What is Enterprise Asset Management (EAM) and why you need it

October 27, 2022

Enterprise Asset Management (EAM) is a comprehensive approach to managing physical assets throughout their entire lifecycle. EAM empowers businesses to minimize downtime, reduce operational costs, and improve overall asset utilization by effectively tracking and managing assets.

EAM systems are designed to track and manage all aspects of an asset’s lifecycle, from acquisition and installation to ongoing maintenance and eventual replacement. EAM systems typically include work order management, asset tracking, and preventive maintenance.

EAM offers a complete picture of an organization’s resources and assets, enabling knowledgeable decision-making about how to use them most effectively to meet organizational goals. As a result, businesses implementing an EAM system can see significant asset utilization and operational efficiency improvements.

Why you need an EAM

If your business is not currently using an EAM system, there are several good reasons to consider implementing one. Here are just a few of the benefits of Enterprise Asset Management:

  • Reduced downtime: By tracking assets and managing maintenance schedules, EAM systems can help businesses avoid costly downtime due to unplanned repairs.
  • Improved asset utilization: EAM systems make it easy to track how assets are being used and identify opportunities for improved utilization.
  • Increased operational efficiency: EAM can help businesses streamline their operations and reduce wastefulness.

Case Study: Achieving immediate results and savings conducting facility maintenance rounds with MCIM

  • Lower maintenance costs: With an EAM system in place, businesses can better track maintenance needs and schedule repairs in a way that minimizes labor and material costs.
  • Greater visibility into asset performance: EAM systems provide comprehensive data on asset performance, making it easier to identify areas for improvement.

Case Study: Using MCIM to identify and preempt systemic battery failures

Implementing an EAM system can reduce unplanned downtime, optimize asset utilization, improve workforce productivity, manage risk, and lower your total cost of ownership (TCO).

If you’re looking for a way to improve your organization’s asset management practices, then an EAM system is a good solution. It can help you track and manage your assets more effectively while saving you money in the long run.

Talk to an expert today to see how MCIM can help you manage your assets and change the way you do business.

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