Enterprise Asset Management (EAM) is the process of managing the lifecycle of physical assets to maximize their use; save money; improve quality and efficiency; and safeguard health, safety and the environment.
EAM is mostly used in industries that rely heavily on expensive and complex physical assets, such as vehicles, plants and heavy equipment. Prominent EAM users include the shipbuilding, mining, energy, government, utilities, aerospace and defense industries.
Early enterprise asset management software was standalone, or it was networked and operated by multiple users who entered data manually. Today, much of the asset data comes in automatically from sensors attached to the device and connected over wireless or wired networks to the EAM system. This connectivity enables mobile and remote access and monitoring.
EAM software is often integrated with Enterprise Resource Planning (ERP) software. In these cases, EAM software is combined with an ERP system’s procurement; human capital management; supply chain management; and environment, health and safety functions.
Integration with a geographic information system can provide improved mapping that shows asset locations and maintenance routes. Also, 3D visualization software is used to augment an EAM system’s asset information.
Enterprise asset environments are growing increasingly complex. EAM gives maintenance teams the ability to monitor and control asset reliability and quality in complex environments.
EAM provides the following capabilities:
Lexicon’s Utility Enterprise Asset Management solutions are custom-suited for energy and utilities companies to ensure their infrastructure are able to meet their complex challenges.
With growth in demand for energy in emerging economies showing no sign of slowing – and renewables taking the place of more traditional energy sources in developed economies – operators face a mix of demand and cost challenges. While these drivers are different, effective utility asset management plays a big part in addressing the needs of power producers.
Modern and high-performing manufacturing companies demand customized and effective solutions to manage their business-critical assets. It is the assets that deliver true value, and those same demanding organizations strive for asset management excellence. In doing so, they use EAM to track, review, manage, and optimize their critical asset base. Manufacturers utilize it to enhance the quality and reliability of operations and maintenance management.
Lexicon helps manufacturers manage and reduce machine defects by providing a comprehensive defect management system with the ability to record and visualize machine defects, track progress, and assign responsible persons for each defect created.
The mining industry uses a variety of tools and equipment – both IT and non-IT – in its everyday activities. From drills and equipment to work down the mines to computers and software to run its operations, it handles a wide range of assets in decentralized locations. Thus, implementing asset management in the mining industry is not an option; it’s a must.
By doing so, companies will be able to track their assets, know their real-time status and location, manage their lifecycle, know if there is vacant stock, and optimize their investments overall.
For the mining industry, managing assets is tricky, not only because of the variety of elements, but also because it has to maintain them in optimal conditions so that they’re ready for work, and optimize the associated costs in the meantime. To further complicate things, the equipment is often deployed in less-than-ideal circumstances.
But assets are at the core of the mining companies. They are indispensable to doing the job right and on time. So, having a strategy to manage them is crucial. In this context, IT Asset Management principles can come in handy to not only manage the companies’ technology but also most of their non-IT assets.
The mining industry is highly regulated with specific standards for all the equipment, as well as the software and hardware solutions that support the activities. So, a comprehensive Asset Management strategy is essential to meet these requirements and achieve its goals.