What is EAM Software?
EAM software, or enterprise asset management software, is a facility management software that helps users maintain, analyze and manage their physical assets and infrastructure throughout the asset lifecycle – from acquisition to disposal.
Components of EAM Software
With enterprise asset management software users get what they need to optimize their operations and assets throughout the asset lifecycle. The most robust EAM software solutions offer a rich set of components that eliminate multiple redundancies and problems.
Asset Lifecycle Management
Properly maintain and track all your important physical asset information and documentation – including MRO information, maintenance history, work orders and historical information and analytics – throughout the asset lifecycle to decrease costs and increase asset reliability.
Work Order Management
Simplify the creation and completion of work orders – diagnosing issues, assigning technicians, scheduling work orders and more – for decreased downtime and enhanced preventive and predictive maintenance capabilities.
MRO Inventory Management
MRO inventory costs can skyrocket as team members struggle to locate inventory, order missing parts and complete relevant work orders on time. Full MRO inventory management through your EAM software can solve these concerns, lower costs and simplify asset maintenance.
Effective asset management requires centralized, comprehensive and trustworthy asset information. An EAM software solution can effectively integrate and streamline all related documentation, thereby maximizing efficiency allowing for data-driven insights and ultimately increasing revenue.
Service Contract Management
Managing contracts and ensuring compliance can be a dauntingly complex and costly task. EAM software can help you easily create contracts, manage terms and ensure compliance with your customers, employees, partners and vendors.
In order to make the most out of your robust EAM software, your employees need to be continuously trained and certified. Your EAM system can streamline this process by increasing accessibility of training procedures, simplifying audit logs and giving your managers a bird’s eye view of your team’s safety training progress.
Gain a comprehensive understanding of your finances by connecting to your accounting software or other key tools. Streamline processes and implement preventive maintenance to cut costs across your organization.
Robust Analytics and Reports
Big-picture analytics can help you optimize your operations and identify areas of concern before they cause downtime or other costly problems. This can ultimately maximize your uptime, increase employee productivity and help your organization make better business decisions.
Safety and Compliance Regulation
The safety of your team members is of upmost importance – and managing safety and compliance can be particularly difficult in the context of social distancing and COVID-19. Your EAM software can help by streamlining audits, demystifying safety requirements and using analytics to reduce your safety risk.
What Is the Difference Between EAM Software and a CMMS?
Today, there is significant overlap between an EAM software and a computerized maintenance management systems (CMMS). However, there are fundamental and important distinctions between the two tools.
Most broadly, a computerized maintenance management system can be considered to be a component of a broader EAM system: an EAM will always include a CMMS component, but a CMMS will not always provide the features and capabilities of an EAM. That’s because CMMS software focuses primarily on asset management and facility maintenance during the operational phase of the asset lifecycle.
EAM software, on the other hand, provides a suite of tools and features that allow organizations to track, manage and optimize asset and facility performance through the entire asset lifecycle.
That said, many modern CMMS systems have expanded to offer EAM-level capabilities. Maintenance Connection, in particular, can be used as both a CMMS and an EAM tool.
EAM Software and SaaS
When CMMS and EAM software first appeared, all asset management systems were based on on-premise hardware. Now, there has been a significant shift to the cloud. Cloud-based SaaS solutions offer many benefits that make a SaaS solution ideal for modern asset-heavy businesses, including:
- Maximized integrations: Modern organizations must integrate information across systems, devices and software tools. The cloud provides a connectable ecosystem in which these integrations are easily achieved.
- More reliability: If you have a strong provider, a SaaS solution will provide fast uptimes, increased ease-of-use and more reliable availability across devices.
- Scalability: It is difficult to scale across sites and facilities using hardware. A mobile-friendly SaaS solution maximizes scalability and flexibility across sites and devices.
- Lower maintenance cost: SaaS EAM solutions are usually run on monthly or annual subscriptions that require significantly less up-front investment.
- Increased security: Maintenance Connection and other EAM software automatically updates patches and other security concerns, so the burden will never fall on your IT department.
Related EAM Software Concepts and Resources
Learn more about the importance of preventive maintenance and predictive maintenance practices.
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Accruent Analytics and Maintenance Connection
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Learn how Maintenance Connection’s mobile interface can increase your efficiency using features like native barcoding, labor tracking, in-the-field access to documentation and more./p>
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CMMS and EAM Adoption
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Maintenance Connection in 2019 Gartner EAM Magic Quadrant
Maintenance Connection rated among top three Challenger products in the Gartner Magic Quadrant.
FAQ: EAM Software Frequently Asked Questions
Who uses enterprise asset management software?
An enterprise asset management software (EAM) can be used by many employees in asset-heavy companies. As far as industries go, enterprise asset management software is often used by utility managers, energy managers and manufacturers. Within each of these verticals, an EAM software can be used by many employees, including:
- Plant managers
- Decision-makers and C-suite
- Inventory managers
- Maintenance manager
The ultimate goal? To increase asset-related transparency, to decrease delays, to stop reactive maintenance practices and to resolve difficulty meeting KPIs and metrics.
What should I know about enterprise asset management software?
When thinking about enterprise asset management software, it’s important to keep in mind that there is no one-size-fits-all EAM software solution. Instead, the right enterprise asset management software for your business will depend on factors like:
- Your budget, both short term and long term.
- The technological capabilities of your IT team, which will help determine whether you choose an on-premise or a cloud EAM software.
- User adoption and which EAM software has the features that your technicians and operators will need.
- Your vendor relationship, as the right vendor will provide ongoing training and support.
- Integrations and your existing systems
What is the top EAM software?
There are many industry-leading EAM software options – but, once again, deciding on the right solution for your business will depend largely on your team’s unique preferences and needs. You can find a complete guide to choosing the right software solution for your business here.
How does an EAM software qualify for Gartner magic quadrant?
A Gartner Magic Quadrant is a graph reflecting research that’s done in a particular market. The Magic Quadrant aims to show the relative positions of the market’s competitors and to rank those competitors based on many factors.
In the Gartner’s 2019 Enterprise Asset Management software evaluations, Maintenance Connection was one of only four products whose position in the Magic Quadrant improved in both their vision and ability to execute. Significantly, Maintenance Connection was the only product to improve its position while also being rated highly for its ability to execute.
Among the attributes that were rated highly by Gartner were:
- The enterprise asset management system’s ability to understand customer needs
- Maintenance Connection’s position in the Accruent portfolio and the company’s demonstrated ability to build out and integrate future new functionality.
- Accruent’s integration of our engineering document management solution with our EAM, allowing maintenance technicians to access asset technical documents directly from work orders, leading to improved fix times, reduced searching for current documents and improved safety of maintenance workers.