Enterprise Asset Management The Best Asset Performance Management Software Of 2024 By Ryan McElroy Enterprise Asset Management No comments August 14, 2024 Asset performance management software — whether standalone or as part of an EAM solution — can transform maintenance into a truly predictive, calculative and proactive endeavor. And we’re here to break down the top options for you. Compare EAM Software Leaders Article Roadmap Best Asset Performance Management Software IBM Maximo SAP EAM eMaint HxGN EAM AssetWorks APM vs. EAM FAQs Next Steps Best Asset Performance Management Software These are our picks for the top asset performance management software solutions available on the market. We based our selection on our analyst-gathered data of 100 products and their asset performance capabilities. Compare EAM Software Leaders IBM Maximo IBM Maximo is an application suite centered around asset monitoring, predictive maintenance management and reliability planning. It incorporates AI, IoT integrations and analytics to help you get the most out of your assets. It’s deployable in the cloud as a managed SaaS solution or in your own Red Hat OpenShift environment. Use Maximo’s operational dashboard to track emergency, predictive and standard work order KPIs at a glance or jump to specific modules within the system. Source Highest Rated Modules According to Our Data Analytics and Reporting — 100 Maintenance and Inspection Management — 94 Asset Tracking — 91 Asset Management — 87 Environmental, Health and Safety Management — 67 Top Benefits Boost Reliability & Resilience: Detect and address condition-based issues before they worsen with AI monitoring tools to boost the reliability and resilience of your organization’s assets. Control Complex Environments: Control complex operational environments to get the most out of your assets with advanced analytics and multi-site management. Extend Asset Life Cycles: Schedule predictive maintenance to keep your assets healthy for longer. Opt for a regularly scheduled maintenance strategy, as opposed to run-to-failure, to help extend your assets’ life cycles. Minimize Downtime: Avoid heavy downtime due to malfunctions and total failure with predictive and preventive maintenance programs. Further minimize downtime with predictive analytics to detect anomalies and failures. Reduce Costs: Monitor assets and conduct maintenance proactively to avoid unnecessary asset replacements and extensive maintenance, reducing equipment and upkeep costs. Primary Features Asset Management: Manage various asset components, including emergency work, predictive maintenance, work orders and more, from a centralized database. Mobile App: Monitor and record asset information from the field using AI-powered mobile tools. Add additional modules for AI and human assistance, camera-powered parts identification, and visual inspections. Predictive Maintenance: Use operational data and analytics to drive asset maintenance decisions. Base asset decisions off real-time insights rather than scheduled preventive and reactive maintenance. Remote Monitoring: Monitor your assets from anywhere in real time to identify anomalies and uncover root causes. Receive AI-based alerts for asset malfunctions and troubleshoot problems remotely. Visual Inspection: Create and train vision models with a drag-and-drop interface or import custom models. Customize detection and maintenance workflows based on how you already operate through machine learning algorithms. Limitations Delayed alerts. Complex learning curve. Static job order view. Features Not Fully Supported According to Our Data Generate QR Codes or Barcodes for Assets — Supported With Partner Integrations Linear Asset Management — Supported With Additional Modules Asset Reservation Requests — Not Supported Structural Analysis — Supported With Partner Integrations Track Calibration Data — Supported With Additional Modules Price:$$$$$ Deployment: Platform: Company Size Suitability: S M L Compare EAM Software Leaders SAP EAM SAP EAM is an asset management and maintenance suite which provides dedicated modules for asset performance management, collaboration and spatial management, crowd service, and field service management. It offers features like risk estimation and failure modes and effects analysis to help you develop maintenance strategies for asset performance optimization and downtime reductions. Monitor asset indicators like temperature, health score and machine status using SAP EAM. Source Highest Rated Modules According to Our Data Analytics and Reporting — 100 Asset Management — 100 Environmental, Health and Safety Management — 100 Maintenance and Inspection Management — 91 Asset Tracking — 84 Top Benefits Maximize Asset Health: Develop proactive, prescriptive maintenance approaches to address problems early and keep your assets in prime condition. Achieve Sustainable Practices: Extend asset life spans with risk management tools to reduce equipment waste and create a sustainable organization. Optimize Asset Use: Centralize and analyze asset information to balance risks and costs against performance and determine optimal usage levels. Minimize Maintenance Costs: Reduce costs using AI-based predictive analytics to determine when to conduct maintenance to keep assets operational rather than spending on continuous maintenance or replacing equipment after failure. Increase Uptime: Manage risks through real-time data and AI-driven predictions to minimize unnecessary maintenance downtime. Primary Features Risk Estimation & Evaluation: Estimate risks for individual assets and evaluate which reliability methods, if any, can address potential risks. Failure Mode & Effects Analysis: Determine asset failure possibilities and analyze the potential effects that could have on your operations. Reliability-Centered Maintenance: Develop a reliability-centered maintenance plan to determine the best strategies for individual assets. Predictive Maintenance: Use AI to calculate failure probabilities, establish failure curves and forecast assets’ remaining useful lives based on your failure analysis. IoT Monitoring: Connect IoT devices to automatically record sensor data and maintenance records, centralizing asset information for further analysis. Limitations Complex user interface. Complicated learning curve. Regular performance problems. Features Not Fully Supported According to Our Data Asset Audits — Not Supported Rotating Asset Tracking — Not Supported Structural Analysis — Supported With Partner Integrations Custom Asset Events and Notifications — Supported With Additional Modules Sonic Acoustical Analysis — Not Supported Price:$$$$$ Deployment: Platform: Company Size Suitability: S M L Compare EAM Software Leaders eMaint eMaint is a CMMS platform that offers broader EAM and asset performance management capabilities. It caters to various industries, including food and beverage, automotive, warehouse, and health care — to name a few. It offers condition monitoring for asset performance management, helping you predict failures and make corrections based on AI-suggested maintenance operations. Use eMaint’s condition monitoring to analyze asset data and facilitate predictive maintenance. Source Highest Rated Modules According to Our Data Asset Management — 100 Analytics and Reporting — 93 Asset Tracking — 89 Maintenance and Inspection Management — 85 Environmental, Health and Safety Management — 83 Top Benefits Monitor Asset Health: Connect with analysis vibration sensors to get real-time asset health and anomaly updates. Boost KPIs: Boost KPIs like uptime, overall equipment efficiency (OEE) and mean time to repair (MTTR) by developing proactive maintenance strategies based on real-time asset data. Predict Faults & Failures: Use alarm triggers to notify you of vibration or narrowband faults that are in danger of becoming failures. Identify Root Causes: Track fault and vibration trends and signal data to uncover the root causes of downtime and address potential future problems. Decrease Downtime: Predicting faults and failures and identifying their root cause so you can adjust maintenance plans and make smarter decisions in the future helps decrease your overall downtime and increase productivity. Primary Features Condition Monitoring: Monitor your assets based on real-time vs. optimal conditions. Set alarms for vibration levels and other potential fault measurements to facilitate proactive and predictive maintenance. Reporting & Analytics: Customize dashboards for at-a-glance views of vital asset information. Generate detailed reports to drill deeper into performance metrics for granular insights. Asset Management: Keep detailed maintenance records in a centralized location to facilitate reporting and asset life cycle planning. Preventive Maintenance Planning: Plan out routine maintenance ahead of time with a drag-and-drop scheduler. Create recurring tasks, assign employees or teams, and modify plans. Mobile App: Improve communication, assignment accessibility and information sharing among your team members with a dedicated mobile app. Keep technicians up to date on work no matter where they are. Limitations Complex implementation. Limited reporting tables and capabilities. No drag-and-drop scheduling capabilities. Features Not Fully Supported According to Our Data Asset Life Cycle Analytics and Reporting — Moderately Supported Out of the Box Inventory Analytics and Reporting — Moderately Supported Out of the Box Maintenance Cost Analytics and Reporting — Moderately Supported Out of the Box AI-Based Sensor Data Processing — Moderately Supported Out of the Box Nested Preventive Maintenance Scheduling — Not Supported Price:$$$$$ Deployment: Platform: Company Size Suitability: S M L Compare EAM Software Leaders HxGN EAM HxGN EAM, formerly Infor EAM, is an asset management platform with a heavy emphasis on asset performance management. The cloud-based solution facilitates geographic information system (GIS) and building information modeling (BIM) processes so maintenance crews can access information vital to assets in specific locations as needed. It includes features like risk management, condition monitoring and reliability-centered maintenance — powered by AI and machine learning — helping you uncover real-time, accurate asset details to make asset and maintenance decisions. View and manage maintenance project records in one location, including a detailed overview, comments, budget information, activity summary and costs with HxGN EAM. Source Highest Rated Modules According to Our Data Environmental, Health and Safety Management — 100 Maintenance and Inspection Management — 91 Asset Tracking — 86 Asset Management — 84 Analytics and Reporting — 83 Top Benefits Increase Uptime: AI- and ML-powered performance tools help you create precise predictive models to limit downtime and keep your asset operating at peak condition for longer. Improve Maintenance Output: Predictive and condition measures help you perform asset maintenance as needed rather than focusing on reactive or preventive maintenance, which can cause unnecessary downtime and costs. Enhance Insights: Customizable dashboards and drill-down reporting let you access valuable data regarding your assets, whether buildings or equipment, to make the right maintenance and replacement decisions. Optimize Planning: Whether planning individual asset maintenance, procurement or retirement, performance and investment tools help you plan and allocate resources and budgets to revenue-critical assets. Refine Safety Measures: Condition monitoring and reliability-centered maintenance tools enable you to address faults and problems before major malfunctioning, reducing risks and creating safer, more sustainable working environments. Primary Features Performance Analysis: Use sensor readings to automatically capture asset data. Monitor vibrations and other indicators to detect faulty performance. Investment Planning: Create detailed financial plans for assets based on criticality, predictive and risk modeling, and other life cycle data. Reliability-Centered Maintenance: Develop individual asset maintenance strategies based on safe minimum upkeep levels to optimize maintenance costs and equipment output. Predictive & Risk Modeling: Calculate the probability of future faults and malfunctions for specific assets. Keep assets in peak condition for longer without overspending on routine maintenance or experiencing long downtime. Reporting & Analytics: Generate ad-hoc reports to drill down into the asset information most valuable to your company or maintenance department’s needs. Create unique analytics and reporting profiles using machine learning algorithms. Limitations Difficult to use even after the learning curve. Expensive licensing costs. Limited dashboard options. Features Not Fully Supported According to Our Data Linear Asset Management — Supported With Partner Integrations Collaborative Asset Management — Not Supported Multi-Site Asset Management — Moderately Supported Out of the Box Rotating Asset Tracking — Not Supported Sonic Acoustical Analysis — Not Supported Price:$$$$$ Deployment: Platform: Company Size Suitability: S M L Compare EAM Software Leaders AssetWorks AssetWorks is a cloud-only, integrated EAM solution. It lets an unlimited number of users manage unlimited assets of all types. It’s suited for organizations of all sizes due to its unrestricted accounts and scalable nature. Its main capabilities include asset mapping, preventive maintenance, life cycle costing, templates and more. Use map and list views to select assets within a certain radius and view data using AssetWorks. Source Highest Rated Modules According to Our Data Asset Management — 93 Analytics and Reporting — 88 Asset Tracking — 87 Environmental, Health and Safety Management — 78 Maintenance and Inspection Management — 77 Top Benefits Extend Asset Life Spans: Couple real-time, actionable data with preventive maintenance to extend asset life spans beyond that of a run-to-failure life cycle. Increase Life Cycle Visibility: Manage life cycle costing data for every asset in a single repository to increase visibility and improve decision-making. Standardize Information: Choose from custom or pre-built templates to standardize maintenance records and other important asset information collection. Improve Maintenance Tracking: View maintenance records for all assets. Filter records by map areas, list views or both. Add unlimited tasks or inspection details to work orders to track all maintenance information for any asset. Automate Scheduling: Create employee profiles with areas of responsibility and expertise to automatically assign maintenance jobs based on location and work type. Primary Features Asset Mapping: Access built-in mapping integration with Esri GIS to map and track asset locations. Filter map areas to narrow down asset lists and pull up records directly from the map view. Preventive Maintenance: Automate preventive maintenance and inspection scheduling to ensure tasks don’t slip through the cracks. Follow routine schedules to extend asset life spans and increase uptime. Life Cycle Costing: Track life cycle costing for any asset, including life cycle status, performed maintenance, upcoming inspections, contract information, equipment use, labor spending and more in one location. Asset Templates: Customize templates to record all vital information associated with an asset, including life cycle data, safety information, assigned technicians, and required maintenance parts and tools. Mobile App: Empower technicians to record maintenance information from the field using an app with store-and-forward capabilities. Technicians can record data without an internet connection, and the app will automatically update the system upon establishing a connection. Limitations Inaccurate invoice dating. Complex data importing. Minimal enterprise integrations. Features Not Fully Supported According to Our Data MTTR (Mean Time To Repair) and MTBF (Mean Time Between Failures) — Moderately Supported Out of the Box Lockout/Tagout (LOTO) — Not Supported AI-Based Sensor Data Processing — Not Supported Reliability-Centered Maintenance (RCM) — Not Supported Visual Inspection — Not Supported Price:$$$$$ Deployment: Platform: Company Size Suitability: S M L Compare EAM Software Leaders APM vs. EAM While they go hand in hand, there are a few key differences between asset performance management and enterprise asset management — whether you’re talking about the processes themselves or the software that facilitate them. The differences mainly lie in scope, focus and objectives. Check out the table below for a breakdown of asset performance management vs. EAM. Asset Performance Management Enterprise Asset Management Focus Asset performance management has a narrower focus than EAM, emphasizing performance optimization. You use it to balance the costs and risks of assets against peak output, longevity and reliability. EAM prescribes a broader coverage of asset management than asset performance management. You use it to manage assets throughout their entire life cycles, from procurement through upkeep to retirement. Scope You generally focus asset performance management on equipment and assets critical to operations and revenue. With EAM, you cover all assets within your organization, regardless of criticality. Objectives Increased uptime and reliability Reduced failures Enhanced strategies Optimized performance Reduce costs Ensure compliance Improve overall management Track assets across locations Compare EAM Software Leaders FAQs What are the different types of asset performance management software? There are various types of asset performance management solutions out there, so knowing your options will help you narrow down your search. The three main considerations you need to keep in mind are: Standalone vs. EAM First off, you have to decide if you need a standalone asset performance management solution or a module as part of a more robust EAM platform. As with anything, there are pros and cons to either option, so it depends on your broader asset and maintenance requirements. For example, smaller organizations with few assets outside of their critical operational equipment might not need the advanced, extensive capabilities of an EAM solution. An asset performance management solution could suffice to keep critical equipment in peak performance. On the other hand, asset-intensive industries — manufacturing, construction and oil and gas, and mining, to name a few — and larger organizations may require more than just performance tools. Refer back to our asset performance management vs. EAM section above and consider your organization’s unique requirements to determine if you can opt for a dedicated solution or need something more encompassing. Universal vs. Industry-Specific Now that you’ve decided on either an asset performance management solution or an EAM system with an asset performance module, you have to consider whether you need something universal or industry-specific. Industry-specific solutions can save you from lengthy and costly customizations. They also tend to offer regulatory compliance tools to help you meet safety and operational standards for the specific industry they serve. Universal solutions, on the other hand, often integrate with a wider selection of enterprise software and let you customize workflows to your specifications. You just have to make sure the solution you go with includes data and compliance tools for your industry. Cloud vs. On-Premise Once you decide on a dedicated vs. EAM and universal vs. industry-specific solution, you can move on to your deployment options — cloud vs. on-premise. Again, there’s no right or wrong answer. It comes down to what’s best for your individual needs. With cloud solutions, you can access the system from anywhere. You pay a subscription fee to use the platform, while the vendor manages servers, hardware and security to keep it operational. It can be expensive long term, though, as subscriptions add up over time. With on-premise solutions, you’re responsible for purchasing and housing your own hardware and servers. You also have to maintain security. However, they’re often more customizable if you have technical support, and their one-time or infrequent licensing payment models can save you money in the long run. What types of industries/companies use this software? The obvious answer here is asset-intensive industries and maintenance service companies. The more accurate answer — any industry or company requiring assets and equipment can benefit from using asset performance management to keep operations up and running. Single-location, small organizations can benefit greatly from using asset performance management software to increase uptime and optimize life cycles if they employ their own maintenance technicians. They just have to make sure they’re not breaking the bank on a solution packed with capabilities they’ll never use. The “exception” to who can benefit is companies that outsource their maintenance operations. We use quotes because, even if you’re outsourcing maintenance, you could still use the software for predictive maintenance scheduling rather than preventive or run-to-failure scheduling. How do I select a system? We’ve developed a software selection strategy — applicable to any software category — which breaks the process down into nine steps. We call it the Lean Selection methodology. The steps include: Establish Collaborate Define Distribute and Validate Justify Prove Rank Negotiate Sign For a more detailed view of each step, check out the link above to our article on the methodology. For even more detailed information, you can request a free copy of our eBook — Lean Selection: How to Really Select the Right Software. Compare EAM Software Leaders Next Steps Selecting software is always an in-depth process, but it doesn’t have to be overwhelming. You can find asset performance management software suited to your organization — and we can help. If you’re ready for a more detailed look at these and other top EAM and asset performance management solutions, check out our free comparison report. It’s an interactive analyst report helping you compare ratings and reviews from actual selection projects. What asset performance management software do you use? Would you recommend it to others? Let us know in the comments below! Analyst-Picked Related Content Pricing Guide: Discover the true cost of EAM software Comparison Report: An interactive analyst report with comparison ratings, reviews and pricing for EAM software Ryan McElroyThe Best Asset Performance Management Software Of 202408.14.2024