Enterprise Asset Management (EAM) is the management of each organisation’s physical assets, throughout its lifecycle, until the organisation has disposed of that particular asset.
An EAM system or application is used by Asset Managers, Finance Managers, Maintenance, IT, Compliance & Risk Managers to maintain an accurate and complete list of all fixed assets, be it property, buildings, equipment or furniture, throughout their lifecycle.
The primary objective of an effective asset management program is to ensure that assets maximise value to all stakeholders in the value chain, throughout the asset’s lifecycle. EAM is often associated with a computerised maintenance management system or CMMS. Where EAM is an asset lifecycle management approach that supports asset performance from acquisition to disposal, CMMS is only focused on centralising information to facilitate and automate maintenance management processes.
Typically, an EAM application works throughout the organisation’s processes, which means an integration with the current:
- ERP (Enterprise Resource Planning) system – to ensure the integrated management of the main business processes, such as accounting, sales, procurement, production, HR and CRM
- BMS (Building Management Systems) – an integrated system for the control and monitoring of a building’s mechanical and electrical equipment, such as ventilation, lighting, security and fire systems, and where appropriate incorporate
- IOT (Internet of Things) devices – to aid in early automated detection
- Ensure compliance in all areas of the organisation, be it finance, maintenance or risk management
- Ease of reporting with accurate information to ensure financial reporting, tax obligations and audit processes are correct and on time
- Asset registers are constantly updated providing immediate depreciation or appreciation values, with little room for human error
- Ensures optimal use of space and equipment, reduces waste of resources and energy and tracks all planned maintenance projects to cut back on unplanned downtime
- Allows for ease of planning to ensure the appropriate assets are in the correct location, at the right time, in the appropriate condition to support processes that achieve mission objectives
- Aligns the asset management strategic plan with the facilities management and enterprise strategic plans, thereby cutting back on waste and delivering projects in budget and on time
- Manage proposed projects and scenarios at the macro level to ensure that new capital asset purchases and re-allocations align with the strategic plan
- Asset audits and verification
- Compiling Compliant Asset Registers
- Drafting Asset Frameworks and Policies
- Managed Services
- Software as a Service (Saas)
- Change Management and Training
- System Implementation