The Complete Guide To Enterprise Asset Management

Key takeaways

• Traditional EAM systems are restricted to asset information and maintenance logs, serving only as an asset repository. This limitation leads to siloed data, inefficiencies, and restricted the ability to manage the entire asset lifecycle.
• On the other hand, a Connected CMMS offers a comprehensive view of all assets and their real-time conditions, enhancing service request processes to ensure asset reliability.
• By focusing on asset depreciation, a Connected CMMS reduces the risk of failure and improves asset reliability, seamlessly facilitating predictive maintenance.
• A Connected CMMS enables organizations to efficiently manage assets, improve maintenance strategies, and comply with industry-specific needs, ultimately increasing the asset value and performance.

The director of facilities frowned at the blinking cursor on her computer screen. 

Another day, another overwhelming spreadsheet. 

She was scrambling to track an avalanche of work orders, determine the whereabouts of a lost piece of critical asset, and sort through a mountain of warranty paperwork—all while her limited budget shrank and deadlines loomed. 

Sound familiar? 

This frustrating scene is all too common for those navigating the complexities of enterprise asset management.

They face a maze of disjointed systems that refuse communication, manual processes that practically invite errors, and an exasperating lack of centralized information. The chaos in asset management can seem insurmountable, but there's a way forward.

Top EAM software options: A head-to-head comparison

The Enterprise Asset Management (EAM) market is filled with a plethora of choices, presenting a challenge for decision-makers in selecting the ideal solution.

To ease your decision-making process, we've conducted an extensive analysis of user reviews and experience reports on leading EAM platforms.

Before we dive into the comparison of top EAM solutions in the market, let us take a moment to understand the shortfalls of standalone EAM systems.

The downfall of standalone EAM 

Standalone EAM systems once held promise but have become cumbersome as they fail to adapt to modern demands. These legacy CaFM systems compound problems in environments where equipment ranges from small furniture pieces to major building components.

• Identification and convention issues: Lack of a standardized naming convention complicates asset management, leading to inefficiencies.
• Data interoperability challenges: Inefficient import tools necessitate error-prone manual data entry processes.
• Visualization and spatial context gaps: Difficulty in visualizing assets on floor plans hinders maintenance strategy setup and resource allocation.
• Asset movement tracking limitations: Inability to efficiently track asset movement within and across sites results in confusion and potential losses.
• Check-in/Check-out process inefficiencies: Lack of system capabilities to manage these processes affects equipment and furniture accountability.
• Warranty management frustrations: Manual tracking of warranties leads to missed repair opportunities and unexpected expenses.

Why Connected CMMS is the future of asset management

With operational resilience, sustainability, and cost optimization becoming universal priorities, the EAM module within a computerized maintenance management system (CMMS) offers leaders across asset-intensive industries a clear path to achieving these goals. 

Here are the reasons why your EAM needs to be a part of your CMMS and not a standalone system.

1. Maximizing asset lifecycle value  

Your facilities, infrastructure, and real estate investments carry immense value. With an EAM integrated with a CMMS, you can:  

• Extend asset lifespans: Through connected predictive maintenance and real-time monitoring, EAM minimizes wear and delays replacements, boosting returns on investment.
• Enhance capital planning: The insights from EAM software empower you to make informed decisions on asset repairs, upgrades, or retirements, aligning with both financial and operational goals.

2. Driving operational efficiency  

In regions like the EU and ANZ, where compliance and sustainability are key, Connected CMMS supports eco-friendly upgrades and certifications.

Meanwhile, in the US and the Middle East, where maintaining operational efficiency and tenant contentment is crucial, it ensures consistent performance and service excellence.

A Connected CMMS consolidates and digitizes asset data, breaking down silos and streamlining processes. This results in the ability to:  

• Reduce downtime: Predictive analytics catch potential issues before they disrupt operations.
• Automate routine tasks: Routine maintenance tasks are automated with intelligent workflows which reduce manual efforts and helps achieve more with less.  

3. Enabling data-driven decision making  

A Connected EAM platform generates crucial insights by unifying data across diverse assets and sites, enabling leaders to:  

• Watch asset health live: Dashboards and IoT provide a comprehensive view of asset performance.
• Initiate proactive strategies: Shifting from reactive solutions to strategic asset management planning reduces costs and enhances output.
• Assess benchmark performance: Metrics across regions and portfolios spotlight underperformers, enabling precise interventions.

US companies use EAM for agility, whereas in the EU, regulatory-heavy sectors employ it to meet rigorous standards. ANZ and Middle East leaders value performance benchmarks to manage varied portfolios effectively, from urban to remote settings.  

4. Supporting scalability across portfolios  

Connected EAM offers a centralized approach to managing complex portfolios across various regions, ensuring consistent:  

• Data visibility: Consolidate real-time data of asset performance for a global overview.
• Uniform processes: Implement consistent facility maintenance and compliance procedures.
• Customizable scalability: Adapt the system for varied portfolios, from corporate campuses in the US to mixed-use ventures in the Middle East.

5. Building resilience in uncertain times  

Amid global disruptions like supply chain challenges and economic shifts, Connected CMMS fortifies organizations with:  

• Contingency planning tools: Prepare for unforeseen events with scenario modeling and asset checks.
• Enhanced supply chain visibility: Better manage inventory and spare parts to prevent delays.
• Cost control strategies: Monitor expenses and forecast future needs more precisely.

 A connected enterprise asset management software transcends maintenance—transforming assets into growth, efficiency, and sustainability drivers. For executives worldwide, it provides the toolkit to tackle today’s challenges and lay the groundwork for future success.

Globally, be it in the US, EU, Middle East, or ANZ, those embracing Connected CMMS now will lead their sectors by utilizing insights, streamlining operations, and aligning with global priorities like ESG and superior tenant satisfaction. 

The real question isn't whether to invest in this innovative solution but how rapidly it can be deployed to realize tangible benefits. Connected EAM epitomizes the future for asset-rich sectors—don’t fall behind.

Future-proof your assets with intelligent EAM

Enterprise asset management is a critical function for organizations across all industries, but it's especially vital for those with complex operations and a large portfolio of assets. 

Whether it's an educational institution managing facilities across multiple campuses or a manufacturing plant overseeing intricate production lines, EAM provides the framework for optimizing asset performance, reducing downtime, and extending asset lifecycles.

Modern EAM software solutions, like Facilio, leverage API-first platforms, IoT-driven insights, and no-code configurations to empower organizations with the tools they need to manage their assets effectively. By embracing these advancements, organizations can future-proof their operations, improve efficiency, and achieve their business goals.

Whether you're looking to improve asset reliability, reduce maintenance costs, or enhance sustainability, EAM provides the foundation for achieving your objectives and maximizing the value of your assets.