What is Enterprise Asset Management?

What is Enterprise Asset Management?

Enterprise Asset Management (EAM) is a transactional workflow system that uses a combination of software, systems, and services to monitor, manage, and optimise the quality and reliability of assets and equipment.

EAM is used across almost every asset-intensive industry, including energy and utilities, oil and gas, manufacturing, and transportation. It helps enterprises to maximise the value of assets throughout their lifecycle, so they can increase productivity and reduce operational costs.

It incorporates everything from asset maintenance, work management, and compliance to planning, scheduling and supply chain management.

Why EAM now?

Recent IBM research shows that the biggest challenge enterprises come up against is system reliability, with over 75% of respondents reporting this as the primary reason for investing in a modern EAM system.

In an increasingly interconnected and autonomous world, enterprises are also struggling to track asset-related data due to complex technology infrastructure and siloed data and applications. This lack of visibility into assets and equipment can cause serious problems for maintenance teams and have a negative impact not only on daily operations and efficiencies, but also on their ability to make informed decisions.

What are the benefits of EAM?

In the current economic climate, having the ability to adapt to change by improving operations can mean the difference between business survival or collapse. Having a robust EAM system in place, driven by intelligent insights from IoT data, enables enterprises to make the most of their assets and equipment and optimise production and service systems at each site.

By taking a more proactive approach, maintenance teams can:

  • Centralise workflows for greater accessibility
  • Optimise operations and increase productivity
  • Maintain equipment and avoid unplanned downtime
  • Manage key performance indicators to improve efficiencies
  • Monitor and manage aging assets and infrastructure
  • Control or eliminate overstocking and stockpiling
  • Meet strict government, compliance, and health and safety regulations
  • Reduce materials use and decrease the cost of doing business
  • Improve business resiliency and keep the business competitive

What is IBM Maximo?

IBM Maximo is enterprise asset management software designed for complex, asset-intensive industries. It helps enterprises deliver high-level strategic goals and enables businesses to make smarter decisions by augmenting IoT data with powerful cognitive insights driven by AI.

The IBM Maximo Application Suite combines monitoring, maintenance, and reliability applications into a single integrated platform, so teams can reach across business units to unify operations and gain greater control of the complex asset environments necessary for bottom-line results.