Enterprise Asset Management Software Brings Visibility to Maintenance Blind Spots
Every major company engages in enterprise asset management (EAM), whether they realize it or not. Assets are the fundamental keys to keeping the business running, which means prioritizing the ROI of each asset. EAM software provides visibility into key metrics such as total cost of ownership and attributable revenue. Many manufacturers also can benefit from using EAM data to inform a higher standard of maintenance as well.
Enterprise asset management meets maintenance
EAM is a concept that’s been around for decades, incorporating management and maintenance of a company’s physical assets throughout their life cycle. Now, thanks to EAM software, businesses can plan, optimize, and track all the activities, materials, tools, and information associated with each asset. It provides a comprehensive picture of an asset, from cost to performance.
When paired with Industrial Internet of Things (IIoT) software, modern EAM systems have the potential to become digital twins. This digital representation of a physical asset is particularly useful in guiding maintenance approaches. The multitude of data fed into EAM software and rendered as a digital twin provides context for maintenance — both proactive and reactive — in pursuit of better asset management.
EAM shines a light on maintenance opportunities
The goal of EAM software is to understand and track the value of equipment assets, making optimizations along the way. In short, it allows manufacturers to get more out of revenue-generating assets such as machinery and production equipment.
Using IIoT sensor data, physics-based models, artificial intelligence (AI), and machine learning algorithms to determine the health of an asset, EAM software enables maintenance optimization and helps technicians be proactive in their maintenance activities. For example, insights provided by EAM software can highlight simple adjustments that may beget better results.
Better strategies center on asset reliability
Physical assets are a major investment for any business, but especially for manufacturers. Proper upkeep is crucial to get the best ROI from each investment. By using EAM software insights to guide maintenance strategies, facility managers can see where they may be missing out on proactive maintenance opportunities.
EAM software offers access to accurate asset data, so maintenance teams can analyze asset performance and condition to form a unique maintenance plan, specific to each asset. This not only informs better asset management, it also provides context for total cost of ownership to validate a decision to repair, dispose of, or replace an asset that may be nearing the end of its useful life.
EAM and IIoT are a winning combination for maintenance
Investing in EAM software enables real-time decision-making that can save money and reduce costly downtime. By managing the entire life cycle of an asset, manufacturers can predict and visualize asset status and behavior, giving them advance notice when underperforming equipment needs immediate attention. For production asset management, EAM drives improved uptime and helps producers get the best possible ROI from their most critical assets.