Essence of Enterprise Asset Management Software
Enterprise Asset Management (EAM) solutions serve asset-centric businesses by streamlining the planning, inspection, optimization, and maintenance of their tangible assets (vehicles, machinery, pipelines, etc.) across the entire asset lifecycle. These software platforms can be seamlessly integrated with ERP, maintenance, accounting, and other business systems for a comprehensive and efficient management approach.
Sfinitor EAM Solution Architecture Overview
Application layer
Delivering refined asset information to various user groups (regional, maintenance, production managers, technicians) facilitates effective asset enhancement planning, encompassing both operational and strategic improvements.
Data Storage & Analytics Infrastructure
360-degree Asset Data Management entails storing comprehensive information about assets, including location, usage history, repair history, costs, and more – both in their original and processed forms. This data serves as a foundation for building Machine Learning (ML) models, training them, and executing analytical queries. The primary purpose is to analyze asset utilization, identify the root causes of asset malfunctions, forecast asset performance, plan future investments, and other related objectives.
Network layer
Processing and preparing asset data from the underlying infrastructure for subsequent orchestration.
Physical layer
Asset Management: Tags, Sensors, Barcodes.
Asset tracking
Awaiting collapsible script rebuild.
- Managing diverse asset categories, encompassing buildings, machinery, vehicles, and infrastructure such as pipelines and power lines
- Tracking with barcodes, QR codes, RFID tags, BLE tags, UWB tags, GPS chips, etc
- Managing assets from conception to retirement (planning, acquisition, usage, upkeep, and disposal) ensures optimal performance and cost efficiency
- Simplified Asset Management: Effortlessly register, trace, and search assets based on their type, location, contractual details, serial numbers, and more, streamlining the asset auditing procedure
- Leveraging mobile technology streamlines asset tracking and data access in field services
- Visual Map Asset Tracking
- Adhering to regulations like ISO 55001 and ISO 14224, securely store asset data within a designated, regulated asset repository
Efficient Asset Maintenance & Work Order Streamlining
Awaiting collapsible script rebuild.
- Maintenance History Tracking of Assets
- Efficiently schedule asset inspections and maintenance, using data like acquisition date and operational hours
- Customizable real-time monitoring of industrial equipment and machines via sensors, featuring personalized dashboards
- ML-powered detection of anomalous trends, forecasting potential malfunctions with estimated time till failure
- Time- and condition-driven work orders streamline asset repair/replacement processes
- Streamlined work order prioritization, considering asset criticality, health assessment, and resource accessibility for efficient maintenance
- Efficient work order monitoring: tracking time, resources for optimal performance
MRO inventory management
Awaiting collapsible script rebuild.
- Monitor and Regulate MRO Stock Levels
- Centralized Spare Parts Inventory Tracking: Monitor Usage Across Single or Multiple Locations
- Inventory demand estimation and planning, anchored by scheduled or forecasted maintenance activities
- Procurement of spare parts is predicated on existing inventory levels and projected demand
- Monitor and prioritize ordering essential inventory components due to stock deficiencies
Asset Warranty & Contract Administration
Awaiting collapsible script rebuild.
- Maintain warranties for all acquired assets and stock
- Warranty Expiration Alert System
- Warranty repair identification streamlines work order creation process
- Monitor warrantied repairs and replacements, documenting time expended for warranty claims
Optimizing Asset Management Plans
Awaiting collapsible script rebuild.
- Asset inspections strategized by criticality and degradation assessment for effective maintenance
- Asset deployment models are designed by evaluating asset accessibility, potential investments, and maintenance tactics
- Asset investment decisions involve analyzing lifecycle costs and asset criticality for both existing and new acquisitions
- Asset modernization/replacement/disposal planning hinges on analyzing utilization, assessing health and criticality, and considering the depreciation schedule to ensure optimal decision-making
- Devising proactive maintenance approaches tailored for distinct asset categories (critical, significant, routine)
- Optimizing asset maintenance strategies through comprehensive analysis of maintenance pipelines and precise planned maintenance scheduling
Top Enterprise Asset Management Platforms to Explore
Manage enterprise assets efficiently with SAP EAM.
Description
IDC MarkerScape Leader for Global SaaS & Cloud-Based Asset-Centric EAM Application Vendors - Assessment.
Features
- Real-time tracking for assets, offering interactive visuals, location maps, et al., for efficient asset utilization
- A comprehensive, centralized system for storing asset data, including asset performance, utilization, financial costs, warranties, and risks
- AI-driven asset management: Preventive maintenance and condition monitoring for efficient inspections
- Streamlined work order system: Automates creation and scheduling of tasks based on resource/equipment availability
- Offers a built-in Business Intelligence (BI) system with customizable report generation features, including asset location, status, and work orders. It also provides statistical tools for asset modeling, scoring, and data visualization
- Asset Risk & Criticality Analysis, Failure Mode Examination
- Mobile Accessible: Available Now
- Cloud-based deployment
Pricing
Prices upon inquiry with SAP directlyIBM Maximo
Description
Recognized as a top performer in Gartner's Magic Quadrant for Enterprise Asset Management Software.
Features
- Barcoding and RFID facilitate asset activity monitoring and tracking for streamlined inventory management
- AI-driven Financial & Performance Analysis
- Procurement & Contract Management of Assets
- Predictive & Preventive Maintenance Strategies
- Work order management
- Hybrid Deployment: Cloud + On-site Solutions
- Mobile functionality backed
Pricing
IBM provides pricing details upon direct inquiryManage assets with Dynamics 365
Sfinitor recommends
Description
In Dynamics 365 Supply Chain Management, the Asset Management module ranks among top contenders. According to IDC MarketScape for SaaS and Cloud-Enabled Asset-Intensive Enterprise Asset Management (EAM) Applications, it holds a significant position.
Features
- Overseeing movement and positioning of diverse physical assets - machinery, production equipment, vehicles - for efficient asset management
- Asset cost monitoring facilitates tracking of estimated and incurred maintenance expenses, asset depreciation, and strategic investment planning
- Asset Key Performance Indicators (KPIs) track performance throughout the lifespan, ensuring efficiency
- Asset Predictive Maintenance: Forecast Performance, Schedule Servicing
- Asset Maintenance: Reactive, Preventive, Predictive Approaches
- Maintenance Schedules & Checklists for Asset Management
- Work orders: Automated & Manual Creation
- Streamlined spare parts tracking and management: planning, procurement, and utilization
- Cloud & On-site Deployment Options
Pricing
Dynamics 365 Supply Chain Management costs $180 monthly, per user (up to 100 assets per tenant)
HxGN EAM
Description
Leading EAM software provider in the Verdantix Green Quadrant.
Features
- HxGN EAM yields approximately 20% decrease in inventory-carrying expenses and a 50% cut in purchasing process costs for utilizing firms.
- Asset Tracking & Activity Monitoring Streamlined
- Offers 300+ prebuilt reports, plus tools for creating custom ones
- Preventive, Predictive Asset Maintenance Strategies
- Workflow Organization: Orders & Scheduling
- Streamlined asset procurement, optimized supplier management
- Manage Contracts & Licenses
- Built-in data validation ensures adherence to healthcare (HIPAA) and food industry (FDA) standards and regulations
- Guidelines & Alerts: Ensuring Environmental Health & Safety Compliance
- Cross-platform compatibility for diverse devices, screens, and OS
Pricing
Contact Hexagon for pricing informationStreamlined Enterprise Asset Management (EAM) Deployment
With decades-long history in software development, Sfinitor assists businesses in optimizing their asset lifecycle and reducing operational expenses by providing customized Enterprise Asset Management (EAM) solutions that cater to unique industry requirements.
EAM software consulting
Awaiting collapsible script rebuild.
- Analyze asset management requirements
- Conceptualizing EAM solutions
- For platform-based EAM (Enterprise Asset Management), selecting an appropriate system and defining customization limits are crucial
- Custom EAM Solution Architecture & Tech Stack Optimization
- EAM system deployment strategy encompasses risk mitigation planning and key performance indicator (KPI) setup for evaluating EAM software efficiency
- Cost and Time Estimation for Business Case Development
Efficient EAM Software Deployment
Awaiting collapsible script rebuild.
- Analysis and identification of Essential Asset Management (EAM) software requirements are essential
- Conceptualizing EAM Solutions
- Custom EAM Software Architecture Planning
- Custom EAM software development & tailoring
- EAM software seamlessly integrated with ERP, accounting systems, et al. for streamlined operations
- Quality Assurance for EAM Software
- Post-Launch Assistance & Optimization
Enterprise Asset Management (EAM) Software: Returns on Investment Analysis
EAM software can bring up to 20% reduction of total asset life cycle costs due to:
- Minimized production downtime via proactive asset maintenance, using asset history monitoring and data analysis
- Prolong asset lifespan, optimize spending by consistently monitoring asset performance, implementing preventive maintenance, reducing asset risks, among other strategies
- Streamlined expenses through precise asset maintenance predictions and dependable work order planning
EAM software offers adaptable integration
Awaiting collapsible script rebuild.
For cost reduction and streamlined automation of asset planning, optimization, and maintenance tasks, it's essential that an Enterprise Asset Management (EAM) system efficiently integrates with essential business software such as ERP, maintenance, and accounting systems.
Enhanced data analysis & reporting features offered
Awaiting collapsible script rebuild.
Gain immediate access to AI-generated insights on asset abnormalities' origins, cost drivers, and predictive maintenance efficiencies through intuitive real-time visualizations.
Mobile-friendliness
Awaiting collapsible script rebuild.
To streamline asset management, professionals like equipment technicians and production managers need instant access to the Enterprise Asset Management (EAM) system from any device or location. This is crucial for obtaining necessary data during repairs, replacements, or upgrades.
Compliant, Secure Data Storage for EAM Systems
Awaiting collapsible script rebuild.
Secure centralized asset data storage by implementing measures like data encryption and role-based access control to prevent unauthorized access and potential data leaks with severe legal and financial repercussions. Regularly perform vulnerability assessments and penetration testing on your Enterprise Asset Management (EAM) system for robust security.
Costs for midsize enterprises to deploy asset management software can range from $150,000 to $300,000, contingent on factors such as solution intricacy, user count and roles, and necessary integrations.
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Read moreEnterprise Asset Management: Valuable Software Integrations
For streamlined and error-free management of asset-related data, Sfinitor advises integrating Enterprise Asset Management (EAM) software with key corporate systems, eradicating redundant data entry.
- An Enterprise Resource Planning (ERP) system streamlines asset lifecycle management, optimizing procurement, replacement, and disposal processes. It boosts production efficiency by precisely assigning assets to production activities.
- Streamline your asset maintenance process by utilizing automated software. This tool assigns any identified issues, repairs, or replacements directly to your asset maintenance system for an efficient and seamless workflow.
- Precise accounting software streamlines asset data import for exact financial statements, featuring fixed asset depreciation monitoring
- Geospatial Asset Data Systems (GADS): Enabling efficient management and optimization of assets through real-time, geographically-tagged information for streamlined maintenance, replacement, and utilization
- Streamline Environmental Health & Safety (EHS) with software solutions, enabling prompt access to vital asset data, empowering EHS teams for efficient safety inspections and risk mitigation in the workplace
Customized Enterprise Asset Management Solution
The majority of EAM software products have extensive customization capabilities. Still, there are cases when custom EAM software is worth considering, for example:
- Complex, interconnected workflow management demands beyond conventional packaged Enterprise Asset Management (EAM) solutions. Lacking comprehensive capabilities overseeing assets across multiple sites markedly reduces their return on investment (ROI).
- Customized functionalities like advanced analytics and flexible reporting are essential components of the proposed solution, tailored to address unique case requirements
- Custom-built enterprise asset management (EAM) solutions could prove more economical compared to packaged options due to their pricing model based on the number of assets or users managed
- Adequate EAM solutions should adhere strictly to compliance and security mandates, such as those prevalent within the defense and public sectors
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