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26th Jul 2024
As assets grow increasingly intricate and customers seek more outcome-oriented agreements, numerous businesses will continue to gain advantages from EAM, both now and in the coming years.
What is Enterprise Asset Management or EAM?
Enterprise Asset Management or EAM is a commercial software utilized by manufacturing businesses and other industries with significant asset investments to enhance the upkeep and repair of industrial facilities and machinery. It targets solutions for enterprises in asset-heavy industries, including heavy manufacturing, discrete and process manufacturing sectors, railways, and energy/utilities. These enterprises apply EAM software tools to cope with the demands of physical asset maintenance. EAM encompasses the management of the lifecycle of physical assets to optimize their utilization, reduce costs, boost quality and efficiency, and ensure the protection of health, safety, and the environment.
What is the Importance of Enterprise Asset Management?
EAM allows asset upkeep to be overseen and the efficiency of assets to be enhanced throughout their entire lifecycle. It provides insight into assets and machinery, enabling owners to maximize investments and make informed maintenance choices, boost operational efficiencies, and strengthen compliance. EAM helps organizations to utilize limited resources more effectively by monitoring, supervising, assessing, and optimizing their assets during the asset management process. It equips maintenance teams with the capability to track and manage asset dependability and quality in complex environments.
What are the components of Enterprise Asset Management?
EAM consists of the following components:
What are the advantages of Enterprise Asset Management?
— Enhancement of asset efficiency. Track the dependability and usage of assets to benefit from timely and cost-effective maintenance.
— Achievement of operational goals. Reduce asset downtime, lower asset management expenses, and prolong asset lifespans to optimize the profitability of assets by adhering to deadlines and maintaining profitability for extended periods.
— Business efficiency boosting. Automate asset management and coordinate the deployment of the required personnel, machinery, and instruments for asset maintenance, allowing for effective planning and execution by integrating maintenance and operations. Through standardized processes, data analytics, and reporting, businesses can save time, minimize errors, and boost asset performance.
— Compliance with ESG. Promote ESG objectives through improved asset management and maintenance. This involves monitoring power consumption, identifying opportunities to extend equipment service life, refurbishing, recycling, and reporting.
IFS EAM
IFS EAM software offers the perfect solution tailored to your manufacturing needs, use case, and usage profile. The solutions streamline asset management, oversee asset maintenance, and enhance asset performance throughout their entire lifecycle. With IFS EAM solutions, you can enhance asset value, improve safety, and increase productivity.
If you are interested in IFS EAM, Alter Systems provides IFS EAM software implementation services for asset-intensive companies that manufacture or distribute goods, build or maintain assets, and manage service-oriented operations. Our team is IFS certified and has broad expertise in this business area. In 2016, Alter Systems became an IFS Gold Channel Partner.
Source: The Enterprise Asset Management (EAM) or Field Service Management (FSM) or both brochure by IFS