Managing your company’s assets is not just reviewing flowcharts or walking through a warehouse storage facility. You have to take more effort for your business. Thanks to Enterprise asset management (EAM), tracking the physical assets of the business becomes an easy task. Simply scroll down to know more about enterprise asset management:
Enterprise asset management is the business process that supports management of an organization’s assets, including physical and non-physical assets.
Physical Asset Management: It is the process of managing the overall life cycle – right from design, construction, commissioning, operating, managing, fixing, replacing, and decommissioning/disposal of physical and infrastructure assets.
Fixed Asset Management: It is an accounting process that helps in tracking fixed assets to meet the purpose of financial accounting.
IT Asset Management: It is the set of business practices that include financial, contractual, and inventory functions with the aim to support life cycle management as well as strategic decision making for the IT environment.
Digital Asset Management: This process is used to manage electronic media content that includes digital assets.
According to Technopedia, EAM can be described as “the management of the assets of an enterprise across departments, facilities, business units, and geographical locations. EAM integrates techniques for holistic control and optimization throughout asset life cycles, including design, commissioning, operations, and replacement.”
Enterprise asset management is highly important for businesses as it helps in reducing costs and improving efficiency. It offers several advantages to businesses, including
• It helps in improving return on assets
• It helps in reducing costs and risks
• It can improve asset decision making
• It can maximize asset service responses and efficiency
• It can reduce total cost of ownership
• Compliance with required regulations
Enterprise Asset Management Software
Enterprise asset management software helps businesses to meet their goals. It can help businesses deliver outstanding business performance that can drive operational efficiencies, and enhance the ROI of the business.
Functions of EAM Software
This software helps in monitoring and tracking physical assets. It also allows to track physical location and may help in tracking the life-cycle stage, possible maintenance needs, present custodian, and any additional information that can help with asset management.
In most cases, enterprise asset management software can automate several aspects of asset management, including automatically ordering several parts as supplies are depleted. One of the best parts of this software is it can reduce overhead and maximize overall efficiency.
Usage
This software can be used by organizations with physical assets. These assets can be in the form of equipment like bulldozer or scientific measurement tools, manufacturing parts, or furniture like desks in schools. This software also helps in tracking inventory like clothes for a major online retailer.
Benefits
Enterprise asset management software allows businesses to have as much information as possible in order to improve operations. It comes with automatic tracking tools that allow the system to be updated quickly. It means you can always have up-to-date details and information to make the right management decisions.
Similar Software System
CMMS: CMMS stands for Computerized Maintenance Management System. It can be used to manage maintenance. For instance, it can track word orders. EAM can manage all aspects of asset management, but CMMS can only manage the maintenance aspect of asset management.
ERP: Enterprise Resource Planning software can manage several business processes such as according and HR. EAM can manage all aspects of physical assets, but it is not able to manage the financial aspects of these physical assets. So, ERP software is used.