4 Proven Strategies to Maximize ROI in Enterprise Asset Management

Facility Management Market Leader

Updated September 30th, 2024

What Is Enterprise Asset Management (EAM)?
Boost ROI: Follow These 4 EAM Best Practices
Turning EAM Best Practices Into Business Success
Frequently Asked Questions

Key Takeaways

Enterprise Asset Management (EAM) is a strategy for large businesses to optimize the use and lifecycle of their physical assets, such as equipment and facilities, enhancing efficiency and ROI. To effectively implement EAM, enterprises should inventory all assets, utilize advanced EAM software, employ durable tracking labels, and conduct preventive maintenance.

Enterprise asset management (EAM) is a strategy enterprises use to maintain control of equipment, machinery, technology, and other important assets that keep the business moving. However, the immense number of assets within an enterprise makes this no small feat, which is why so many enterprises opt for EAM software to streamline their workflows.

Implementing an EAM strategy can help your enterprise glean more value from its assets, but even then, there might be opportunities for improvement. In this guide, we’ll share four of the best practices to help you optimize your enterprise asset management at scale.

What Is Enterprise Asset Management (EAM)?

Enterprise asset management is a business strategy that large businesses implement to control, track, and utilize their physical assets. The goal is to optimize how the business uses these assets to gain the maximum possible value throughout the asset’s lifecycle.

With EAM, your business can manage the entire lifecycle of an asset, from design and procurement to operation, maintenance, and disposal. Enterprises use EAM to track and optimize:

Facilities
Vehicles
Electronics
Field equipment

Done well, enterprise asset management can reduce operating costs, maximize return on investment (ROI), and make your enterprise more efficient as a whole.

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Boost ROI: Follow These 4 EAM Best Practices

EAM is a smart strategy for gaining control over every asset within an enterprise. However, EAM is a process, which means it requires fine-tuning to maximize ROI.

Follow these four best practices to optimize your enterprise asset management strategy.

1. Take a Comprehensive Asset Inventory

Some enterprises only add new assets to their tracking software as they come into the business. The downside to this approach is that you miss out on the hundreds of existing assets currently in the enterprise.

Effective EAM requires understanding:

Which assets you own
Where they are
Their current condition

Before you purchase EAM software, take a comprehensive inventory of everything you currently own. Some information, like purchase date, might not be available for every asset, but it’s still best to log the asset’s condition so you can start managing its lifecycle within the EAM platform.

Also read about and learn the differences between an EAM and CMMS.

2. Leverage the Right EAM Technology

EAM isn’t manageable in spreadsheets. Enterprises need an intelligent EAM software solution that automates manual processes, provides real-time data, and effortlessly tracks data on every asset.

With EAM software, you can:

Track usage patterns
Identify underutilized assets
Make informed decisions about assets

Plus, the right software will also help you comply with regulations. This significantly improves employee safety while reducing the risk of penalties.

Photo by Panchenko Vladimir via Shutterstock

3. Select High-Quality Labels and Tags

Asset management is only possible with tracking. The best way enterprises can track their assets is with labels and tags that contain either barcodes or QR codes. However, low-quality labels can quickly fall off the asset or become illegible.

This makes asset tracking much more difficult, which is why it’s so important to use high-quality labels and tags from the start.

For EAM, go for tamper-evident labels that are designed to last for years. If you need real-time tracking, opt for RFID labels that constantly transmit a wealth of information about each tagged asset.

4. Conduct Preventive Maintenance

Some enterprises are only able to perform reactive or corrective maintenance because they have limited resources, but proper EAM equips you with the data and support to proactively maintain your assets. This reduces the risk of downtime and unexpected delays.

Regularly schedule preventive maintenance on all assets, and use EAM software to schedule, track, and document all maintenance activities. If you have an intelligent EAM platform, it will use this data to help your team conduct predictive maintenance, which will focus maintenance activities on assets that need it the most.

To learn more about optimizing your maintenance data with EAM software, check out the video below:

Turning EAM Best Practices Into Business Success

Enterprise asset management helps organizations optimize asset utilization, minimize costs, and maximize return on investment. By following these four best practices, your enterprise can improve its efficiency and become more profitable.

That said, you need the right tools in your corner for EAM to work effectively. Durable asset labels and tags are the essential ingredient to sustainable asset management that keeps your enterprise productive and profitable.

Camcode’s enterprise-grade labels and tags are designed to last—and often outlast—the lifecycle of your assets. See the Camcode difference for yourself: request your free label samples today.

Photo by Sergey Nivens via Shutterstock