Top EAM Software
Buyer's Guide
Whether you're dealing with aging equipment, maintenance backlogs or process inefficiencies, EAM software can transform your enterprise asset management into a cost-effective and data-driven operation.
Similar to computerized maintenance management software (CMMS), EAM solutions enable you to manage maintenance and asset-related tasks digitally.
Choosing the most suitable system for your organization can be challenging, particularly due to the similarities between CMMS and EAM and the diverse markets they serve.
This guide provides key features, implementation objectives, industry trends and software selection considerations to assist you in finding an EAM solution.
Executive Summary
- EAM software helps businesses effectively manage and optimize their physical assets, such as equipment, facilities and infrastructure.
- Some core features you should consider are asset tracking, maintenance scheduling, compliance management and analytics.
- Industry trends to consider: predictive analytics, industry 4.0 and electric vehicle adoption.
- What Is EAM Software?
- Primary Benefits
- Implementation Goals
- Basic Features & Functionality
- Advanced Features & Functionality
- Current & Upcoming Trends
- How To Select an EAM Solution
- The Best EAM Software
- Questions To Ask Yourself
- Questions To Ask Vendors
- FAQs
- Next Steps
- Product Comparisons
- Additional Resources
What Is EAM Software?
EAM software is a set of digital systems that help organizations effectively manage and control operational assets and equipment in tandem with maintenance services.
Operational assets include machinery, vehicles, facilities, infrastructure and other tangible items crucial to your organization's operations.
EAM solutions aim to improve assets’ quality and use throughout their life cycles as well as increase productive uptime and lower operating costs.
They offer a broad array of functions, including:
- Work order management tools
- Asset maintenance systems
- Planning and scheduling modules
- Supply chain management applications
- Environmental, health and safety (EHS) features
EAM solutions are feature-rich, designed to handle diverse tasks and high demands. Some systems go beyond physical assets to manage operations like utilities or IT services.
Types
Typically enterprise asset management software comes in two primary categories:
- Standalone
- Industry-Specific
Standalone
You can customize standalone solutions to fit your specific requirements, making it a versatile tool that adapts to your unique processes and workflows. They help you extend your assets’ life spans and reduce overall costs.
Industry-Specific
Industry-specific EAM solutions are tailored to meet the distinct needs of your sector such as oil and gas, health care, or manufacturing.
For example, aviation MRO systems provide functionalities for managing aircraft maintenance schedules, parts inventory and compliance.
EAM vs. CMMS
To make an informed choice between CMMS and EAM, it’s vital to grasp the fundamental disparities between these two systems. We’ve outlined the same in the table below.
| EAM | CMMS | |
|---|---|---|
| Scope | Covers the entire asset life cycle, from acquisition to disposal | Focuses on maintenance management |
| Asset Types | Used for various types of assets including equipment, facilities, vehicles, infrastructure and more | Typically used for managing maintenance activities related to equipment and machinery |
| Complexity | Suitable for asset-intensive industries | More suitable for smaller to medium-sized businesses with less complex asset management needs |
| Compliance and Safety | Include features related to environmental, health and safety (EHS) compliance to ensure adherence to regulations | May not have the same level of EHS features |
Dive into our article — EAM vs. CMMS — to know more about their differences.
Expert recommendations and analysis on the top Enterprise Asset Management Software
Primary Benefits
Just as Harry Potter discovered the power of spells, potions and magical creatures, let’s uncover the benefits of EAM solutions.
Improve Asset Visibility
EAM solutions provide a centralized database that enables you to access asset information, such as location, condition and use, helping you manage and maintain assets, plan for future acquisitions, and identify and eliminate redundant or underused assets.
Real-time asset tracking tools like RFID or barcode systems enable you to monitor asset locations and movements, reducing the chances of errors or misplacements.
Enhance Decision-Making
Some EAM systems provide AI-driven remote asset monitoring capabilities like:
- Predictive Analytics Tools: Use historical data and real-time information to forecast potential issues and take preemptive measures, preventing costly breakdowns and optimizing asset performance.
- Anomaly Detection: Recognize unusual patterns or deviations in asset behavior to address issues promptly, reducing risks and enhancing assets’ overall reliability.
- Remote Troubleshooting: Diagnose and address issues without the need for physical inspections, reducing maintenance response times and associated costs.
Most EAM solutions offer reporting and analytics capabilities to provide you with a clear view of asset performance, usage and maintenance trends, helping you make informed decisions about resource allocation and performance improvement.
Increase Efficiency
EAM software enables you to automate asset management tasks, including maintenance scheduling, inventory tracking and report generation, helping you save time and reduce data entry errors.
Some other tasks you can automate include work request tracking and maintenance, repair and overhaul scheduling.
Simplify Compliance
EAM software helps you ensure compliance with EHS standards and regulations, especially if you’re operating in highly regulated sectors like health care, manufacturing and transportation.
They also enable you to simplify documentation and reporting processes, ensuring that you meet legal and regulatory standards seamlessly.
Expert recommendations and analysis on the top Enterprise Asset Management Software
Implementation Goals
| Goal 1 Increase Asset Performance and Uptime | EAM systems enable you to monitor assets' condition in real time, schedule preventive maintenance based on usage or time intervals, and detect and resolve issues before they escalate into failures, ensuring optimal asset operations and preventing costly breakdowns. |
|---|---|
| Goal 2 Extend Assets Useful Life | These solutions help you manage assets' life cycles from acquisition to disposal, ensuring their reliability, availability and quality. They let you track asset histories, warranties and depreciation, enabling strategic planning for replacements and environmentally friendly disposals to maximize ROI and reduce capital expenditures. |
| Goal 3 Reduce Costs | Implementing enterprise asset management solutions enables you to maintain optimal stock levels, avoiding excess inventory expenses. They also assist you in preventing non-compliance fines and penalties, saving you from potential financial losses. Furthermore, you can also streamline work order management and automate maintenance processes, increasing labor efficiency. |
| Goal 4 Boost Environmental, Health and Safety (EHS) Initiatives | You can track and manage compliance requirements to align your operations with the latest legal standards. Gain insights into energy consumption, emissions and other factors that contribute to your carbon footprint to monitor and control the environmental impact of your assets. Schedule and track safety inspections and implement safety protocols to enhance worker safety. Track and manage training programs for employees, ensuring that they’re well-versed in EHS best practices. |
| Goal 5 Streamline Workflows | EAM systems enable you to automate asset management workflows, from maintenance requests and work orders to inspections and procurement. Integrate data across departments, enabling everyone to access up-to-date information. This synchronization breaks down data silos, facilitating collaboration and improving communication among various teams. Team members can access and share information, schedule tasks, and communicate within the centralized platform. |
Expert recommendations and analysis on the top Enterprise Asset Management Software
Basic Features & Functionality
| Asset Life Cycle Management | Asset tracking offers insights into assets’ conditions and life cycle progression. It lets you plan for updates, budget for replacements and prepare for any changes that may hinder an asset’s function. |
|---|---|
| Work Order Management | Work order tools enable you to create and assign work orders to specific teams based on their skills, availability and locations. Record the actual time, labor, materials and costs incurred for each work order. Capture feedback, ratings, signatures or photos from technicians or customers to verify work quality. Close work orders and generate invoices or reports as needed. |
| Inventory Management | Manage all stock and inventory — not only vehicles and equipment with inventory management tools. Set reorder points for each item in the inventory to automatically generate purchase requisitions or work orders for replenishment. Reserve specific parts or materials for upcoming work orders, ensuring their availability when needed. |
| Maintenance Management | Perform preventive, predictive and corrective maintenance activities using maintenance management systems. View asset profiles to access crucial data like maintenance history, depreciation estimates and mean time between failures (MTBF) |
| Vehicle Maintenance | Receive alerts when maintenance tasks are due so you don’t put it off until the vehicle breaks down. Establish direct lines of communication between dispatch teams and drivers to keep everyone updated with schedule changes, potential hazards and other crucial information. |
| Supply Chain Management | Create and manage purchase orders, requisitions, invoices and receipts for your inventory items using supply chain management tools. Automate approval workflows, monitor delivery statuses and evaluate vendor performance. Use historical and real-time data to estimate future inventory demands. Integrate with ERP systems to synchronize procurement and financial data. |
| Mobile Access | Use mobile devices to perform asset inspections and condition assessments. Some EAM mobile apps offer offline capabilities, allowing you to work in areas with limited or no connectivity. The system synchronizes data once the connection is re-established. Maintenance teams can troubleshoot issues remotely using mobile video and image-sharing capabilities, enabling experts to provide guidance to field personnel. |
| Reporting and Analytics | Business intelligence tools allow you to access critical maintenance KPIs via the analytics dashboard to make data-driven decisions. Generate several reports such as:
|
Expert recommendations and analysis on the top Enterprise Asset Management Software
Advanced Features & Functionality
| Maintenance, Repair and Overhaul (MRO) | Track complex asset components and their relationships, ensuring correct part usage in maintenance. Perform simultaneous maintenance of interconnected assets, like manufacturing lines or aircraft systems. Integrate geographic information system (GIS) tools with EAM software to gain a spatial view of assets and their locations. |
|---|---|
| Materials Management | Helps organizations producing raw materials closely monitor materials to ensure proper transportation, usage and implementation. Manage materials across various sites, ensuring easy access and tracking. Track materials by lot or serial number to ensure quality control and compliance. Manage material storage and retrieval using first in, first out (FIFO) and last in, first out (LIFO) methods — important for perishable or time-sensitive materials. |
| Augmented and Virtual Reality | Field technicians can wear AR headsets or use mobile AR apps to access real-time asset information and instructions. Use VR to visualize asset configurations, maintenance scenarios and facility layouts, improving decision-making and coordination. Teams can collaborate in a virtual space to plan maintenance and repair procedures before executing them on-site. |
| Facilities Management | Gain insights into space allocation, occupancy and future space planning with space management tools. Reserve meeting rooms, conference spaces and facilities, streamlining scheduling and resource allocation using facility management systems. Helps you in asset tagging and tracking for equipment, furniture and other assets within the facility, making it easier for you to locate and manage them. Maintain compliance with workplace safety and environmental regulations with EHS capabilities. |
Expert recommendations and analysis on the top EAM Solutions
Current & Upcoming Trends
Just as new spells and enchantments continually emerge in J.K. Rowling's wizarding universe, the field of EAM experiences a constant influx of trends and innovations. Here are some top trends you should know about:
Predictive Analytics
Predictive analytics uses machine learning, statistics and historical data to forecast future trends and recommend actions that can improve your asset performance and maintenance.
It helps you:
- Detect potential equipment failures before they occur.
- Optimize maintenance schedules based on asset condition, usage and other factors.
- Improve asset usage and efficiency by analyzing data from IoT sensors and other devices attached to assets.
According to a study from Allied Market Research, the global predictive analytics market is projected to reach$35.45 billion by 2027, growing at a CAGR of 21.9%.
This high-demand and high-growth technology can provide significant benefits for you as an EAM software user.
They enable you to perform various tasks such as data mining, modeling, visualization and analysis, helping you improve asset maintenance strategies.
Industry 4.0
Industry 4.0 is revolutionizing the way companies manage assets. It integrates several digital technologies such as the Internet of Things (IoT), cloud computing, artificial intelligence (AI) and machine learning to create smart factories.
These smart factories help you connect, monitor and optimize the entire production process, from design to delivery.
Some benefits include:
- Increased Automation: Automate various tasks and processes in asset management and manufacturing such as data collection, inspection, diagnosis, repair, quality control and reporting, reducing human errors and increasing accuracy and consistency.
- Self-Optimization: Adjust and improve performance based on data feedback to enhance efficiency, quality, flexibility and agility in asset management and manufacturing.
- Enhanced Environmental Safety: Monitor and mitigate the effects of climate change and support sustainability initiatives.
Electric Vehicle Adoption
The global electric vehicle market, valued at $163.01 billion in 2020, is projected to reach $823.75 billion by 2030.
As organizations and individuals increasingly transition to electric mobility, here's how EAM tools help:
- Schedule regular EV maintenance such as battery checks and charging infrastructure upkeep to prevent breakdowns and ensure reliability.
- Forecast EV maintenance needs, minimizing downtime and optimizing the life span of electric vehicle components.
- Manage energy resources and balance the demand for electric charging within facilities.
- Allocate vehicles to specific tasks, schedule maintenance and plan routes to improve efficiency and cost-effectiveness.
- Adhere to EV-related environmental standards and regulations, tracking emissions reductions and ensuring compliance.
EAM software optimizes your EV and charging infrastructure maintenance, helping you transition to cleaner, more sustainable transportation solutions while effectively managing your assets.
For further exploration of where the EAM market is and where it’s headed, check out our article — Enterprise Asset Management Trends: Future of EAM.
How To Select an EAM Solution
Selecting the right enterprise asset management software is a pivotal decision. We’ve outlined some key considerations to help you choose the perfect EAM system for your unique needs and goals.
Define Requirements
To begin your EAM software selection process, the first step is to identify your specific requirements.
Our free interactive requirements templates can assist you in this process, making it easier to determine the features you’ll likely use and those that aren’t necessary. This will help you create a shortlist of features that you can use to evaluate EAM software providers.
Some core features to consider include asset database, inventory management, asset life cycle management, reporting and supply chain management capabilities.
Create a Long List
Begin by delving into industry reports and online reviews. These resources offer valuable insights into various EAM solutions, their features and real-world performance.
Next, seek recommendations from peers within your industry or professional network to gain practical insights and learn about the strengths and weaknesses of different solutions.
Actively participate in industry-specific forums and discussion groups to gather a wide range of perspectives.
Attend industry conferences and webinars dedicated to asset management and EAM software to learn about the latest trends, innovations and best practices through presentations, live demos and interactions with software vendors.
Throughout this research process, maintain an open mind. Consider a variety of EAM software options, including those that may not initially seem like a perfect fit. Sometimes, hidden gems or innovative solutions emerge when you explore diverse possibilities.
Calculate Costs
Calculate the total cost of ownership for each solution on your long list. Some pricing factors to consider include:
- Licensing Costs: Some vendors charge per user, per asset or offer flat-rate licenses. Assess how these licensing models align with your organization's size and budget.
- Training and Onboarding Expenses: Training costs may include fees for training sessions, materials and, in some instances, potential consultant expenses. You should also consider the time and effort required to familiarize your team with the new software.
- Ongoing Maintenance Fees: Maintenance fees cover essential software updates, bug fixes and access to customer support. It's essential to understand the terms and conditions of ongoing maintenance, including any annual or periodic fees.
- Data Migration: These costs may vary based on the volume and complexity of your existing data.
- Customization: Consider any costs related to customizing the EAM software to fit your organization's unique needs.
The deployment method you choose can also impact your budget.
Cloud-based products typically involve a per-user, per-month payment structure. On the other hand, on-premise solutions may offer unlimited access with a single license purchase or require the purchase of multiple licenses for each user or user group.
With a cloud-based product, vendors handle various aspects such as maintenance and disaster recovery. However, if you opt for an on-premise system, you’ll be responsible for managing these tasks yourself.
When considering product costs, it's essential to evaluate which features are included in each pricing tier. Advanced features and extensive or complex feature requirements can significantly impact your overall cost.
You can check out our free pricing guide for more details.
Create a Short List
Based on your established requirements and budget constraints, narrow down your options. Select a solution that aligns most closely with your needs. Eliminate choices that don’t meet your core criteria.
Request Demos
Request live demonstrations or trial versions of the EAM software from your shortlist. Actively participate in these sessions, exploring the software's interface, functionality and reporting capabilities.
Choose a Selection Team
Assemble a cross-functional team of experts from different departments and key stakeholders who’ll evaluate EAM solutions. Ensure that the team represents a range of perspectives within your organization. Each member should bring their expertise and insights to the decision-making process.
Negotiate
Discuss pricing, contract terms and any necessary customizations with vendors. Negotiate effectively with a clear understanding of your requirements and budget. Be prepared to walk away from deals that don't align with your organization's needs.
Make the Decision
Choose a solution that best fits your organization's requirements, budget and long-term objectives.
Ensure you communicate the decision to all relevant parties, and prepare for the implementation phase with a well-defined plan.
Still wondering where to begin? Check out our Lean Selection methodology — a nine-step process that helps you make informed buying decisions.
See prices for the top EAM Solutions... Plus get important questions to ask.
The Best EAM Software
Now that you have an idea of what EAM solutions can do, let’s explore the best five products handpicked by our analysts.
SAP EAM
SAP EAM is a comprehensive asset management solution designed to effectively oversee and control a wide range of assets such as facilities, vehicles, equipment and machines.
It helps you efficiently maintain facilities, perform timely maintenance tasks, monitor assets’ life cycles and analyze reports to make informed decisions based on data.
Furthermore, it enhances your return on investment (ROI), minimizes failures, and ensures both security and compliance within your operations.
Review preventive maintenance details, including order status, in a single dashboard. Source
HXGN EAM
HXGN EAM is a comprehensive asset management tool designed to streamline asset management and tracking, work orders, preventive maintenance tasks, materials, inventories, budgets, and projects.
You can monitor KPIs, generate insightful reports, track labor use and add routes to work orders for enhanced efficiency.
Create a custom dashboard to track important metrics. Source
Assetworks
Assetworks helps businesses effectively manage assets, including vehicles, buildings, infrastructures, facilities and more.
Their services encompass various areas such as fleet and fuel management, enterprise risk and asset management, and surplus asset management.
Maintain a record of asset details using mobile devices.
eMaint
eMaint is a cloud-hosted CMMS solution designed to assist businesses in effectively managing assets, streamlining workflows, using IoT for inventory management, and scheduling preventive and predictive maintenance tasks.
You can enhance your asset management practices, optimize operational efficiency and proactively maintain your assets, leading to improved productivity and cost savings.
Manage spare parts and inventory with just a few clicks. Source
Expert recommendations and analysis on the top EAM Solutions
Questions To Ask Yourself
To get a better understanding of your company’s requirements, ask yourself these guiding questions:
- What kind of IT infrastructure do we need to support this software?
- Which deployment is suitable for our needs — on-premise or cloud-based?
- Do we need mobile access for field agents and on-site employees?
- How dispersed or centralized is our asset management, and does it need to be more centralized for better control?
- What benefits and essential features do we require for our desired outcome?
Questions To Ask Vendors
To align your needs with the vendor's product and future updates, consider asking the following questions:
About the Software
- What security features are in place to protect data?
- Does the system offer mobile access? How user-friendly is the mobile app, and what functionality does it provide?
- Does it offer industry-specific versions or modules?
- Does the software comply with industry-specific regulations or standards?
- How easily can the software scale alongside our business as it grows?
About the Vendor
- What training materials do you offer? Does that come with an extra cost?
- How long have you been in the industry?
- Do you have a track record of working with companies like ours?
- Do you offer professional services such as data migration, implementation and customization? Do such services cost extra?
- Is a demo or proof-of-concept available so we can see how the solution handles real-world scenarios?
FAQs
How do enterprise asset management tools help different industries?
Let’s see how EAM solutions help different industries:
Energy and Utilities
Preventive maintenance capabilities help you schedule regular inspections and servicing for your power generation equipment before issues arise, reducing unexpected downtime, extending assets’ life spans and ensuring a continuous energy supply.
Chemicals, Petroleum and Mining
Monitor and track assets in challenging and hazardous settings. With real-time location data and condition monitoring, you can ensure assets' safety and security.
Monitor inventory, set reorder points and optimize spare part usage to ensure constant availability of critical components, preventing production delays and minimizing costly downtime.
Manufacturing
Plan maintenance aligned with Lean Six Sigma principles, continually improve processes through data analysis and actively address the root causes of equipment failures.
Transportation
Manage your fleets using asset tracking and maintenance scheduling tools. Access work orders, asset information and maintenance instructions while on the go, improving response times and efficiency.
Manage relationships with vendors and suppliers of parts and equipment, ensuring a smooth supply chain for necessary maintenance and repairs.
Life Sciences
Track and manage assets, including laboratory equipment, manufacturing machinery and medical devices to prevent asset loss, theft or misuse.
Automate calibration scheduling and documentation, ensuring that equipment is always in spec.
Integrate with monitoring sensors and help manage data related to environmental conditions.
Nuclear Power
Ensure that all assets, equipment and processes comply with the strict requirements set forth by nuclear regulatory authorities, reducing the risk of non-compliance and potential safety issues.
Integrate with radiation monitoring systems to provide real-time data on radiation levels and safety to maintain a safe environment for workers and the public.
Who uses EAM solutions?
Here's a breakdown of who uses EAM solutions and why:
- Asset Managers: Manage asset performance and investments.
- Maintenance Teams: Schedule maintenance, reduce downtime and improve efficiency.
- Production Managers: Ensure asset reliability for smooth operations.
- Accountants: Monitor asset-related costs and align finances with asset management goals.
What’s the difference between EAM, ERP and ITAM?
Take a look at the table below to uncover differences between EAM, ERP and ITAM.
| EAM | ERP | ITAM | |
|---|---|---|---|
| Purpose | Manage physical assets like equipment, machinery, facilities and infrastructure | Integrate various core functions of an organization, including finance, human resources, supply chain, sales and manufacturing | Manage IT assets, such as hardware, software, licenses and digital resources |
| Key Functions | Asset tracking, maintenance and optimization | Data and process management across the entire organization | Track IT assets, optimize software licenses, manage hardware life cycles and ensure compliance with software vendor agreements |
| Users | Asset managers, maintenance teams, production managers and accountants | Finance, HR, supply chain and production departments | IT managers, IT support teams and software asset managers |
What implementation challenges should I expect?
Implementing enterprise asset management software can be challenging for several reasons:
- Data Migration and Integrity: Transferring data from your existing systems to the new EAM software can be complex. Conduct a thorough data audit before migration to identify and clean up any inaccurate or redundant data.
- Integration with Existing Systems: Integrating the new solution with existing systems poses a risk of operational disruptions if not executed seamlessly. Develop a well-defined integration strategy that includes mapping out data flows and ensuring compatibility between systems.
- User Adoption and Training: Employees may resist change, especially if they’re comfortable with existing processes and systems. Create a tailored training program, engage employees from the beginning, offer hands-on training and provide ongoing support through help desk services and clear documentation.
- Customization: Excessive customization can lead to software complexity, which may be difficult to manage and maintain. Focus on aligning the software with existing processes and avoid over-customization that could introduce unnecessary complexity.
- Scalability: Failing to address scalability can lead to performance issues as demands increase. Establish a clear process for scaling up as requirements change, whether it involves adding more assets or expanding to additional locations.
- Ongoing Maintenance and Upgrades: Neglecting software maintenance and upgrades can result in security vulnerabilities, reduced performance and compatibility issues with evolving technology. Regularly perform system checks and updates to maintain the software's performance and security.
Expert recommendations and analysis on the top EAM Solutions
Next Steps
Implementing EAM software helps you improve asset management practices, save on unnecessary repair costs, reduce equipment failures, increase productivity and streamline workflows.
We trust that you feel confident in your ability to initiate the software selection process. However, if you require further guidance, our comprehensive free comparison report can assist you in your search.
It helps you compare products side by side. Furthermore, It provides you with individual product scores, benefits, functional and technical requirements, and user sentiments.
Additionally, we’ve curated resources that you can explore to support you throughout your journey.
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Additional Resources
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