Enterprise asset management is the lifecycle management of an organization’s physical assets (objects, installations, systems, buildings, etc.) across departments and facilities, with the goal of improving quality and efficiency.
Every business owner wants to maximize uptime, cut costs, reduce risks and accidents and deliver the highest quality products or services. To achieve these objectives, enterprise assets — from production machinery and real estate to entreprise equipment — need to be used and managed as efficiently as possible. Enter enterprise asset management (EAM): a holistic approach focused on managing all information, structured and unstructured, related to physical assets throughout their entire lifecycles, helping companies deal with the irregularities of an ever-changing world.
From design to decommission
Optimizing the use and value of enterprise assets can happen in several ways. For production lines, for example, it can mean minimizing downtime or energy costs. For small assets, like hand tools, it can mean ensuring that they are always available to use.
By keeping track of the entire lifecycle of an asset from design to decommission, smart EAM allows you to proactively plan maintenance, order spare equipment before the existing tools break down, and keep track of the whereabouts, status and value of all assets in general. In case of incidents or quality issues, EAM solutions – in combination with Asset Information Management solutions – build extensive knowledge bases that will even help you retrace the steps of one or more assets and identify causes.