How to choose the best enterprise asset management software

Large organizations are comprised of many assets that require continuous monitoring to ensure optimal productivity. One business’ assets might be thousands of miles of electrical wiring, while another’s might be manufacturing equipment or warehouses. Whatever the case, large organizations can benefit from enterprise asset management (EAM) software to manage all the physical stuff the company owns. While there are a lot of EAM products on the market, this article will help you ask the right questions to find the right fit for your organization.

EAM systems are a combination of advanced analytics, management tools and services that work together to maintain (or control) the performance of operational assets. EAMs optimize the quality and utilization of physical assets throughout their lifecycle, increase productive uptime and reduce operational costs.

EAM software provides a consolidated view of the company’s assets, with useful information about how they’re performing. These platforms can ingest a lot of data from many sources and use it to help you identify strengths and weaknesses within a large, complex business.

Enterprise asset management systems can help manage functions like work management, asset maintenance, planning and scheduling, supply chain management and environmental, health and safety (EHS) initiatives. EAM can improve employee productivity by centralizing asset information and identifying issues before they occur to solve them in real-time. Analyzing data obtained through this software can help you identify redundancies to consolidate workflows. 

Whether you’re dealing with logistics, supply chains, audits, IT service management, maintenance operations, personnel management or even wellness programs, a comprehensive asset management solution can strengthen business functions, improve quality and efficiency and ultimately increase profits.

Across every asset-intensive industry, businesses are challenged with how to maximize asset value throughout their lifecycle. EAM software is typically made up of many modules that address a variety of asset-related use cases. Here are some of the most common ones:

1. Comprehensive asset inventory: Build a full catalog of critical assets within your organization that can be easily maintained by focusing on specifics within the data, like location, condition, maintenance history and associated documentation. A centralized asset database enables better visibility and control over assets.
2. Preventive maintenance: Implement a preventive maintenance program to conduct regular inspections, servicing and repairs. Scheduled upkeep can prevent unexpected breakdowns, extend asset lifespan and improve overall reliability. Use EAM software to keep maintenance costs down and schedule and track maintenance activities efficiently.
3. Condition monitoring: Utilize condition-monitoring techniques to collect real-time data on asset performance. Monitor parameters like temperature, vibration and energy consumption to detect early signs of potential failures. Analyzing this data can help identify maintenance needs and optimize asset performance.
4. Work order management: Implement a streamlined work order management system to track assets and prioritize maintenance tasks. EAM software can automate work order creation, assign tasks to technicians, track progress and maintain a history of completed work. Efficient work order management ensures timely repairs and reduces downtime.
5. Asset tracking: Use asset tracking technologies, such as barcodes or RFID tags, to monitor asset movement and location. This helps in asset identification, reducing loss or theft and optimizing asset utilization. EAM software can integrate with tracking systems to provide real-time visibility of asset whereabouts.
6. Spare parts management: Optimize spare parts inventory management to ensure availability while minimizing costs. EAM software can help track spare parts usage, reorder parts and automate inventory replenishment. Effective spare parts management prevents stockouts and reduces excess inventory.
7. Asset performance analysis: Leverage EAM software’s analytical capabilities to analyze asset performance data, identify trends and make informed decisions. Analyzing asset performance metrics helps optimize maintenance schedules, identify asset improvement opportunities and drive overall operational efficiency.
8. Regulatory compliance: Ensure compliance with relevant regulations and standards for asset management in your industry. EAM software can assist in tracking and managing compliance requirements, such as inspections, certifications and safety protocols. Compliance adherence minimizes legal risks and ensures asset integrity.
9. Asset lifecycle management: Manage assets throughout their entire lifecycle, from acquisition to disposal. Implement a structured approach to procurement, utilization, maintenance planning and retirement. EAM software provides visibility into the entire asset lifecycle, enabling better decision-making and cost optimization.
10. Integration with other systems: Integrate your EAM software with other SaaS systems and IT assets, such as enterprise resource planning (ERP), customer relationship management (CRM) and financial management systems. This integration enables seamless data exchange, improves functional efficiency and provides a holistic view of asset-related information.

Identifying the best EAM software involves a number of variables. Here are key features to look for:

• Functionality and features: An EAM solution should be a true end-to-end solution, meaning that it gives you the ability to oversee and control asset reliability, quality and performance across the entire organization. Everything should be viewable from one single vantage point. Once the asset lifecycle is manageable from a centralized hub, you can integrate data from assets with maintenance processes to predict and model asset behavior from conception through depreciation to replacement—making it easier to set and meet KPIs.
• Seamless integration: A good EAM platform should integrate with existing enterprise systems, such as ERP, SCADA, financial systems, computerized maintenance management systems (CMMS) and Internet of Things (IoT) platforms. Integration allows for ease of data sharing, automation and the streamlining of business processes.
• Scalable: EAM software should be customizable, adapting as your operations grow in size and complexity, offering configurations for different use cases.
• AI-capable: It should include a robust suite of artificial intelligence (AI) capabilities, so you can maximize data analytics and quickly identify areas where small changes can have big results.
• User-friendly: An EAM solution is only as good as the user’s ability to understand its functionality. Consider who will be using the software on a day-to-day basis. You’ll want to look for software that is characterized by intuitive interfaces so that users with a range of technical aptitudes can get the most out of its functionality, with pre-built reports, dashboards and visualizations. A straightforward mobile app is a key feature, enabling technicians to conduct field service using smart mobile devices to access asset data in real-time.
• Robust service: At the scale of the large organization, you’re not just buying an off-the-shelf product. The best providers will guide your implementation and tailor the solution to your needs. Look for partners with deep experience in your industry and a good track record of hands-on service, with software characterized by continuous product development, regular updates and a strong user community.

IBM Maximo Application Suite is an integrated, cloud-based asset management platform that optimizes performance, helps prolong asset lifespan and reduces downtime. Plus, it integrates with popular enterprise applications like EAM, APM and CMMS software to share data and improve workflows.

IBM Maximo features robust asset management, mobile EAM, predictive maintenance, remote monitoring and visual inspection capabilities. It allows users to streamline procedures while controlling various environments, scalability with additional applications and the flexibility to pay for just what you need.

To find out more, book a live demo with an IBM expert https://www.ibm.com/account/reg/us-en/signup?formid=DEMO-maximo