The Future of Enterprise Asset Management Software

The Future of Enterprise Asset Management Software

The Future of Enterprise Asset Management Software

Recent IDC research conducted in January 2011 estimates that the “worldwide market for cloud-based systems management software will total to $2.5billion by 2015.” In such a scenario, Enterprise Asset Management (EAM) software, which manages an enterprise’s physical infrastructure, will also see unprecedented growth. Cloud or on-premise based, an effective EAM solution will absolutely impact an organization’s return on asset investment by contributing immeasurably to the required tasks of maintenance, providing complete asset visibility, and facilitating federal and global compliance regulations.

The Current State of EAM

Traditional EAM solutions record or capture data and then, at best, provide a vehicle to view the history of these transactions. Generally, information about materials, labor hours, and overall cost of maintenance is captured in the work order module and then perhaps later transferred, usually via hand-key, to the financial ledger, creating a limitation and severe bottleneck.

Information that needs to necessarily flow backwards and forward between two different systems gets locked in just one system. Synchronization of data among systems is cumbersome, inaccurate, and almost never in real-time.

What Lies Ahead for EAM?

The future of effective EAM truly rests on effective integration with other corporate systems. EAM and Maintenance Management software can no longer be “point” solutions – only used by the maintenance folks. An island of maintenance management automation will over time certainly become a non-deployed maintenance management solution.

This means the onus of a successful EAM system will depend on its ability to integrate and collaborate with systems efficiently. It will need to support multiple industry protocols and interface with other organizational systems to facilitate real-time data exchange. Examples include; employee records within Human Resources applications, or exposed production schedules to maintenance or maintenance schedules exposed to operations departments.

The enterprise asset management software or SaaS of the future will of course support global enterprises via functionality such as diverse language and currency compliance. Maintenance management software must continue to broaden its focus on cloud computing and anytime, anywhere data access via mobile enabled devices. A mobile enabled EAM solution can ensure that communication flow between technicians, contractors, and field-based operators are streamlined.

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