility of integration

An EAM system must integrate seamlessly with business-critical software to lower development costs and automate asset planning, optimization, and maintenance processes.

2. It offers modern analytics and reporting capabilities

With AI-driven insights, it enables deep advanced analytics about asset abnormalities, critical drivers of asset costs, predictive maintenance efficiency, etc., in the form of interactive visuals in near real-time.

3. Mobile user-friendliness

This critical feature enables product managers or other technicians to get a quick connection, irrespective of location, to access asset data required for asset repair/replacement and upgrade.

4. Safe and regulatory-compliant EAM data storage

Avoiding data leaks are vital to secure the asset as they can lead to serious legal and financial consequences. Enforce data security measures like encryption and role-based access control for centralized asset data storage and conduct regular vulnerability assessments and penetration testing of the EAM system.

Best practices of EAM

EAM caters to many industries by minimizing long-term costs, managing cash flow, and lowering the risks that tear down your operations. Let’s check how EAMS can aid different sectors.
Retail

Every retail business requires EAM to minimize the costs of different operations. The core requirement is for large enterprises to integrate EAM into their operations. EAMS allows you to maintain your stores, warehouses, and other properties.
Food services & restaurants

A single misconduct in the kitchen can lead to a much bigger problem than you can anticipate. Consider the example of an oven failure; this costs you more than the price of getting the repairs done. It also impacts customer loyalty and operational time.
Grocery

It is crucial for maintaining your assets and facilities for enterprise grocers. EAM lets us keep your equipment and properties functioning well so you can mitigate unexpected costs.
Financial services

In the financial service industry, it is paramount to maintain the technical equipment and certain facilities running smoothly. EAM allows you to keep the operations running and manages security cameras.
Convenience stores

Customers are in a hurry for the daily essentials and they reach out to convenience stores. If you cannot manage the store assets, there are likely chances of low customers turnouts and shutting down of the shop. This is because they want their convenience store to be reliable. Therefore, EAM allows you to minimize such minor issues.

Industries using Enterprise Asset Management Software in their operations

1. Manufacturing
2. Retail
3. Hospitality
4. Healthcare
5. Metals and Mining
6. Corporate

Top 10 Enterprise Asset Management software in 2024

1. IBM Maximo Application Suite
2. Qualys Cloud Platform
3. Verizon Connect
4. SAP S/4 HANA Cloud
5. Fiix CMMS
6. MaintainX
7. UpKeep
8. Fractal One
9. NEXGEN Asset Management
10. ServiceChannel

How can OpenXcell help?

Every enterprise needs a suitable solution to make the most of its assets and operations. Real-time performance of assets is monitored, allowing predictions of which repairs or maintenance is required. If you are still operating your business with Excel sheets and manual processes, you won’t know what is happening inside your business activities.

Have you thought about bringing your asset management to a successive level? Reaching out to OpenXcell- the leading software development company for enterprise asset management software, can bring out excellence while maximizing your product presence, enabling you to increase your productivity and profitability. OpenXcell experts offer industry-specific EAM software designed to overcome unique challenges.

Are you unsure about the potential benefits of EAM software for your business? Talk with us.

Conclusion:-

Enterprise asset management software is the go-to choice for many enterprises and industries. With all its benefits, it is one of the most hi-tech solutions offering modern ways of operational management of assets. This leads to the conclusion that the demand for EAMS will increase exponentially shortly; reaching out to an experienced enterprise software development company will help you meet the expectations.