Enterprise asset management explained

Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information.^[1] This covers the design, construction, commissioning, operations, maintenance and decommissioning or replacement of plant, equipment and facilities.

"Enterprise" refers to the scope of the assets in an Enterprise across departments, locations, facilities and, potentially, supporting business functions. Various assets are managed by the modern enterprises at present. The assets may be fixed assets like buildings, plants, machineries or moving assets like vehicles, ships, moving equipments etc. The lifecycle management of the high value physical assets require regressive planning and execution of the work.

History

EAM arose as an extension of the computerized maintenance management system (CMMS) which is usually defined as a system for the computerisation of the maintenance of physical assets.

Enterprise asset management software

Enterprise asset management software is a computer software that handles every aspect of running a public works or asset-intensive organization. Enterprise asset management (EAM) software applications include features such as asset life-cycle management, preventive maintenance scheduling, warranty management, integrated mobile wireless handheld options and portal-based software interface.^[2] Rapid development and availability of mobile devices also affected EAM software which now often supports mobile enterprise asset management.^[3]

EAM Solution Applications in Power Generation

EAM solution applications, are used in power generation, including nuclear power plants. EAM solutions are used in the industries for managing asset portfolios and operational efficiency. They are recognized for their role in enhancing asset utilization and reducing costs, with a focus on compliance with regulatory guidelines, and meeting consumer/clients’ needs.

Features and applications for solutions include, but are not limited to:

• Standardization of Work Processes: EAM solution applications are designed to streamline work processes in power generation operations. This includes improving worker productivity and asset return on investment by aiming to increase asset availability, reduce planned outage time, and enhance reliability.

• Asset Performance Management (APM): This component of EAM solution applications offer software and services for optimizing asset performance and operational & maintenance efficiency. Features such as these include proprietary analytics and work process automation (e.g., Work Orders, Procurement Processes, Material Requestes, etc.).

• Application in Power Generation: EAM solutions are often tailored for use in power generation and other industries with complex, mission-critical environments. The focus is on addressing challenges where operational failure can lead to significant consequences.

• Asset Management in Nuclear Power: Asset management is a key component in nuclear power plants, particularly in competitive electricity markets. Asset Suite EAM aims to support decision-making processes by balancing financial performance, operational performance, and risk.^[4] These applications are essential for identifying and tracking changes to plant-specific controlled equipment and documentation.

• Industry Usage: The software is noted for its application in the utility, transmission, and fossil or nuclear power industry. It is reportedly used by a significant portion of global nuclear fleets.

• Modules for Nuclear Plants: EAM solution applications offer modules such as Procurement Engineering, Inventory Management, Total Exposure, Material Request and Receipt, Engineering Changes, and Work Orders which are geared towards the needs of nuclear plants.^[5]

• Standardizing: Currently, there is a large movement to isolate and distribute a singular EAM solution for managing industrial assets across the nuclear power generation industry for commercial electricity production (i.e., Asset Suite/Passport) . This deployment is aimed at standardizing practices across multiple nuclear power plants.^[6] Although, not every plant utilizes the same software. As plants and corporations continue to expand and modernize, industries are moving from Asset Suite/Passport to Maximo EAM, which is another EAM solution application currently tailored for utility, transmission, and the nuclear industry.

See also

• Building lifecycle management

Sources

• Baird . Gregory M. . Defining Public Asset Management for Municipal Water Utilities . Journal - American Water Works Association . 2011 . 103 . 5 . 30–38 . 10.1002/j.1551-8833.2011.tb11449.x. 167652876 .
• Physical Asset Management(Springer publication) Nicholas Anthony John,2010.
• Pascual, R. "El Arte de Mantener", Pontificia Universidad Católica de Chile, Santiago, Chile, 2015. https://web.archive.org/web/20130520203840/http://web.ing.puc.cl/~rpascual/html/documentos.htm

Notes and References

1. Web site: What is Enterprise Asset Management - EAM? . www.ARCweb.com . en-US . 2018-04-13 . Ralph . Rio . 26 December 2017 . live . https://web.archive.org/web/20180413193545/https://www.arcweb.com/blog/what-enterprise-asset-management-eam . 13 April 2018.
2. Web site: Chintada . Suresh . Council Post: 4 Ways 5G Will Impact Enterprise Asset Management For Telcos . 2023-04-17 . Forbes . en.
3. Computer Weekly. Dawn of the age of smart assets. Gurton. Annie. November 2000. Reed Business Information.
4. Web site: Asset Management for Sustainable Nuclear Power Plant Operation . 2023-12-10.
5. Web site: Nuclear Asset Suite/PassPort™ Implementation Experience . OLAV . 2023-12-10.
6. Web site: EDF to deploy Ventyx Asset Suite to manage nuclear plant assets . 2023-12-10.