The decommissioning/replacement of physical assets, equipment and facilities AND information and knowledge assets, such as systems, applications and business process models. "Enterprise" refers to the management of the assets across departments, locations, facilities and business units. By managing assets across the facility, organizations can improve utilization and performance, reduce capital costs, reduce asset-related operating costs, extend asset life and subsequently improve ROA (return on assets).
The functions of Enterprise Information Asset Management are taking a fundamental turn where organizations are moving from historical reactive (run-to-failure) models and beginning to embrace whole life planning, life cycle costing, planned and proactive maintenance and other industry best practices. Some companies still regard physical asset management as just a more business-focused term for maintenance management - until they begin to realize the organization-wide impact and interdependencies with operations, design, asset performance, personnel productivity and lifecycle costs. This shift in focus exemplifies the progression from maintenance management to Enterprise Information Asset Management and is embodied by requirements specification for the optimal management of all assets, include all components for the information technologies utilized.
Why is Enterprise Information Asset Management important?
Competitive pressures force organizations to minimize asset total cost of ownership and streamline their asset management operations (these typically involve myriad activities ranging from inventory, parts and labor management to contracts and vendor management for new works). As downtimes become increasingly expensive, both in terms of lost production capacity and unfavorable publicity, organizations are compelled to maximize their asset productive life cycles via optimal maintenance programs. When EIAM is used in collaboration with all other forms of service-based operations to achieve better customer retention, it is called Service Lifecycle Management (SLM).
In the event of asset failure, quick response time is critical. In recent years, stringent industry-specific environmental health and occupational safety regulations are being enforced by government oversight agencies, with industrial owners and operators responsible for compliance. Asset registers, risk registers, work planning and scheduling, life cycle costing and systematic methods for problem identification, root cause analysis and continuous improvement are increasingly seen as pre-requisites for a robust asset management system.
By providing a platform for connecting people, processes, assets, industry-based knowledge and decision support capabilities based on quality information, EIAM provides a holistic view of an organization's asset base, enabling managers to control and optimize their operations for quality and efficiency.