What Is EAM (Enterprise Asset Management)?

A futuristic picture of a human holding a laser pen pointing to a screen with the words asset management written on it.

What is EAM? Enterprise Asset Management (EAM) provides a comprehensive overview of an organization’s physical assets and infrastructure across their entire lifecycle. EAM software makes this process possible. Organizations can track the lifecycle of their assets, and all associated work orders, maintenance, repair, and operations (MRO) materials management, labor management, and automated reporting by utilizing a powerful EAM platform.

For those asking “what is EAM,” we will cover the most significant advantages organizations can gain from implementing EAM (or upgrading their current EAM system to a more modern one). We’ll also discuss LLumin’s CMMS+, which can assist a company in implementing EAM by providing the tools and capabilities required to be well-positioned to analyze data and optimize the lifecycle of their assets.

What Is EAM?

EAM is a systematic approach to managing physical assets and infrastructure over their entire lifespan, from capital planning to procurement, maintenance, compliance, risk management, to disposal. It commonly involves using several processes and systems to manage company assets to ensure they meet quality and performance standards for extended periods.

Enterprise-level organizations are frequently responsible for overseeing and managing multiple sites, complex technology setups, and equipment. EAM plays a critical role in these organizations by tracking and monitoring company assets and infrastructure while ensuring the highest levels of efficiency, reliability, and control.

The Advantages of Implementing an EAM System

EAM System Benefits

While there are multiple EAM systems on the market and features can vary, these systems help organizations track and manage numerous assets, from procurement to retirement, resulting in optimal asset utilization and greater asset lifespan. 

The advantage of using an EAM solution such as LLumin’s computerized maintenance management system (CMMS+) is that it provides a centralized asset maintenance management platform for increased visibility and control.

Implementing a powerful EAM system, like LLumin’s CMMS+, can provide several benefits to organizations, including:

  • Track lifecycle of assets
  • Work order management
  • MRO materials management
  • Labor management
  • Asset performance levels
  • Automated reporting

We will discuss these benefits in more detail below. 

Track Lifecycle of Assets

Because EAM systems provide a high-level view of the asset lifecycle, they can help an organization make data-driven decisions about asset use and maintenance, resulting in improved asset utilization and efficiency, increased asset lifespan, and cost savings.

An EAM solution can provide a centralized platform that serves as a data repository for asset acquisition, maintenance, and retirement information. This valuable data can help management teams monitor asset performance and predict when assets need maintenance or replacement. 

An EAM solution, like LLumin’s CMMS+, can help track the historical data of company assets, including maintenance and repair history, as well as replacement parts and materials. This information can help identify patterns and trends in performance and use of resources, helping a company implement proactive maintenance to reduce higher costs associated with other subpar maintenance strategies. 

Work Order Management

An EAM solution enables organizations to improve work order management and easily track, manage, and optimize maintenance tasks. With a centralized cloud-based EAM solution, like LLumin’s CMMS+, work orders can be created, assigned, updated, and tracked in real time. The CMMS+ can automate the scheduling of maintenance work orders based on artificial intelligence (AI)-powered analytics, ensuring maintenance is performed at optimal times while avoiding disruption to daily operations and maximizing uptime.

The powerful CMMS+ provides a high-level view of a company’s assets and infrastructure while maintaining an accurate record of asset performance and maintenance history around the clock, allowing a company to make more informed decisions about future maintenance activities.

MRO Materials Management

EAM solutions can help organizations track MRO materials, helping to manage and optimize the purchasing, storage, and use of spare parts and materials used to perform maintenance tasks. An EAM solution, like LLumin’s CMMS+, keeps a real-time record of MRO inventory levels and assists organizations in streamlining the storage and acquisition processes of MRO materials needed for maintenance tasks.

LLumin’s cloud-based platform can help an organization implement several MRO management strategies and help a company and its suppliers gain real-time information about MRO levels and demand. LLumin can help a company reduce the amount of excess MRO parts and materials it stores, manage these materials more efficiently, and ensure that needed parts are always available to support maintenance activities.

Labor Management

An EAM system provides real-time visibility into labor costs, workforce activities, and work order assignments. This information can help an organization improve task scheduling and allocate the personnel and resources to complete maintenance activities on time. With LLumin’s CMMS+ solution, an organization can also reduce its dependence on time-intensive manual paper processes in maintenance operations and redirect its attention to more critical tasks.

Automated Reporting

An EAM solution can help an organization gain automated reported capabilities, enabling them to generate up-to-date reports on its company assets and maintenance operations. An EAM solution like LLumin’s CMMS+ solution automatically collects detailed transaction logs and audit trails for regulatory compliance for OSHA, EPA, FDA, and many more.

LLumin’s CMMS+ dashboard enables users to easily customize their reports based on specific business needs, ensuring that the information is relevant and valuable. Users can quickly pull together work history, incident reports, and notification logs.

Greater Asset Lifecycle Management Visibility and Control

For EAM to be effective, organizations must be able to track and monitor corporate infrastructure and assets, analyze large volumes of data, and continually strive to optimize asset utilization. This process enables businesses to make well-informed decisions regarding the management and distribution of valuable resources, enabling the most efficient use of these resources.

Effective EAM solutions, like LLumin’s CMMS+, can help an organization extend the life of company assets, reduce the frequency of replacements, cut costs, and reduce waste. Maintaining reliable and optimal asset performance levels can improve customer and employee satisfaction and play an important role in maintaining competitiveness and ensuring long-term success.

Enterprise Asset Management With LLumin’s CMMS+

Now that we have answered, “what is EAM.” The next question is: What is the best EAM platform? LLumin’s next-gen mobile CMMS+ platform driven by AI technology can help organizations implement EAM by providing advanced tools and capabilities needed to monitor, manage, and optimize the use of company assets. LLumin is cloud-based and acts as a centralized platform that gives users a bird’s eye view of their assets to have the information they need to make informed asset management and maintenance decisions.

LLumin’s CMMS+ predictive maintenance software enables asset and maintenance management processes that effectively incorporate personnel, skills, materials and tooling resources, and supply chain partners. With a cloud-enabled CMMS+ solution, you and your team will have increased real-time visibility of asset issues, statuses, and potential risks at the right time.

LLumin’s CMMS+ software aggregates data from machine sensors and applies condition-based workflows to execute immediate responses for optimal asset management. Your implementation will be configured to match your unique company goals and business processes. The software is easy to deploy, and a dedicated project manager will help you throughout the implementation process.

So if you are looking for a cutting-edge CMMS+ accompanied by a seamless implementation process and an expert customer support staff, then LLumin is a perfect fit.

Getting Started With LLumin

LLumin develops innovative CMMS software to manage and track assets for industrial plants, municipalities, utilities, fleets, and facilities. If you’re still asking “what is EAM” and want to learn more and optimize your processes, we encourage you to schedule a free demo or contact the experts at LLumin to see how our CMMS+ software can help you reach your asset management goals.