Are you wondering which Enterprise Asset Management (EAM) system is right for you? Do you need to find a replacement for your current asset management approach? If so, this is the article for you.
Effective Asset Management is vital for industries like manufacturing and utilities to optimise assets and cut costs. In this article, you’ll learn about some of the best (and worst) EAM systems in use. By the end, you’ll be able to decide which approach is right for you and your organisation.
Three of the top Enterprise Asset Management (EAM) systems, in alphabetical order
- HxGN EAM: AI-driven with cloud-native architecture, it excels in extending asset lifecycles and boosting productivity. Its mobile apps and GIS/BIM capabilities enable geospatial tracking, perfect for transportation and infrastructure. With frequent updates and strong customer support, HxGN ensures high adoption rates and tailored solutions for complex asset management needs.
- IBM Maximo: A cloud-based, AI-powered platform with predictive maintenance, IoT integration, and mobile access for field technicians. Its scalability and robust Enterprise Resource Planning (ERP) integrations make it one of the top choices for large enterprises in energy and manufacturing. Maximo’s 30-year history ensures reliability, while its AI-driven analytics reduce downtime and optimise asset lifecycles, supporting complex operations with real-time insights.
- SAP EAM: Real-time monitoring, predictive maintenance, and seamless Enterprise Resource Planning (ERP) integration for unified financial and operational data. Ideal for utilities and healthcare, it offers mobile access for offline work orders and detailed compliance reporting. Despite a steeper learning curve, its advanced analytics and cloud-based flexibility make it a powerhouse for asset-heavy organisations managing large-scale operations.
From best to bust: the worst Asset Management approaches
Despite the availability of powerful EAM platforms, many businesses still rely on outdated systems, hampering their efficiency. Here's why it's time to move on:
- Paper-based systems: While cheap, simple and requiring no technical skills or software; it is slow, prone to loss or damage, and unscalable, with no automation or real-time data. This system is obsolete for enterprises, not really viable for minimal asset tracking due to lack of even the most rudimentary features.
- Spreadsheets: While familiar and quick to set up for basic tracking; spreadsheets are highly prone to human error, and poor multi-user support, leading to version conflicts and little to no audit trail. Although a popular starting point, its limitations often prevent teams from scaling effectively.
- Homegrown databases: Highly customisable for specific needs–which is great–these systems are costly to maintain, often unscalable, and lack integration, creating data silos. A short-sighted vision that quickly becomes a costly, outdated burden to maintain and extend.
Investing in a proper Enterprise Asset Management (EAM) system drives efficiency and cost savings. Avoid spreadsheets, paper, or custom databases to stay competitive in today’s fast-paced world.
What asset management approach are you using to track and maintain your assets? Let's talk