Enterprise Asset Management Database: The Complete Guide

Effective asset management is essential for the success of your business, whether you own a tiny local store or a multinational corporation. Assets refer to any resource used in business operations, including physical infrastructure like buildings, machinery, and tools, as well as intangible resources like employees and capital. Regularly inspecting assets and performing preventive maintenance can reduce the likelihood of accidents, breakdowns, and other incidents that could impact your operations or reputation.

Using modern databases can help you adopt a systematic approach to asset management. They accurately determine what assets are available and how you can get more value for your business.

This article provides insights on harnessing the benefits of an Enterprise Asset Management database to streamline business outcomes.

What is Enterprise Asset Management? 

Enterprise Asset Management (EAM) refers to the management and maintenance of physical assets owned by an enterprise throughout its entire lifecycle. This includes management of capital planning for assets, procurement, installation, performance, maintenance, compliance, risk management, and disposal. To do this, you can use software that stores all the information related to your enterprise’s assets. Such software is called an Enterprise Asset Management database. 

The Enterprise Asset Management database acts as a central repository, storing and managing asset-related data in a single destination. This includes the asset’s identification number, location, description, purchase date, warranty information, maintenance history, and current condition. Using the EAM database helps you better manage and utilize all your assets. 

How Does an EAM Database System Work? 

Traditionally, organizations used to install EAM systems on their premises. However, with the evolution of technology, cloud-based EAM solutions have become the preferred choice for organizations. Here are the primary functions of the enterprise asset management database:

• Collect and Store Asset Data: The main function of the EAM database is to store all relevant asset details. It assigns each asset a unique identifier, such as a barcode or RFID tag, which you can use to track movement and usage within the organization. 
• Schedule Maintenance: The EAM system enables you to schedule and plan asset maintenance activities based on usage, performance, and regulatory requirements. When maintenance or repair tasks are required, work orders can be generated within the EAM system. They contain details such as the nature of the task, required resources, priority level, and deadlines. Maintenance technicians can access these work orders, update their status, and record relevant information upon completion.
• Inventory Management: The EAM system can manage inventory levels required for asset maintenance and repair activities. It helps you track inventory levels, reorder supplies, and ensure teams can access the necessary resources to complete tasks.
• Asset Performance Analysis: By collecting and analyzing data on asset usage, performance, and maintenance history, the EAM system provides insights into the overall health and performance of assets. This allows your organization to identify trends, predict potential failures, and make informed asset management and investment decisions.

Key differences between EAM and CMMS

Computerized Maintenance Management System (CMMS) is software that stores data on maintenance operations, creates work orders, and generates reports. It appears to be similar to EAM, but there is a significant difference between them. Here are some key differences between EAM and CMMS: 

EAM	CMMS
EAM system can track the entire asset life cycle, including design and installation.	A CMMS only tracks an asset after you purchase and install it.
EAM also provides data on purchasing, maintenance, repair, and servicing costs. This helps you understand the total cost of ownership of individual assets.	CMMS usually do not include additional features like high-level financial accounting or costs associated with procurement.
EAM provides multi-site support across multiple worksites. Multi-site support involves providing IT services and assistance to multiple geographically distributed locations.	Most CMMS solutions only provide single-site or limited multi-site support.

Best Enterprise Asset Management Software

Accurate enterprise asset management master data is the foundation for effective asset lifecycle management. Here are some enterprise asset management software you can use to streamline your asset management:

1. IBM Maximo Application Suite

IBM Maximo Application Suite is an integrated cloud-based asset monitoring, management, predictive maintenance, and reliability planning software. It is a set of applications that uses AI, IoT, and data analytics to optimize performance, extend asset lifecycles, and reduce operational costs. The Maximo Application Suite enables access to configurable CMMS, EAM, APM, and RCM applications. You can use the Maximo Application Suite to enhance your asset management operations. 

2. UpKeep Asset Operations Platform

UpKeep is an asset management solution that helps manage the day-to-day maintenance of the asset life cycle and gain insights into real-time performance data. It can be used by small to midsize companies across various industry verticals. UpKeep provides an overview page of tasks showing upcoming work, due dates, and assigned assets or workers. While adding new tasks, you can include notes, color-coded priority ratings, images, assets, and users. UpKeep offers a monthly subscription that includes support through phone, email, and other online resources.

3. IFS Cloud

IFS Cloud is an ERP solution that provides enterprise resource planning and enterprise asset management. It is fully customizable and includes only the functionalities relevant to your business. IFS Cloud is a single platform built on 100 percent open APIs, complementing built-in automation, AI, and machine learning capabilities with your innovations. It is a secure enterprise asset management database with twice-yearly optional releases and monthly service updates. 

4. E-Business Suite – Enterprise Asset Management

Oracle Enterprise Asset Management (AM) is part of Oracle’s E-Business Suite. It can address your organization’s comprehensive and routine asset maintenance requirements. E-business suite EAM tracks all maintenance costs and asset’s work history of managing its performance and operations. It also monitors rebuildable inventory items using meters, quality plans, and condition monitoring systems. It helps you implement effective preventive maintenance strategies by examining your asset’s operating condition. This enables you to create alternative maintenance strategies for seasonal or production capacity changes.

5. Hexagon EAM 

Hexagon EAM is an industry-leading asset management solution designed to extend asset lifecycles and improve productivity. It comprises various risk, condition, and reliability-based maintenance instruments and applied technologies like AI and ML. This helps you deliver accurate asset data and strategic insights to drive better decision-making while ensuring policy compliance.

Benefits of Enterprise Asset Management

Some of the benefits of an Enterprise Asset Management database are:

• Centralize Asset Information: You can consolidate all the asset information in the Enterprise Asset Management database to improve accessibility to up-to-date data.
• Data-Driven Maintenance Operations: The EAM system provides you with features like advanced asset tracking, AI-powered remote monitoring, and other digital maintenance management capabilities that allow for data-driven decision-making.
• Reduces Cost: EAM helps you reduce costs by extending the life of your company assets through maintenance. It can also eliminate wasteful spending by identifying which assets are not efficient and helpful.

Return on Assets (ROA) measures your company’s profitability relative to its total assets and how efficiently you can leverage them to generate earnings. EAM helps you improve your ROA by providing ways to optimize each step of the asset lifecycle.

• Integration with Other Business Systems: You can integrate the EAM database with other business systems like ERP and SCM. This ensures that asset management is not an isolated function but aligns with the overall business strategy.
• Enhanced Regulatory Compliance and Risk Management: EAM software helps you maintain accurate asset records and ensure compliance with the latest regulations. This reduces the risk of non-compliance fines and enhances overall safety and risk management. Thus, EAM software helps you adhere to industry standards and regulatory requirements. 

Use Cases of EAM 

Some use cases of enterprise asset management systems are:

• Manufacturing: By enabling preventive maintenance scheduling and monitoring asset health, EAM helps prevent unexpected equipment failures that can significantly disrupt production. EAM also enables inventory management, allowing for optimized spare parts ordering based on actual maintenance needs and equipment usage patterns.
• Construction: Enterprise Asset Management is crucial in construction for managing and maintaining trucks, heavy equipment, tools, machines, building infrastructure, etc. It tracks all the assets and maintains a database of information, assigning assets to particular projects when needed. 
• Transportation: Public or private transportation usually wears and tears with time. Using EAM database software provides data on asset conditions. It gives early information on the parts that are about to break down. Thus, you can conduct maintenance and prevent downtime before it happens. In the aviation industry, it helps you manage and automate aircraft maintenance and ensure safety and regulatory compliance. 
• Agriculture: The Enterprise Asset Management database can be used in agriculture to manage farming equipment, vehicles, and irrigation systems. It assists in optimizing maintenance schedules, improving crop yield, and reducing operational costs.

Using Hevo for EAM 

Data integration brings together data from various disparate systems into a single place. This gives you a comprehensive understanding of your assets’ health and their lifecycle performance. You can use Hevo to integrate asset data for its maintenance. 

Hevo Data is a no-code ELT platform that provides real-time data integration and a cost-effective way to automate your data pipeline workflow. With over 150 source connectors, you can integrate your data into multiple platforms, conduct advanced analysis on your data, and produce useful insights.

Get Started with Hevo for Free

Here are some of the most important features of Hevo Data:

• Data Transformation: Hevo Data provides you the ability to transform your data for analysis with a simple Python-based drag-and-drop data transformation technique.
• Automated Schema Mapping: Hevo Data automatically arranges the destination schema to match the incoming data. It also lets you choose between Full and Incremental Mapping.
• Incremental Data Load: It ensures proper bandwidth utilization at both the source and the destination by allowing real-time data transfer of the modified data.

Conclusion

This blog provides detailed information on Enterprise Asset Management, the different Enterprise Asset Management Databases, their benefits, and use cases. The article emphasizes the importance of adapting enterprise asset management to optimize resources. This, in turn, helps cut costs and gives you a competitive edge by providing well-performing assets. 

Data integration can provide you with consolidated data for better enterprise asset management. Hevo Data, with its efficient automation features and easy-to-use interface, can help you with data integration. You can schedule a demo today to leverage these benefits of Hevo Data!

Want to take Hevo for a spin? Sign Up for a 14-day free trial and experience the feature-rich Hevo suite firsthand.

Share your experience with the Enterprise Asset Management Database in the comments section below!

FAQs

1. Which one should you use, EAM or CMMS? 

Any business can benefit from an Enterprise Asset Management System (EAMS) or Computerised Maintenance Management System (CMMS). In general, EAMS is more expensive than CMMS. This is because EAMS is designed for larger, multi-site companies and usually delivers a broader scope of functionality and features than a CMMS. Small businesses typically deploy a CMMS because the investment is lower across all application attributes.

2. What is the difference between EAM and ERP?

ERP (Enterprise Resource Planning) systems streamline all organizational operational processes. They help manage finances, sales, human resources, and production. EAM is only concerned with your organization’s physical assets. This software helps you keep your assets in good shape and make them work better. It will also help manage orders, plan repairs, and collect data about each asset.