What is Enterprise Asset Management?
EAM involves taking on the maintenance of assets through planning, lifecycle tracking and other activities. Each organization’s physical assets, facilities and equipment require ongoing maintenance in order to operate efficiently. A lack of proper organization can often lead to deferred maintenance, which grows in both scope and cost the longer it is prolonged. This is especially true for facilities—neglecting maintenance activities can quickly snowball out of control. As the maintenance backlog grows and important repairs get pushed back, buildings deteriorate over time.
The word “enterprise” refers to scope of assets, and often includes multiple facilities and departments in more than one location. Keep in mind that assets may include buildings, plants, machines, equipment, vehicles, ships and more. Tracking various types of assets (from beginning of life to end) across all departments, facilities and locations from one centralized system requires an advanced platform.