Definition of enterprise asset management (EAM)

Enterprise asset managemententerprise asset management (EAM):
“A term used by maintenance management software vendors to connote the wide-ranging functionality that their systems include, for example inventory management and financials. A companys total assets might include labor, tools, equipment, materials, and information. The goal of asset management is to optimize asset use and manage all maintenance efforts involved in making assets as reliable, accurate, and efficient as possible. A further crucial element in enterprise wide asset management is integration with financial, human resources, and purchasing functions, as well as production, material requirements planning, and enterprise resources planning systems.”