Asset Management Software (EAM) Features & Capabilities

Table of Contents

TEC’s Detailed Asset Management Software Features Lists
Asset Management Software Modules & Features
General CMMS Functionality Enables Centralized and Customized Asset Management
     User Interface Drives Adoption
     Customization Facilitates Tailored EAM Processes
     Reporting Helps Uncover Varied Asset Management Insights
     Workflow Fosters Maintenance Process Configuration
     Document Management Helps Maintain Asset Information
Maintenance Management Fosters Proactive Asset Care and Operational Continuity
     Work Order Management Helps Oversee Maintenance Activities
     Preventive Maintenance Streamlines Work and Maintenance Practices
     Equipment History Helps Monitor Enterprise Assets Over Time
Integration Facilitates Interoperability Across Systems
Human Resources Tools Streamline Strategic Workforce Optimization
     Personnel Management Simplifies Staff Oversight
     Workforce Management Optimizes Labor Management Processes
     Training Tools Keep Personnel Informed & Engaged
     Benefits Functions Streamline Administrative Tasks
     Payroll Simplifies Compensation Management
Financials Facilitates Comprehensive Fiscal Oversight
     General Ledger Unifies Asset Transactions
     Accounts Payable Expedites Approvals and Payments
     Cash Management Tools Monitor Cashflow for Assets
     Fixed Assets Functions Manage Tangible Properties and Assets
     Accounts Receivable Optimizes Payments Tracking
Purchasing Management Enhances Procurement and Improves Oversight
     Purchase Orders Streamline Procurement Processes
     Management of POs Strengthen Procurement Oversight
     Procurement Reporting Guides Users to Key Insights
     Profile of Suppliers Centralizes Vendor Information
     Rating of Suppliers Fosters Optimal Vendor Partnerships
     Requisitions and Quotations Expedites Purchasing Requests
     Pricing Tracks Asset-Related Costs and Spending
     Receipts for Procurement Facilitate Inventory and Spare Parts Management
Inventory Management Enables Strategic Asset Tracking and Optimization
     Online Requirements Ensures Continuity
     Forecasting Anticipates Parts and Inventory Demand
     Adjustments Monitors Stock Modifications
     Locations and Lot Control Tracks Stock and Batches
     Reservations and Allocations Simplify Specific Work Order Fulfillment
Reliability Fosters Proactive Maintenance and Increases Uptime
     Asset Definition Facilitates System Modeling
     Triggers and Alarms Simplifies Asset Health Monitoring
     Condition Monitoring Enables Proactive Asset Issue Detection
     Work Management Supports Maintenance Workflows
Product Technology Provides Sound IT Architecture and Future-Proofing
     Technical Architecture Fosters EAM Performance
     Security Protects Sensitive Data and Solutions Against Cyberthreats
     Cloud, SaaS, and Hosting Offer Flexible Deployment
     Platforms Provide Technical Foundation for EAM Systems
Types of Asset Management Software and Industry Specificity
Key Asset Management Capabilities by Business Size and Other Specificities
     Small-to-Midsize Businesses (SMBs)
     Large Enterprises
     Mission-Critical Assets
Choosing the Right Asset Management Software for Your Business
 

Enterprise Asset Management Software (EAM) Features Overview

Asset management software refers to systems that help organizations track, analyze, and optimize the performance of their assets. EAM solutions provide a centralized database to store information on assets like equipment, facilities, vehicles, and more. Key benefits of EAM solutions include improved asset visibility, better maintenance management, increased equipment uptime, and optimized capital planning.

Several main types of EAM solutions cater to different industries and needs. Computerized maintenance management software (CMMS) focuses specifically on maintenance workflows, while enterprise asset management provides more robust functionalities beyond maintenance like inventory/spare parts, purchasing, reporting, and analytics. Industry-specific EAM solutions, for their part, are designed for manufacturing, healthcare, real estate, and other verticals.

Some examples of popular EAM solutions include IBM Maximo for comprehensive capabilities, UpKeep for ease of use, Asset Essentials for affordable pricing, and ProLEASE for lease and property management firms. The right software for each business depends on various factors like industry, size of asset portfolio, IT infrastructure, and budget.

TEC’s Detailed Asset Management Software Features Lists

Evaluating EAM software requires examining the key features and capabilities on offer. With over 30 years of experience in assisting companies select business software, we have compiled an extensive database of EAM software functionalities across numerous vendors and benchmark solutions based on both impartial industry averages and a rigorous methodology.

Our EAM software features and capabilities reports provide a comprehensive list of functionalities an EAM system should have. We categorize features into intuitive modules like maintenance management, inventory optimization, purchasing, reporting, and more. For each asset management feature, we rate how well a vendor's solution supports that capability out of the box, via customization, third-party add-on, or other options.

For example, our IBM Maximo features list catalogs its 3,000+ functions arranged by EAM modules, with each feature bearing a rating for Maximo's level of support. With these reports, you can quickly grasp how well Maximo handles individual capabilities and broader functional areas compared to asset management alternatives.

Leveraging our institutional knowledge can simplify your software selection process. Focus on the EAM capabilities that matter most for your asset portfolio and rely on our reports to benchmark vendor solutions.
 

Asset Management Software Modules & Features

Asset management solutions comprise various modules and an extensive set of features to manage assets across their lifecycle. Key modules include maintenance management, inventory optimization, purchasing, human resources, financials, reliability, and more.

Latest trends in EAM software include the leveraging of technologies like artificial intelligence (AI), Internet of Things (IoT) sensors, and mobility to enable predictive maintenance, automated inventory replenishment and real-time asset monitoring. Solutions like UpKeep are using machine learning (ML) to analyze asset data and recommend optimal maintenance schedules. Radio frequency identification (RFID) tags track spare part levels automatically, while mobile apps allow technicians to update work orders on the go.

We cover over 2,900 features across nine modules and 143 submodules in our EAM software functionality reports. These modules are:
 

• General CMMS Functionality
• Maintenance Management
• Integration
• Human Resources (HR)
• Financials
• Purchasing Management
• Inventory Management
• Reliability
• Product Technology

Download one of our full EAM solution capability reports to get an exhaustive list of features mapped to each module, ratings on each vendor's level of support, and a simplified benchmarking of complex solutions.

General CMMS Functionality Enables Centralized and Customized Asset Management

The General CMMS Functionality module contains foundational capabilities that enable organizations to centralize and customize asset data. Key asset management features facilitate compliance, risk mitigation, ease of use, flexibility, and accessibility. For example, enterprise-level standards help companies meet regulations and guidelines, while robust reporting allows managers to track key performance indicators (KPIs). Customization empowers admins to tailor systems to their workflows, with a user-friendly interface making adoption smooth for technicians, and barcode scanning accelerating data entry.

New technologies like machine learning algorithms autonomously identify asset failure risk patterns. Cloud-based platforms provide mobile access from any device, and digital twin modeling optimizes customization, allowing this asset management module to foster centralized oversight, simplified use, and flexibility.

This module spans 311 asset management features across 58 submodules, covering categories like Risk Management (66 features), Customization (47 features), Reporting (44 features), and Barcode Technology (15 features).
 

User Interface Drives Adoption

Asset management’s User Interface submodule contains 54 features that allow businesses provide intuitive and user-friendly interfaces and enhance user adoption and productivity. Key aspects of this asset management submodule include role-based views, multi-language support, mobile compatibility, and custom branding. Our EAM features lists analyze user interface capabilities across areas like navigation, layout customization, multi-device access, help menus, and more.
 

Customization Facilitates Tailored EAM Processes

The Customization submodule’s 47 asset management features enable EAM software to be tailored to each organization's specific workflows and processes. This flexibility and configurability are key for user adoption and empower administrators to modify screens, fields, menus, and more to match real-world needs. This asset management submodule’s capabilities cover additional areas like form creation, branding, report building, and business rule configuration, among other items.
 

Reporting Helps Uncover Varied Asset Management Insights

In asset management solutions, the Reporting submodule helps users generate insightful reports and analysis with over 40 EAM capabilities. Robust reporting functionality allows organizations to track KPIs, identify issues and opportunities, inform strategic decisions, and demonstrate regulatory compliance, with this EAM submodule covering additional areas like maintenance reports, inventory analysis, purchasing metrics, and financial statements.

Some of the key aspects of EAM reporting enable scheduled and ad-hoc report generation, custom reporting, predictive analysis, data exports, notifications and alerts based on configured rules, and robust visualization like charts and dashboards. Additionally, technologies like AI and machine learning allow companies to detect anomalies, forecast failures, optimize maintenance scheduling, and more.
 

Workflow Fosters Maintenance Process Configuration

EAM solutions’ Workflow submodule includes 15 features to help businesses configure and optimize maintenance processes. Streamlining workflows enhances productivity by ensuring the right tasks reach the right people, with this asset management submodule’s key capabilities including customizable routing rules, automated notifications, status tracking, and workflow analysis to identify bottlenecks.
 

Document Management Helps Maintain Asset Information

Document Management’s 22 asset management features help users store, organize, share, and track documents related to assets and maintenance activities. Centralized document repositories enhance access to manuals, warranty info, repair records, safety procedures, and more. EAM software’s document management capabilities span areas like file uploads, version control, search, user permissions, and document linking.

Key trends in this asset management software submodule include auto-indexing documents for easy retrieval, digital markups and annotations, automated workflows to route files based on business rules, and mobile access. These innovations simplify managing volumes of asset and maintenance paperwork essential for operational continuity and regulatory compliance.

Maintenance Management Fosters Proactive Asset Care and Operational Continuity

EAM software’s Maintenance Management module comprises 338 granular features across 44 submodules and enables organizations to optimize asset performance, reduce downtime, boost technician productivity, and ensure operational continuity. Key modular capabilities facilitate planning repairs and upkeep, tracking equipment histories, managing preventive routines, and streamlining mobile access for field staff.

For example, work order management functionalities like trade skill tracking, checklist templates, and failure analysis simplify coordinating complex jobs, while predictive maintenance leverages IoT sensors and machine learning to forecast issues before they occur. Custom preventive schedules balance cost and uptime, with mobile apps allowing for updating preventive maintenance (PM) records and work orders from the field.

Other emerging EAM trends in maintenance management include automated scheduling based on usage and wear algorithms, virtual reality (VR) for remote assistance, and AI for failure pattern detection, all of which facilitate proactive approaches to maintenance.

Our EAM software features lists cover submodules like Work Order Management (107 features), Preventive Maintenance (91 features), Equipment History (107 features), Vehicle Maintenance (12 features), and many more specialized areas.
 

Work Order Management Helps Oversee Maintenance Activities

Work Order Management’s 107 asset management features enable centralized tracking of corrective, preventive, and on-demand maintenance activities. Core capabilities such as work order creation, trade skill assignment, documentation attachment, and cost tracking give maintenance leaders visibility and oversight of repairs. This EAM submodule’s functionalities also pertain to work order planning, execution, analysis, and integration with inventory, purchasing, and accounting.
 

Preventive Maintenance Streamlines Work and Maintenance Practices

Asset management software’s Preventive Maintenance submodule offers 91 features that facilitate scheduling, performing, and analyzing routine maintenance procedures. Setting up PM plans that trigger work orders automatically enables asset uptime and longevity, while EAM features like meter-based triggers, templated tasks, and maintenance forecasting optimize costs.

This submodule’s functionalities span numerous additional PM categories including scheduling, mobile access, asset linking, labor and cost tracking, analytics, and integration, allowing users to adopt a proactive over a reactive approach to asset maintenance.
 

Equipment History Helps Monitor Enterprise Assets Over Time

Leading EAM solutions include an Equipment History submodule with over 100 features enabling organizations to log, track, and benchmark the performance, maintenance, and configurations of individual assets over time. Chronicling equipment events provides failure pattern insights, oversees warrantees, and informs replacement decisions. This asset management submodule’s dozens of historical tracking functionalities cover repairs, costs, downtime, specifications, documents, media, suppliers, locations, and advanced analysis, among other areas.
 

Integration Facilitates Interoperability Across Systems

The Integration module in asset management software contains six features that allow an EAM system to connect with external solutions like enterprise resource planning (ERP), predictive maintenance, shop floor, and more. Integration capabilities also empower organizations to unify data across platforms for enhanced oversight and simplified workflows.

Emerging trends in EAM integration include leveraging application programming interfaces (APIs) for bi-directional data flows, no- and low-code connectivity using integrated platforms as a service (iPaaS), and out-of-the-box adapters for popular software like SAP, Oracle, Salesforce, and Maximo.

While a relatively small module, these integration capabilities in EAM software are essential for centralizing asset data across deployed software stacks.
 

• Third-Party ERP Software: Integrating EAM and ERP platforms like SAP, Oracle, and Infor synthesizes asset and financial data for unified analysis, thus optimizing budgeting, cost tracking, inventory control, and purchasing workflows.
• Third-Party PM Software: Connecting predictive maintenance systems combines equipment sensor IoT data with maintenance records for enhanced failure forecasting, planning, and scheduling optimization.
• Third-Party CAD Software: Linking computer-aided design (CAD) tools allows maintaining associated 2D and 3D asset visualizations and specifications within related equipment profiles for simpler update processes.

Human Resources Tools Streamline Strategic Workforce Optimization

Asset management’s Human Resources (HR) module comprises 479 features across dozens of submodules to streamline personnel administration, optimize labor allocation, ensure safety, and empower employees. EAM functions like shift scheduling, skills tracking, self-service portals, and automated training simplify HR workflows while providing data to strategize workforces.

The latest EAM trends in HR include AI algorithms that forecast attrition risks, suggest career development paths, and recommend training to upskill workers, while machine learning identifies gaps in expertise coverage across shifts. Additionally, mobility enables employees to update profiles and request time off remotely.

Our full report catalogs 479 intricacies across sub-modules like Personnel Management (120 features), Payroll (83 features), Workforce Management (165 features), and over 50 more granular HR categories. Evaluating solutions at this level of detail enables nuanced benchmarking for tailored requirements.
 

Personnel Management Simplifies Staff Oversight

Personnel Management’s 120 features help track employee information, qualifications, assignments, and other workforce data. Core capabilities like skills matrices, org charts, contact details, and documentation storage centralize all worker records for simplified oversight. This asset management submodule’s functionalities are also related to profiles, directories, compliance, onboarding/offboarding, and integration.
 

Workforce Management Optimizes Labor Management Processes

In EAM systems, the Workforce Management submodule contains 165 features enabling strategic labor coordination across locations, roles, skillsets, and shifts. Optimizing schedules, assignments, costs, and utilization provides continuity despite fluctuating workloads and demand. This asset management submodule spans many other HR- and workforce-related areas, including demand forecasting, shift assignments, cost tracking, leave management, and overtime analysis.
 

Training Tools Keep Personnel Informed & Engaged

The Training submodule’s 28 EAM features track employee training and certificates, assign required courses, log completions, and identify skills gaps. Ensuring teams stay current on certifications and refreshers mitigates risk while optimizing their competencies. Other key training functionalities include course libraries, assignment workflows, transcript logs, expiration alerts, and connectivity with external learning management system (LMS) platforms.
 

Benefits Functions Streamline Administrative Tasks

This EAM submodule contains functionality to manage various employee benefit plans offered by an organization. There are 27 granular features covered across three categories: Flexible Benefits Administration, Retirement Plans, and Additional Benefits. Core capabilities facilitate streamlined enrollment workflows, vesting oversight, payment processing, and analysis for optimal cost efficiencies.

For example, flexible spending account management automates reimbursement processing and ensures adherence to IRS regulations, while life insurance policy tracking enables beneficiary assignments and status monitoring. Additionally, custom benefit plans can be configured to manage programs like tuition assistance and wellness incentives.
 

Payroll Simplifies Compensation Management

Asset management’s Payroll submodule offers 83 features to automate compensation management workflows like calculating wages and taxes, printing checks, and generating documentation. Streamlining payroll enables efficient, accurate payments while ensuring full compliance.

Core payroll capabilities in EAM software include defining pay rules, custom deductions and benefits, garnishments, reimbursements, and more. Tax calculations integrate with the latest regulatory codes, with direct deposit or printed check runs processing payments using robust accounting integrations, and built-in auditing providing oversight to mitigate fraud risks.

As for emerging technologies in this HR submodule, AI optimizes tax strategies, predict earning trajectories to fine-tune withholdings, and provide personalized guidance on benefits and deductions. Machine learning identifies discrepancies across pay cycles to enhance accuracy, while mobility enables remote check approvals and self-service access to pay stubs.
 

Financials Facilitates Comprehensive Fiscal Oversight

In industry-leading asset management software, the Financials module contains over 1,000 features across nine submodules and provides comprehensive tracking, processing, and reporting of all asset management transactions. Key financial capabilities like general ledger (GL), accounts payable/receivable (AP/AR), fixed assets, and robust financial statements simplify oversight for fiscal managers and accountants.

For example, detailed cost accounting functionalities allocate expenses to individual assets for precise tracking. Custom fields and rules automate complex amortization calculations, and real-time cash flow dashboards monitor budgets. For its part, machine learning forecasts upcoming capital demands to optimize planning.

Other key EAM trends in financials leverage technologies like robotic process automation (RPA) to accelerate transaction processing and reconciliation workflows. AI reviews documents and invoices to auto-populate entry details, with predictive analytics identifying opportunities to improve return on assets (ROA) across equipment lifecycles through dynamic depreciation strategies.
 

General Ledger Unifies Asset Transactions

Asset management software’s General Ledger submodule includes 358 features to automatically centralize all asset transactions in a unified ledger. Key financial capabilities like journal entries, account categorization, fiscal period management, and reporting establish essential GL oversight. Dozens of this EAM submodule’s additional functionalities cover configuration, bookkeeping workflows, analytics, and integration.
 

Accounts Payable Expedites Approvals and Payments

Accounts Payable’s 263 features enable streamlined invoice processing, approvals routing, and vendor payments. Automating AP workflows accelerates turnarounds while minimizing risks, with bill scheduling, cost allocation, payment issue resolution tracking, and analytics being among many areas covered by this submodule in EAM software.
 

Cash Management Tools Monitor Cashflow for Assets

The Cash Management submodule contains 16 asset management features to forecast, analyze, and optimize asset-related cashflow. Key functionalities like cash balancing, petty cash oversight, and bank reconciliation provide real-time visibility into money flows. Other important cash management features are related to cashflow statements, projections, alerts, approvals, and more.
 

Fixed Assets Functions Manage Tangible Properties and Assets

In EAM solutions, the Fixed Assets submodule’s 97 features help manage depreciation calculations, transactions, revaluations, and other costs associated with tangible assets like buildings, property, and equipment. This submodule’s key capabilities automate oversight essential for accurate financial reporting and optimized lifecycle cost management.

Important functionalities in fixed assets management include flexible depreciation methods, custom books, asset hierarchies, transfer/disposal processing, impairment tracking, interest computations, tax integrations, and reporting. Configurable rules engines and workflow automation streamline complex asset accounting, while dashboards visualize utilization and performance trends.

The latest EAM innovations leverage predictive analytics to model optimal dynamic depreciation strategies aligned to usage and maintenance forecasts. Machine learning parses procurement documentation to auto-populate new asset records, RPA tools accelerate transaction reconciliation, and mobile apps enable remote equipment inspections and status updates.
 

Accounts Receivable Optimizes Payments Tracking

Accounts Receivable and its 77 features allow organizations to efficiently track payments owed by customers. These asset management and financial functions help control and expedite the receipt of money, from sales order entry to payment posting. Core AR capabilities found in most EAM solutions include configurable company policies, customer master records, billing and collections workflows, credit risk analysis, cash application automation, bank reconciliations, multicurrency support, approval controls, and embedded reporting.

Other accounts receivable functionalities in asset management software pertain to areas like payment terms configuration, collections analytics, dispute tracking, revenue forecasting, and integration with sales, billing and accounting systems.

Purchasing Management Enhances Procurement and Improves Oversight

Asset management software’s Purchasing Management module contains 273 features over 20-plus submodules to optimize procurement workflows and provide comprehensive visibility into spending. Core modular capabilities like purchase orders (POs), supplier ratings, inventory integration, and reporting establish essential oversight across the source-to-pay process.

For instance, robust PO creation functionalities simplify drafting requests, obtaining quotes, negotiating contracts, and tracking approvals. Seamless ERP links enable real-time inventory synchronization, with custom analytics spotlighting opportunities to leverage economies of scale or consolidate vendors.

Current EAM trends in purchasing management utilize technologies like machine learning to forecast upcoming parts demands based on maintenance schedules and failure analytics. This allows precisely calibrated requests to minimize excess stock while avoiding shortages. Additionally, supplier risk models harness AI to highlight vulnerabilities like financial instability or environmental exposures to improve resilience.

Our full asset management features lists catalog 273 purchasing management intricacies across submodules like POs (68 features), Procurement Reporting (24 features), and Receipts (32 features), among other categories.
 

Purchase Orders Streamline Procurement Processes

Purchasing Management’s Purchase Orders submodule includes 68 features enabling customizable workflows to initiate, approve, fulfill, and analyze procurements. PO capabilities like item specification, supplier integration, receipt triggers, and cost allocation establish controls across source-to-pay. Other key PO categories include functionality to facilitate drafting, discounts, statuses, analytics, and sync with inventory, accounts payable and suppliers.
 

Management of POs Strengthen Procurement Oversight

Management of POs’ 27 features help oversee procurement processes from request through fulfillment. Capabilities like approval chains, performance tracking, and vendor collaboration minimize risks while empowering users and optimizing turnarounds. This EAM submodule also contains functionalities related to workflow efficiency, document management, order analysis, and integration.
 

Procurement Reporting Guides Users to Key Insights

The Procurement Reporting submodule offers 24 analytics features transforming raw data into actionable insights. Custom reports, scheduled exports, real-time dashboards, and metrics enable data-driven decisions on suppliers, items, expenditures, and fulfillment efficiency. This Purchasing Management submodule also includes a handful of key categories, such as suppliers, purchases, product/inventory, performance, and integration.
 

Profile of Suppliers Centralizes Vendor Information

Profile of Suppliers’ 12 essential features track details on asset maintenance and procurement vendors. Centralizing information on suppliers in one location enables simplified management and analysis to optimize partnerships. Key data tracked across suppliers includes contact info, classifications, specialties, service regions, order and payment term preferences, and more. Robust profiles establish a baseline for evaluating performance over time using embedded reporting on metrics like spend, contracts, response times, and issue resolutions.

Linking suppliers to inventory items, assets, and standard purchase orders simplifies maintenance planning and procurement processes by surfacing integrated vendor insights during related workflows. Custom fields allow capturing additional attributes aligned to internal vendor management strategies, while attachments offer visibility into supporting documents like certificates, agreements, and communications. This supplier profile foundation facilitates optimization of partnerships through consolidated analysis and oversight for streamlined workflows.
 

Rating of Suppliers Fosters Optimal Vendor Partnerships

As part of the broader Purchasing Management module, the Rating of Suppliers submodule and its 13 features track and benchmark the performance of maintenance and procurement vendors over time.

Key data tracked across suppliers for this submodule includes quality and delivery metrics, spend and savings summaries, issue resolution times, and more. Ratings aggregated from past performance provide baseline benchmarks to inform future sourcing decisions and contract negotiations, with custom formulas allowing for weighting rating criteria based on internal vendor management strategies. Comparing vendors on consistent factors simplifies oversight to reward top performers with more business.
 

Requisitions and Quotations Expedites Purchasing Requests

Requisitions and Quotations contains 13 functions that streamline the initiation and submission of purchasing requests for asset maintenance services and inventory replenishment. This submodule enables organizations to simplify drafting specifications, obtaining competitive bids from approved vendors, and securing procurement approvals. Core capabilities found in most EAM systems’ requisitions and quotations workflows include customizable templates to speed drafting, supplier integration to automatically solicit quotes, bid comparison tools, and configurable approval chains.
 

Pricing Tracks Asset-Related Costs and Spending

The Pricing submodule’s 13 essential features enable organizations to configure pricing rules, track costs, analyze spend, and optimize asset maintenance and procurement expenditures.

Core pricing capabilities found in most EAM solutions include custom cost types (labor, materials, services), automated markup calculations, bulk discount scheduling aligned to usage forecasts, and embedded reporting comparing planned versus actuals. Furthermore, configurable workflows route price change requests for approval while ensuring version control.
 

Receipts for Procurement Facilitate Inventory and Spare Parts Management

Asset management’s Receipts for Procurement submodule contains 32 functions that streamline goods inspection, acceptance, and putaway workflows after ordered inventory and spare parts arrive from suppliers. Key capabilities in leading EAM solutions include automated PO matching, barcode scanning, customizable receiving rules by item type, quality assurance tracking, and embedded analytics.

Important features in this asset management submodule enable procurement teams to accurately verify shipment contents, record item attributes like serial numbers, log any damages or compliance issues, and integrate receiving data with inventory, accounts payable, and supplier rating systems. Configurable workflows automatically route receipts for approval while updating statuses in related purchase orders, with dashboards visualizing trends across vendors to highlight successes and pain points.

Inventory Management Enables Strategic Asset Tracking and Optimization

The Inventory Management module’s 184 EAM features provide comprehensive visibility and oversight of spare parts, consumables, tools, and other asset-related items. Key functionalities like centralized records, usage analysis, and automatic replenishment establish essential controls across stock levels aligned to maintenance demands.

Barcode scanning and mobile apps simplify cycle counting and field access for technicians. Machine learning algorithms generate data-driven forecasts to optimize reorders and minimize excess, while real-time dashboards enable supply chain and procurement teams to monitor budgets, identify risks, and leverage insights to reduce carrying costs.

EAM trends in inventory management take advantage of technologies like RFID and sensors for real-time usage monitoring to trigger automated reorders when stocks hit predefined thresholds. Robotics accelerate cycle counting and warehouse picking/putaway tasks, and predictive analytics factor in maintenance schedules, equipment trends, and lead times to calculate safety stock buffers that balance availability and working capital investments.

Asset management’s many inventory management intricacies span submodules like Online Requirements (31 features), Forecasting (55 features), and Adjustments (eight features), among various categories.
 

Online Requirements Ensures Continuity

Online Requirements contains 31 features enabling real-time inventory tracking critical for maintenance continuity, offering lookups by attributes, user permissions, and consumption rate analytics that provide control and visibility to optimize workflows. This asset management submodule covers other key areas, including transactions, security, item management and integration.
 

Forecasting Anticipates Parts and Inventory Demand

EAM solutions’ Forecasting submodule comprises 55 functions leveraging historical data to predict future item demand. Custom algorithms align projections to inform procurement and production planning to balance working capital and maintenance continuity. Other forecasting functionalities span model flexibility, demand triggers, safety stock buffers, simulation testing, and accuracy tracking.
 

Adjustments Monitors Stock Modifications

The Adjustments submodule’s eight features to track inventory modifications from cycle counting, shrinkage, damage and other documentation. Robust logging and reporting enables analysis to streamline processes and prevent issues, with this EAM submodule also offering transaction logging, tracking reports, control workflows, and data integration.
 

Locations and Lot Control Tracks Stock and Batches

Locations and Lot Control includes 20 features enabling granular tracking of item stocking locations and serialized inventory batches. This facilitates detailed usage analysis to optimize warehouse layouts, maintenance access, and recall management.

Submodular capabilities allow assigning inventory to specific facilities, zones, rows, shelves, and bins. Serial/lot number tracking associates unique batches of parts or materials to related assets and workflows, while move and transfer logging provides full chain of custody visibility. Custom hierarchies and reporting enable drill-down location analysis to accelerate cycle counts and picking, and alert rules monitor expiry/recall risks and inventory age by location.
 

Reservations and Allocations Simplify Specific Work Order Fulfillment

The Reservations and Allocations submodule’s 29 features span three categories and facilitate granular tracking of inventory batches reserved for specific work orders and assets, fostering detailed usage analysis to optimize maintenance access and continuity.

These inventory management and EAM capabilities allow reserving inventory for upcoming jobs to ensure parts availability while blocking unrelated allocation. Custom hierarchies and reporting enable drill-down analysis to accelerate picking and traceability, with alert rules monitoring reservation expiry and asset priority risks. Linking allocations directly to work orders, assets, items, suppliers, and locations enables integrated insights during related workflows.  

Reliability Fosters Proactive Maintenance and Increases Uptime

The Reliability module’s 154 asset management features help organizations detect asset issues early and conduct maintenance proactively. Modular capabilities like asset hierarchies, automated alerts, mobile access, and embedded analytics establish robust frameworks to sustain reliability.

Intelligent algorithms analyze sensor data to identify failure patterns and recommend preventive repairs before problems cause downtime. Customizable notifications empower technicians with real-time equipment status updates, while mobile apps allow updating maintenance records or asset health metrics from the field, all of which help optimize assets' working lifecycles.

Newest EAM trends in reliability leverage technologies like machine learning and AI to forecast equipment failures based on usage metrics and maintenance history data. Cloud-based solutions provide unlimited scalability to ingest streams of sensor telemetry, with Industrial Internet of Things (IIoT) and digital twin integrations enabling continuous virtual modeling to simulate reliability impacts from different operating conditions.

The Reliability module’s functionalities span various submodules like Asset Definition, Work Identification, and Condition Monitoring, among others.
 

Asset Definition Facilitates System Modeling

Asset Definition contains 13 EAM software features enabling logical modeling of equipment hierarchies and systems. Visual relationship mapping provides a foundation to cascade reliability data across integrated assets, with this submodule also covering functional areas like configuration, analytics, custom fields, and linking logic.
 

Triggers and Alarms Simplifies Asset Health Monitoring

Asset management software’s Triggers and Alarms submodule offers 48 features for establishing automated alerts and notifications tied to equipment health metrics. Proactive notifications empower technicians with real-time status updates, with users also able to leverage functionalities related to limits configuration, alert mediums, routing rules, and conditional logic.
 

Condition Monitoring Enables Proactive Asset Issue Detection

In EAM solutions, the Condition Monitoring submodule and its 18 features leverage real-time sensor data to identify asset health issues early. Custom models detect failure patterns, thus enabling predictive maintenance, while this asset management submodule’s other functionalities span data collection, virtual modeling, mobile access, alerts integration, and advanced pattern recognition.
 

Work Management Supports Maintenance Workflows

Work Management’s 10 functions allow organizations to plan, assign, execute, and analyze maintenance activities through centralized workflows. These features help simplify coordinating technicians, tools, documentation, and materials for specific jobs. This submodule’s capabilities empower maintenance managers to create work orders, link related assets and locations, configure multi-step procedures, assign personnel based on availability and skills, attach documents like repair manuals, and track parts/inventory usage. Additionally, status monitoring and embedded reporting provide insights into workload balancing, technician utilization rates, and maintenance efficiency KPIs.
 

Product Technology Provides Sound IT Architecture and Future-Proofing

The Product Technology module contains 176 features focused on the technical architecture and infrastructure enabling asset management software solutions. Capabilities in areas like security, scalability, mobile access, and configurability establish frameworks optimized for each organization's unique IT landscape and future roadmap.

Comprehensive API support and out-of-the-box integrations with essential business systems simplify unifying data across deployed software stacks for unified analysis. Customizable role-based interfaces and multi-device compatibility accelerate user adoption by matching real-world workflows, with robust access controls and encryption safeguarding sensitive asset information against external threats and unauthorized internal access.

Leading EAM providers leverage cutting-edge technologies to future-proof solutions aligned to Industry 4.0 roadmaps. For instance, machine learning algorithms autonomously optimize complex configuration settings as enterprises evolve. Scalable cloud platforms enable unlimited ingestion of real-time sensor telemetry from industrial IoT and digital twin integration.

Our features lists cover key Product Technology submodules like Technical Architecture (36 features), Platforms (39 features), Security (57 features) and Server Administration (24 features), thus enabling informed decisions across all infrastructure considerations essential for long-term total cost of ownership (TCO) reduction and continuity.
 

Technical Architecture Fosters EAM Performance

Technical Architecture contains 36 features focused on how asset management software solutions structure application logic, data flows, and interfaces to provide reliability, performance, and flexibility. Capabilities like modular designs, open APIs, and custom code extension enable adaptability, with this EAM submodule also covering integration mechanisms, coding languages, modification frameworks, and backend configurability.
 

Security Protects Sensitive Data and Solutions Against Cyberthreats

The Security submodule’s 57 features focus on safeguarding asset data and systems against threats like hackers, malware, or unauthorized internal access. Capabilities like role-based access, detailed audit logs, and encryption establish controls and oversight, with other security functions including credential management, permissions, user activity tracking, data protection, and infrastructure hardening.
 

Cloud, SaaS, and Hosting Offer Flexible Deployment

Cloud, SaaS, and Hosting contains 15 features providing deployment flexibility aligning to each organization's preferences across on-premise, private cloud, public cloud, and hybrid models. The right approach balances control, costs, and strategic scalability, and users may also examine cloud-related capabilities around multi-tenancy, subscription-based pricing, managed hosting services, dedicated instances, elastic scalability, and self-administration.
 

Platforms Provide Technical Foundation for EAM Systems

As pertains to EAM solutions, the Platforms submodule includes 39 features focused on the technical frameworks enabling such solutions, including both hardware infrastructure and operating systems (OS), all of which sustain resilience, customizability, and strategic scalability.

Key platform capabilities facilitate deploying EAM solutions using optimal servers, processors, and operating systems aligned to each organization's preferences. Flexibility in hardware configuration empowers matching real-world performance, reliability, and cost requirements while enabling future scaling, while customizable OS settings, access controls, and resource allocation sustain stability for asset-centric mission-critical workloads.

Types of Asset Management Software and Industry Specificity

Asset management software solutions cater to a wide range of industries, each with unique requirements. Customized or industry-specific EAM systems optimize workflows and provide relevant analytics for verticals like manufacturing, healthcare, real estate, and more.

For example, manufacturing EAM software tracks equipment like CNC machines, forklifts, and assembly lines. Key features include production scheduling, predictive maintenance, shop floor integration, and manufacturing intelligence dashboards, with leading solutions like AssetPoint and Fiix optimizing asset availability and throughput.

Healthcare EAM solutions manage medical equipment, hospital facilities, and mobile assets, in addition to offering functions like utilization tracking by cost center, patient association to assets, and calibration/safety oversight. Providers like Archibus specialize in healthcare asset management with pre-configurations aligned to compliance standards.

Real estate EAM software incorporates property-specific features like unit/vacancy tracking, lease management and tenant portals. Solutions like MRI Software, Yardi, and SAP REFX optimize property performance through embedded analytics on metrics like occupancy rates and maintenance costs per square foot.

Other tailored EAM systems serve industries like transportation, oil and gas, utilities, and more. The optimal software aligns to each organization's asset portfolio, operational maturity, and strategic roadmaps. While some providers specialize in certain verticals, leading enterprise-class platforms offer flexibility to customize industry-specific capabilities.
 

Key Asset Management Capabilities by Business Size and Other Specificities

EAM software requirements can vary significantly across organizations based on factors like company size, asset criticality, and management maturity level. We will analyze key functionalities that take higher priority for certain business sizes and deployment scenarios.
 

Small-to-Midsize Businesses (SMBs)

For small companies managing fewer than 100 assets, top EAM capabilities include:
 

• Intuitive mobile apps enabling technicians to update work orders and asset data from the field
   
• Barcode scanning to simplify asset tracking and inventory counts
   
• Custom reporting and dashboards providing real-time visibility into maintenance KPIs
   
• Flexible preventive maintenance features optimizing routine upkeep
   
• Scalable cloud platforms reducing infrastructure demands

Easy-to-use solutions like UpKeep and Hippo CMMS cater well to small businesses needing essential asset management without advanced analytics or complex integrations.
 

Large Enterprises

For major corporations managing over 5,000 assets, critical EAM functionality includes:
 

• IoT and predictive maintenance capabilities leveraging asset sensor data to forecast failures
   
• Integrations with existing ERP, finance, supply chain, and manufacturing systems
   
• Advanced automation, AI, and machine learning to optimize planning
   
• Custom analytics and reporting aligned to unique KPIs
   
• Robust access controls and cybersecurity protections

Heavy-duty solutions like SAP Asset Intelligence Network and IBM Maximo thrive for large enterprises needing cutting-edge tools to maximize oversight across complex asset environments.
 

Mission-Critical Assets

For managing assets like aircraft fleet, hospital infrastructures, or manufacturing lines where downtime risks major financial, safety, or compliance impacts, key focus areas include:
 

• Redundancy and resilience capabilities to sustain 24/7 continuity
   
• Advanced sensor integrations, diagnostics, and simulations to detect issues early
   
• Comprehensive auditing tools and reports to prove diligence
   
• Skills-based workforce scheduling aligned to asset criticality
   
• Robust quality management features like ISO certifications

Industrial-strength solutions like AssetPoint and Infor EAM specialize in optimizing mission-critical asset availability, reliability, and compliance.
 

Choosing the Right Asset Management Software for Your Business

Selecting the optimal asset management software solution depends on several key factors aligned to your organization's industry, feature needs, and strategic roadmaps. Prioritizing requirements around maintenance workflows, inventory management, integrations with existing systems, data security, and scalability simplifies shortlisting options. When aligned to specific requirements, EAM software provides invaluable visibility and insights enabling data-driven maintenance strategies.

Key points to remember include prioritizing must-have features, budgeting for ongoing costs, and planning for future scalability needs. Our guided software selection methodology, industry-leading research, and experts accelerate identifying the best-fit EAM investment delivering rapid ROI across any deployment. We recommend leveraging our extensive EAM software functionality reports, requirements checklist, vendor comparison charts, and RFP template to inform your software selection process, as comparing solutions against impartial industry benchmarks and hundreds of granular features enables data-driven decisions.

Budget considerations around upfront licensing, ongoing subscriptions, and total cost of ownership are also essential. Cloud platforms offer flexible scaling from just a few assets to managing extensive global portfolios, on-premise solutions provide localized control, and hybrid models balance both.

With over 30 years of experience in guiding companies through enterprise software selections, our time-tested methodology, proprietary tools, advisory services, and domain expertise accelerate identifying the ideal EAM system fitting your needs today and tomorrow. Contact us to take advantage of our services and expertise throughout your asset management selection project.