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.
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: