10 Best Enterprise Asset Management Software of 2024
The enterprise asset management (EAM) market has grown tremendously in recent years. As of 2022, experts estimate it will hit a market size of $7.52 billion, considering its CAGR of 8.4%. One thing we could attribute this growth to is the rise in startups. As new businesses come to the limelight, existing ones must increase their competitiveness.
As you would agree, staying relevant requires improving their systems and service delivery. This, in turn, leads to their adoption of enterprise asset management platforms. These tools range from procurement and inventory management to asset life management. They also include human resource planning and performance management tools.
As you’ll learn from this article, enterprise asset management tools serve various functions. They also have several use cases, from engineering to life sciences to technology. Apart from this, they serve employees across all levels of an organization. Whether you’re looking to deploy an EAM tool for your company’s use or want to learn about them, this article is for you. Read on as we discuss what enterprise asset management is and our top 10 tools of 2024.
What is Enterprise Asset Management (EAM)?
Enterprise asset management uses software and other intelligent systems to monitor, direct, and maintain a company’s assets and operations. Company leaders, team heads, and operations managers use EAM to utilize assets and ensure quality throughout their asset life cycles. Most EAM systems, especially in recent times, are built on advanced analytics, artificial intelligence, and machine learning.
Organizations have different types of assets. Some of them are manufacturing equipment, logistics fleet, and human assets, as some like to add. A good EAM software must mimic and simplify a complex work environment.
On average, it should be able to monitor, maximize, and manage assets more competently. It would have predictive capabilities if built on the latest machine learning models. Other key features to expect from any EAM software are planning and scheduling, analytics, and varying deployment options. In other words, they should support cloud-based, on-premise, SaaS, or hybrid options.
Businesses across various industries use enterprise asset management software. This includes healthcare, transportation, energy and utilities, and manufacturing industries. Healthcare organizations integrate with health information systems to streamline the monitoring and reporting of their facilities. Life science companies use it to manage and trace the quality of their products. They use it to ensure that all production processes meet the required standards.
Enterprise asset management tools are essential as they help make informed business decisions. By having the required data, analytics, and summaries, company leaders can better inform their business strategy. The following section overviews our top enterprise asset management tools for 2024.
10 Best Enterprise Asset Management Software of 2024
Enterprise asset management tools do not come cheap. Therefore, you must learn and research the options available. Although we’ve written an overview of some of these tools, a comprehensive review of your selections will help you make better decisions. Below is a comprehensive list of our top enterprise asset management tools for 2024.
1. Maximo: Application Suite for Complete Asset Management
Maximo by IBM is a fixed asset management solution designed to extend asset lifecycles. These applications serve various purposes and are integrated into a single cloud-based platform. It uses artificial intelligence and the Internet of Things (IoT) to give organizations complete control over their assets.
Some exclusive features of Maximo include its remote monitoring, predictive insights, and visual inspection.
Pros:
- Integration with business analytics tools and financial systems
- Customizable interface
- Comprehensive reporting and analytics
Cons:
- Steep learning curve due to its extensive functionality
- High licensing costs, making it less accessible for small businesses
- Configuration and customization for new enterprises take a lot of time
2. SAP ERP: Enterprise Resource Planning Software for Small and Large Businesses
SAP ERP is an enterprise resource planning solution for small and large businesses. It streamlines the planning and management of an organization’s processes. It allows teams such as manufacturing, HR, finance, and procurement to consolidate their operations into one system.
SAP ERP ensures compliance management and effectively manages software licenses, leveraging the latest technology. Its solutions have built-in digital assistants and advanced analytics. Some of SAP ERP’s solutions are SAP Business One for small businesses, SAP Business ByDesign for midsized companies, SAP ECC, and SAP S/4HANA, its latest addition.
Pros:
- Built-in machine learning for advanced functionalities
- Comprehensive asset management reporting and analytics
- Multiple modules and even more extensive integration capabilities
Cons:
- Adapting to SAP ERP can be challenging for people with little technical knowledge
- The user interface is not visually appealing
- Customization takes a lot of time
3. Oracle E-Business Suite: Enterprise Asset Management System with a Smart Interface
Oracle E-Business Suite is a powerhouse of business intelligence tools that excels in fleet management. These solutions span logistics, order management, manufacturing, financials, and projects.
You can access its tools and unlimited functionalities by choosing one of these products. For instance, its Projects product boasts solutions such as Oracle project billing, project planning and control, and project portfolio analysis.
Pros:
- Allows users to access multiple standard and custom interfaces
- Frequent updates to maintain security posture
- Vast functionalities for different business needs
Cons:
- There is no option to export data to PDF or Excel files
- The deployment process takes more time than others
- It is not beginner-friendly
4. Fiix: Cloud-Based Maintenance Management System
Fiix is a computerized maintenance management system (CMMS) that helps companies plan maintenance more effectively. With Fiix, you can manage work orders, inventory, and assets. It has several functionalities, including the work order insights report that automatically analyzes work orders.
Fiix is hosted on Amazon Web Services (AWS), providing constant data backup. What’s more, its Asset Risk Predictor provides users with predictive maintenance. You can detect breakdowns in advance with its sensor data and AI Smart monitoring.
Pros:
- Predictive maintenance to reduce downtime and skip frequent inspections
- Cloud Based CMMS software with easy navigation
- Easy importation of data using a spreadsheet
Cons:
- Dashboards could use an upgrade
- The learning curve for using Fiix analytics is steep
- Creating personalized reports can be overwhelming
5. HxGN EAM: Best Asset Management Platforms for Better Asset Spending
HxGN is another top enterprise asset management software. Its solutions help executives and supervisors enhance their management capabilities, increasing the lifecycle of their assets. Consequently, they can improve the productivity of their teams. It uses advanced machine learning and artificial intelligence models to provide companies with complete asset performance management.
The software is cloud-based, allowing users to access their data whenever needed. Its modules support specialized functions like asset, procurement, logistics, budget, and project management. Furthermore, it provides asset investment planning. This enables businesses to make intelligent and timely investment decisions.
Pros:
- Enhances coding efficiency
- Runs complex statistical analysis efficiently
- Handles analysis of large data for beginners
Cons:
- Steep learning curve
- Very expensive software
6. Upkeep: Asset Operations Management Software for Streamlining Maintenance
Upkeep is an effective asset-tracking platform popular among manufacturing teams, giving them more control over their assets. It is one of the business intelligence tools respected for its adoption by some of the most popular brands in the world.
It is also among the few business analytics tools that give users a dedicated customer success manager during their trial phase. As an assets operation management solution, it provides maintenance management, a data hub, and an Edge for remote condition access monitoring.
Pros:
- Upkeep has a Mobile app option for technicians in the field
- Easy consolidation of tracking assets
- It is user-friendly, and the learning curve is steep
Cons:
- The Edge’s sensors available might not be suitable for your company
- Group discounts are not available unless you talk to sales
- Occasional glitches
7. PeopleSoft: Oracle’s Four-in-One Enterprise Asset Lifecycle Management Software
Oracle’s PeopleSoft provides its users with human capital management (HCM), enterprise resource planning (ERP), campus solutions, and people tools and technology.
Executives who use PeopleSoft have attested to its flexible user interface, deep analytics, and easily configurable software. Its ERP tool offers procurement, financials, assets, and project solutions.
Pros:
- Excellent for HR management
- PeopleSoft is user-friendly and easy to use for beginners
- Robust platform that supports vast data importation
Cons:
- Slow to generate reports at times
- Document uploading can sometimes be slow
- Users may experience technical issues like lagging and slow loading
8. Ramco: Fleet Management Software with Cognitive Capabilities
Ramco’s EAM is focused more on high-maintenance assets such as planes, power plants, transport fleets, and other infrastructure. With Ramco, businesses that manufacture or use these assets can manage them properly.
The enterprise asset management software has formed its base in the engineering industry. Thanks to its powerful automation, its offerings range from human capital management (HCM) to finance and accounting to project and procurement management. Other exciting facilities management features of Ramco are gesture computing, remote maintenance, and cognitive intelligence.
Pros:
- Uses Role-based HUBs, Mail bots, and cognitive intelligence systems
- Advanced safety standards for improving security posture
- Ramco comes with well-organized modules
Cons:
- The user interface is not friendly enough
- Loading speed can be a little slow
- The implementation process is prolonged
9. IFS Cloud: Enterprise Asset Management Software Supporting Multiple Integrations
IFS Cloud is a provider of several business management solutions. Its enterprise asset management software is a flexible, AI-powered tool for handling complex management tasks. It automates the maintenance of assets, from their procurement till the end of their lifecycle.
Users can select the makeup of their EAM. This could include enterprise resource planning and other financial and supply chain solutions.
Pros:
- Suitable for small and large businesses
- Straightforward and customizable menus to fit the company’s processes
- EAM is composable, so you can integrate the solutions you want
Cons:
- Debugging and handling issues are difficult
- Complex environment, thereby requiring technical knowledge
- Generating reports can be time-consuming when there’s a connection break
10. Ellipse: EAM for Asset Intensive Organization of All Sizes
Ellipse EAM is a product of Hitachi Energy. It efficiently tracks asset status and is built for companies with multiple assets. The maintenance software is designed for transport, mining, and renewables businesses.
In addition to being an EAM, it is also an ERP solution. Although it is for complex operational environments, single asset owners can maximize it.
Pros:
- Versatile and covers several departments
- Deployable as a SaaS or on-premise solution
- The solution is flexible enough to accommodate complex workflows
Cons:
- Ellipse might be a little costly for small businesses
- Its environment is complex
- Users may need training during
Frequently Asked Questions
What is Enterprise Asset Management (EAM)?
Enterprise asset management (EAM) is the use of management, analytics, and tracking software to maximize the lifecycle of physical assets. EAM comprises the maintenance, tracking, and managing of the assets and expenses incurred in their use.
Who is EAM For?
EAM is for organizations that have physical assets in their care. If your business runs on physical assets like machinery or plants, having an EAM can be very helpful in maintaining them. From their purchase to the end of their lifecycle, an EAM can help you optimize them and improve their efficiency.
What Are the Most Important Features of EAM Software?
The best asset management software helps to carry out work order management, asset tracking, and performance monitoring. Moreover, it must have excellent reporting and analytics capabilities. Other features you want to look out for are predictive maintenance and intelligent systems. However, you should also pay attention to the hardware and software requirements of the tools
Stay Updated on Latest SaaS Tech Trends and Tools for 2024
Enterprise asset management tools have evolved over the years. From traditional management to systems with cognitive abilities, the list is endless. Although EAM solutions mainly cover physical assets, some organizations use them to oversee other parts of their business.
If you’re considering a top EAM software, ensure it works hand in hand with your ERP tool. You should also check for its processing speed and analytics prowess.
To learn more about various EAM and ERP tools, visit the Techwriteable blog today.
