Manage the Lifecycle of Assets with Engineer Asset Management Software

Manage the Lifecycle of Assets with Engineer Asset Management Software

11:28 am
11 February 2023

Significant assets can be difficult to monitor and manage. In the end, many engineers find it challenging to maintain low operational expenses, utilise assets efficiently, and maintain correct equipment maintenance. An Engineer Asset Management software might be helpful in this situation.

Using asset management software will improve asset life cycles, increase equipment uptime, and help you make smarter maintenance decisions.

First, you must comprehend what assets are in order to grasp how engineers may manage them using the engineer’s asset software.

What are Engineering Assets?

The basic definition of assets identifies three interconnected pieces. It includes a value, a legal entity, and a tangible object. The relationship between these three components is covered, meaning the legal entity, either a person or a business assigns value to the physical asset.

Engineering assets are the physical tools, equipment, and facilities a company uses to create financial assets like shares, derivatives, options, securities, and many more.

What is Asset Management Software?

The set of methods, procedures, and software known as engineer asset management (EAM) includes EAM software. This software enables businesses to carry out facilities management efficiently. With the aid of asset management software, businesses may manage physical assets efficiently over the whole asset lifecycle.

Even though a robust EAM typically offers a more excellent range of capabilities and features than a computerised maintenance management system (CMMS), including:


  • An inventory management system
  • Document and knowledge management systems
  • Multi-site management tools
  • A purchasing management system
  • An accounting system and financial management
  • A project management system
  • Performance management tools
  • Labour management tools
  • Service contract management
  • Lockout tagout procedures

Asset managers now have complete visibility into their assets’ history and current condition, allowing them to maximise asset quality and utilisation, increase uptime, save operating costs, and ultimately boost revenue and ROI.

Features of Engineer Asset Management Software

Asset management software provides many key features:

Asset Lifecycle Management

This common EAM software function keeps track of the key phases of an asset’s life, starting with the initial design and continuing with the planning of its production or construction, warranty management, decommissioning, and disposal.

Supply Chain Management

Building, maintaining, and repairing assets require materials and components, which EAM software tracks and helps safeguard. The majority of EAM software offers tools to make inventory management, materials management, and procurement processes more efficient. Tools for demand planning can aid in forecasting.

Maintenance Scheduling & Planning

This component is heavily used to manage work orders, issue work orders for maintenance or repair projects, track hours worked, and set up payment. It also keeps track of available maintenance people and their expertise.

Preventive & Predictive Maintenance

This capacity is supported by EAM analytic tools. It consists of project management tools for controlling more intricate preventative maintenance.

Make The Best Use Of All Your Corporate Assets

If you are looking for an effective asset management solution for better management, try Genic Assets Management Software Solutions!

Benefits of Implementing the Right Asset Management System

Your company can track, manage, evaluate, and optimise its assets through all phases of the asset lifecycle, from acquisition to disposal, using the appropriate EAM. This can result in significant improvements in transparency and the capacity for preventive maintenance, which translates into time savings, increased productivity, and cheaper costs. Additionally, an EAM might benefit your business:

Minimise Risks

EAM reduces risks in a variety of ways. For instance, the software may notify operations managers of a machine component that is about to break. In that case, it might also offer the data and scheduling resources needed to send a repairman to replace the part before it breaks. Additionally, prompt maintenance reduces the possibility of worker injury and environmental harm.

Minimise Costs

EAM systems’ supply chain automation features help with inventory management and guarantee a sufficient supply of spare parts and materials, preventing the need to turn to more expensive or less reliable providers.

Optimise Business Value

EAM analytics finds equipment reallocation options in a facility to boost production capacities and enable new business lines.


Taking the next step toward getting an asset management solution into place might seem like a large step, but it has the ability to completely change the way you conduct business while generating sizable time and money savings. The engineers’ productivity will also increase thanks to this software.

An efficient asset management system from Genic Assets enables operations teams to be proactive with maintenance in order to improve asset life cycles, automate workflows, reduce unscheduled downtimes, and find further opportunities for increased performance and energy saving.

Ready to try Genic Assets Management System for your business?

Are you ready to switch from Excel and Spreadsheets to Cloud-based Asset Management Software? Get started with Genic Assets Management System!

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