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Enterprise Asset Management

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.

EAM involves work management, asset maintenance, planning and scheduling, supply chain management and environmental, health and safety (EHS) initiatives.

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.

Key benefits:

EAM is important because it helps organizations track, assess, manage and optimize asset quality and reliability. Organizations of all kinds have hundreds, thousands, even millions of assets. They are asset intensive.

Assets come in many shapes and sizes – railroads, pipelines, manufacturing equipment, transportation fleets, windmills – and include virtually any piece of equipment needed to sustain production, services and operations. EAM best practices help maintenance teams gain greater control of complex environments to:

Centralize asset information: A CMMS, as part of EAM, tells maintenance managers where an asset is, what it needs, who should work on it and when. It automates critical asset management workflows and makes them accessible and auditable.
Resolve issues before they happen: Asset management software supports preventive capabilities to maintain equipment for stable and continuous operations. It helps ensure warranty compliance and preempt issues that disrupt production.
Monitor assets smarter: AI-powered remote monitoring delivers actionable insight into current and expected states of assets. It aggregates data across departments and information silos, allowing for fewer, more accurate alerts and enhanced decision-making.
Maximize asset utilization: Historical and real-time data collected from IoT devices, analytical and diagnostic tools help extend the availability, reliability and usable life of physical assets.
Manage aging assets and infrastructure: Equipment lifecycles are extended through more informed maintenance strategies and by embedding risk management into business processes to improve return on investment.
Elevate maintenance management: IoT, AI and analytics enhance equipment maintenance practices. Asset tracking and traceability meet increasingly complex environmental, health and safety requirements.
Consolidate operational applications: EAM helps establish a single technology system to manage virtually all asset types. Processes are unified and standardized for wide-ranging asset functions across an enterprise.

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