Asset Management Software, also known as “EAM” or “Enterprise Asset Management” helps an organization manage the entire lifecycle of a physical asset.
Asset management software applications also known as EAM can be described as a smart way of managing complex operations of companies in the 21st century. For companies involved in manufacturing, construction, physical sales, distribution or call centers, their businesses can be optimized by using a sophisticated Asset Management Software.
Core Features of Asset Management Software
Your Asset Management Software should allow you to track where your assets are at all times, the status, and who has responsibility for it. Using an Asset Management Software Application, you know what's going on and why with peace of mind.
An EAM system makes it possible for companies to monitor, maintain and improve their records. EAM systems have been optimized to manage records, hardware usage, leasing information and guidance to equipment purchase, and replacement.
Work Order Management and Preventative Maintenance
Work Order management is the core for any Asset Management system - whether it is a preventative maintenance work order, inspection sheet, or a breakdown maintenance work order. Your CMMS should be able to assign work orders to individuals or teams and do it in a manner that is fast and efficient. With many CMMS’s you have the option to customize work orders, assign it to a location, and an asset.
Regulates Life Cycle of Physical Assets
An Asset Management Software should track the entire lifecycle of an asset from the original purchase date up until it gets decommissioned. It should hold a preventative maintenance schedule and also show a history of previous work orders performed on a particular asset. In layman’s terms, your Asset Management System should be the data center for all things related to your asset. Asset Management software is also commonly used to show and verify regulatory compliance. It allows the organization to establish a record of all work orders that have been performed on a particular asset to show regulatory compliance.
Group collaboration is typically not something Enterprise Asset Management systems do well, but us at UpKeep are committed to making communication better between everyone in your team. We think real-time updates and direct messaging is going to be crucial in the future for EAM systems. So what does this mean in practice? Well, if a piece of equipment breaks down and we need to communicate with a group of people what went wrong and how to fix it – it should all be done within the EAM system in real time.
In short, Asset Management Software maintains a database about an organization’s maintenance operations. This information helps technicians do their jobs more efficiently and help make better, more informed decisions about costs and resources. UpKeep does all of this and more and if you want to see what you can do with UpKeep, we’d love for you to give it a shot!
Other common names for Asset Management Software include: