Enterprise asset management (EAM) is a process of managing the lifecycle of physical assets and equipment in order to maximise its lifetime, reduce costs, improve quality and efficiency, health of assets and environmental safety.
Using spreadsheets to manage an ever-growing asset register can lead to problems with business efficiency, SARS compliance through to poor or inaccurate depreciation calculations, audit trail issues and an inability to meet historical reporting and forecasting requirements.
EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information.
This includes procurement, design, finance, risk management, human resources, operations and maintenance. Enterprise Asset Management is the focusing of enterprise-wide time, effort and resources to achieve optimal total business impact through the performance of its assets.