Enterprise Asset Management Software aims to maintain, control and optimize asset throughout the asset lifecycle and results in increased productive uptime and reduced operational costs with optimized quality and better utilization of assets.
The global Enterprise Asset Management (EAM) market size is expected to grow at a CAGR of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020.
Major forces driving the EAM market include increasing shift from legacy asset management methods to modern asset management by enterprises. Some of major factors for paradigm shift from legacy to modern Enterprise Asset Management (EAM) Software are –
- SaaS-based EAM solutions
- Growing need for gaining a 360-degree view of assets
- Increased usage of IoT platforms and devices to manage enterprise assets
- Need to eliminate overheads caused due to adherence to compliance,
- Convergence of technologies such as, Intelligent Automation using RPA, AI, IoT, and Analytics, and
- Increase in mobility usage among end users.
COVID-19 Impact on Enterprise Asset Management (EAM) Market
Enterprises are opting for cloud based EAM solutions to manage assets during the COVID-19 times as it allows to remotely execute day to day operations. The demand for EAM is expected to surge as it offers effective management of assets. Many of the enterprises across verticals have adopted the work from home model to safeguard employee well-being and maintain operational efficiency, surging the demand for cloud based solutions.
SaaS EAM Software Development
EAM has a future in the cloud with SaaS services, as organizations are rapidly migrating to the cloud and services that are managed from a centralized location which is ideal for asset management. DreamzTech is a leading EAM Software Development Company has developed various cloud-based EAM solutions for clients across the globe and recently has launched IoT integrated Blockchain Enabled Enterprise Asset Management Product that helps organizations track, assess, manage and optimize asset quality and reliability. Organizations of all kinds have hundreds, thousands, even millions of assets. EAM best practices help maintenance teams gain greater control of complex environments and asset intensive sectors. A Modern EAM Software exhibits following features and functions –
Asset Lifecycle Management
All assets and associated data can be documented and stored in an easy to access location for alteration or reporting. The assets can be managed along the steps of the asset management lifecycle – Planning, Control and Execution which provides flexibility.
Inventory and Procurement Management
When parts are correctly managed inside a facility, both automatically and manually, materials and their demands can be better planned. Costs, inventory management, and procurement can all be improved.
MRO Management
Material handling, equipment maintenance, tools and consumables, infrastructure repair, and production equipment repair all fall under the umbrella of MRO management. The maintenance process is streamlined and service restoration is improved with effective MRO planning.
Labor Management
Employees and contractors can be certified and assessed for asset management responsibilities. They can also be tracked across work orders, maintenance, and asset associations.
Financial Management
Analyze work costs and suitable financials for project spend and accounting management. Work orders, production costs, downtime costs, emergency scenarios, and costly predictive maintenance can all be analysed with EAM systems.
Reporting and analytics
MIS Reporting and Analytics can help businesses spot issues with assets before they grow into larger issues, and administer predictive maintenance. With available data, businesses can collect key performance indicators (KPI) from the entire facility, execute and analyze reports for a holistic analytical view.
Improve Asset Useful Life with EAM
An EAM can also be integrated with niche software that handles a subset of the EAM process, typically with a computerized maintenance management system (CMMS) or with maintenance, repair and operations (MRO) software.
A CMMS (computerized maintenance management system) helps manage operations and maintenance activities throughout an asset’s life cycle (from purchase to retirement). Its key functions include inventory and work order management, asset tracking, and maintenance scheduling.
One of the key functions of a CMMS is the asset registry, that maintains information about assets such as serial numbers, costs, purchase information, performance statistics, documentation like videos and photographs, availability, and data obtained from IoT sensors.
Preventative maintenance is important. Then, when needed, schedule preventative maintenance for assets that are under separate orders. Maintenance work orders can be automated based on time, asset usage, or a predetermined period of time for the asset’s lifecycle. A Cloud CMMS such as DreamzCMMS, gathers, analyzes, and reports on information collected from assets, such as availability, performance, MRO inventory, and maintenance needs.
Maintenance planning and scheduling is core of CMMS that could be useful for predictive maintenance or analytical recommendations based on the information gathered from asset usability, historical data and proactive monitoring using IoT Sensors.
- Asset Register
- Asset Depreciation Calculation
- Work Order Management
- Maintenance Checklist
- Schedule and Preventive Maintenance
- Purchase and Inventory Management
- Incident and Problem Management
- Integration with IoT Sensors
- Intelligent Rule Engine
- Comprehensive Reports and Analytics
EAM and CMMS are correlated and are relevant across several industries such as Utilities and Energy, Mining and Petroleum, Manufacturing, Transportation, Healthcare and more….
Custom Development of Asset Tracking Solution
Asset intensive companies need asset management solution that could provide asset tracking and recordkeeping.
DreamzTech can develop a custom asset tracking solution for end to end asset tracking and maintenance solution. To overcome core issues of large asset intensive businesses, the Asset Tracking Solution allows businesses to leverage Barcode or RFID technology to ensure consistency in record management, tracking asset journey throughout their useful life.
Some of the asset intensive sectors working for asset rentals for e.g. Brewery Rental, Kegs and casks rentals face the real challenges such as –
- Inability to keep track of assets.
- Tracking assets status, and
- Manual movement tracking.
One of our customer who are Brewery Industry Specialists based in UK having over 8 Million Rental inventory developed a custom Asset Tracking Solution and got highly benefited from it by automating their operations of managing kegs and casks rentals and maintenance using RFID Solution and Maintenance Management Module.
The Implementation of RFID in the business process got the RFID Journal Award for 2019.
The transition towards modern asset management from the previously used traditional methods, and integration of technologies like IoT, AI, and analytics are major drivers forces.
EAM Industry Applications and Use Cases
The main objective of Enterprise Asset Management Solution is to optimize asset quality and utilization of assets while reducing costs at the same time. It helps in achieving more flexibility in terms of operating and maintaining assets while incurring minimum expenses and ensuring full and effective utilization of assets.
Some of the Key Industries where EAM can be highly effective are –
Utilities and Energy
Utility and energy companies require assets such as power lines and pipes, which require scheduling and geographic data. EAM can help with configuring hierarchy of asset and preparing details of equipment with their parts and supplies.
Mining and Petroleum
Industries that use EAM (enterprise asset management) tend to have better safety records, be more compliant, and have more reliable and high-performing workflows. Additionally, EAM can help reduce costs associated with maintenance.
Manufacturing
EAM are part of overall process management for manufacturing sectors that include defense, electronics, industrial products, and automotive.It can handle requirements and track the lifecycle of a product. It also aids them in reducing downtime and maintaining asset performance at peak levels.
Transportation
An EAM application is great for logistics and services since it gives information on inventories and assets. Fuel management, spare parts, bay scheduling, and driver logs are examples of such applications.
Life Sciences
The monitoring of facilities, mobile assets, and equipment is made easier with EAM in the life science vertical. This is also necessary for achieving stringent regulatory standards and extending the asset’s life.
Healthcare
EAM helps manage relationships between equipment readiness and facilities. It can also help locate assets using floor plan, comply to regulators with reporting, integrate with health information systems, and monitor facilities conditions.
EAM software is often integrated with ERP software, primarily for accounting purposes. Although some organizations also use their ERP integrated with asset management software and connect data points with procurement; human capital management; supply chain management; and environment, health and safety functions.
EAM with IoT and Blockchain
The future of EAM is about information exchange between devices, components and people. With the IoT, connected assets allow for increased collaboration between maintenance, operation, and performance, enabling a collective push toward continuous improvement.
DreamzTech has developed IoT integrated EAM solutions that provide detail insights of asset risks and opportunities. This promotes informed and faster decision making and more effective risk management. Using IoT for proactive monitoring and getting alert before breakdown, enables preventive maintenance. A next-gen Cloud based EAM Solution leverages analytics to identify relationships between asset performance and malfunction, and reduces downtime by notifying MRO team members of necessary maintenance to prevent such failures.
Less downtime leads to a reduced total cost of ownership of assets. Since problems can be corrected before they occur, overall equipment useful life increases.
On the other hand, where an asset exchanges multiple hands and goes through various stages of maintenance and refurbishment, it requires lots of operational tracking, process updates at different stages. In such industries, the management of hardware and software assets has become a complex process within distributed environments. Manual Operation processes make the most simplistic definition of “tracking an asset” complex and prone to inaccuracy leading to delays in accessing critical information needed by service delivery actors. Some of these issues have been addressed by workflows and intelligent automation using RPA.
As a pioneer in blockchain technology, DreamzTech creates blockchain enabled EAM systems that ensure all parties involved in a transaction on any key data element will be able to avoid disputes, have access to the single truth of status in near real-time, and mitigate. The blockchain ledger will act as a single source of truth, automatically tracking every change to its lifecycle, so it is auditable, trustworthy, and transparent.
Blockchain Smart Contracts implement business rules governing the relationship between various parties such as vendors, suppliers, customers and their transactions.
Custom Enterprise Asset Management Integrations
Having a modern Enterprise Asset Management (EAM) Software is vital for large enterprises. SMEs have niche requirements to manage and maintain their assets, so they need a custom solution curated to meet their business needs. A Custom tailored EAM solution integrated with various 3rd party solutions brings a cost-effective and flexible solution in a short period of time.
DreamzTech has customized solutions for various industries and integrated solutions with ERP Solutions, hardware and software integrations, and developed applications for their specific needs.
Some of our integrated solutions are
Enterprise ERP Integration
Integration development with Enterprise ERP Solution and reap the benefits and their flexibilities.
Accounting Integration
Integration development with readily available accounting software for easy year-end process and accounts postings.
IoT Integrations
Integration with IoT Sensors for various types for near real time monitoring and to automatically invoke actions such as sending an email, or triggering events.
Other Integrations
3rd Party Integrations for specific needs such as maintenance management, effective communication, Data Analytics etc
Check Our Developed EAM Product & Custom EAM Solutions
RFID based Asset Tracking with EAM System
DreamzTech developed RFID based asset tracking solution optimizes performance, extends asset life cycles, and reduces operational downtime and costs. Maintain all asset types no matter where they reside, set up new assets quickly and upgrade enterprise asset management (EAM) software automatically for nonstop uptime, reduced costs and minimized risk.
DreamzCMMS – Blockchain & IoT based EAM & CMMS Solution
DreamzTech has developed cloud-based Computerized Maintenance Management System Software (CMMS) that manages assets data, improves asset life-cycle, reduces maintenance costs and simplifies your journey from reactive to preventive maintenance and beyond.
Custom Enterprise Asset Management Solution
DreamzTech Enterprise Asset Management solution gives you a holistic view of the entire life cycle of an organization’s physical assets, track and trace asset’s journey securely using blockchain, allow you to predictively control your asset landscape through AI and analytics, reduce maintenance costs and save thousands of dollars for your business.