Key Benefits of Enterprise Asset Management

When an organization has high-value assets, they need to be able to track and monitor them in a proactive way. That process is called enterprise asset management. Enterprise asset management (EAM) is the process of using management tools to maintain the assets of an organization. The process tracks and monitors assets through the life cycle of the assets. The term enterprise comes from the range of the assets through each department and facility of the organization. Assets are anything tangible owned by the organization, such as buildings, vehicles, ships, and machinery. Tools that perform enterprise asset management track every part of these assets. Learn more about enterprise asset management and its many benefits right here.

Why is Enterprise Asset Management Important?

Enterprise asset management is important because a large organization with many assets needs a system to manage the tracking and maintenance of the assets. That can include everything from managing fleets of vehicles to multiple properties. Its importance is to resolve problems and centralize information.

When it comes to problem resolutions, enterprise asset management uses software to watch operations and prevent any interference or interruptions to service. The software can pick up problems before they are disasters, and can point management to resolutions.

These tools can also help an organization monitor what they have, and send alerts or decision-making notifications when necessary. All information in enterprise asset management is centralized, so that management knows the who, what, where, when, and why, of all assets.

Benefits of Enterprise Asset Management

A key benefit of enterprise asset management is its ability to provide analytics to give insight to management. In most asset management tools today, that insight is driven by artificial intelligence systems that keep operations moving cohesively. 

Another key benefit is that it provides health and safety to all workers. Most asset management software tools provide health and safety reports that will reduce the need to correct major safety flaws. Many today can also connect to smartphones that will allow users to take images or collect data for management as events happen.

Today’s asset management tools can also store data on clouds to improve the flexibility of systems within the organization. This ultimately lowers costs and enables users to depend less on IT. This also helps from a supply chain perspective. Maintaining a tracking and management system of supply chain logistics provides solutions in real-time for end users.

Learn More About Enterprise Asset Management

Before enterprise asset management, hardware was used to perform many of these functions and provide these benefits. Organizations and management teams are more streamlined today with it. Learn more about enterprise asset management today to see if your organization can benefit.