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Enterprise Asset Management – for Functional

Posted on June 16th, 2007 by Sanjit Anand ||Email This Post Email This Post

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Enterprise asset management (EAM) is a broad term use to describe software that provides managers with a way to view company-owned assets holistically.

The goal is to enable managers to control and pro-actively optimize operations for quality and efficiency. EAMs facilitate operations by automating requests for upgrades, regular maintenance and decommissioning or replacement.

dgreybarrow What is Asset Management ?

  • A systematic process of operating, maintaining, and upgrading physical assets cost-effectively
  • This combines engineering and mathematical analyses with sound business practice and economic theory
  • Goal-driven and, like the traditional planning process, include components for data collection, strategy evaluation, program selection, and feedback
  • A model explicitly addresses integration of decisions made across organizations
  • Maximisation of benefits to its customers and users, based on well-defined goals and within available resources
  • Moving from resource-driven to asset-driven state
  • Processes & practices across asset base, throughout life cycle
  • Practices for efficient management of work using contractor services
  • Analysis of data & knowledge for development of future asset management strategy
  • A key enabler for IT for information sharing

dgreybarrow What AM means to your company

  • To withstand the increasing pressures from regulatory and customers to improve performance
  • To maintain long-term view on asset base for enhanced annual expenditure
  • To build strong relationships with the customer and regulator (if have)
  • To measure total lifecycle cost of ownership of assets
  • To understand and manage assets based on capital investment, trade-off between risk, cost and performance
  • To effectively integrate capital and revenue expenditure programs and policies around future need
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