Enterprises Asset Management, Following a set of formalized plan to prevent failures & increase Profit
A multidisciplinary process that combines physical asset management, financial considerations, and information technologies to manage an organization's assets throughout their lifecycle:
Asset management: Maximizes investments in assets, equipment, and facilities
Financial considerations: Involves financial factors
Information technologies: Includes enterprise asset management (EAM) software, which centralizes asset data and information
EAM can help organizations:
- Move from reactive maintenance to proactive maintenance, which can help reduce unplanned downtimes
Support asset lifecycle management - Understand how assets help deliver products and services, and design them to evolve and adapt to needsImprove operational equipment effectiveness
- Combine EAM data with other data to determine how to maximize machine outputEnsure compliance
Comply with environmental, health, and safety regulations
Improve asset performance - Maintain a record of assets' past and real-time condition to anticipate future condition and extend asset lifetime
EAM can also integrate with emerging technologies like the Internet of Things (IoT) and smart assets to collect data in real-time and use advanced analytics.