Key Criteria for Choosing an Enterprise Asset Management system

The Definition

What is an Enterprise Asset Management system?
According to the British Standards Institute Publicly Available Specification (PAS) 55, Asset management is

systematic and coordinated activities and practices through which an organization optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their life cycles for the purpose of achieving its organizational strategic plan.

An Enterprise Asset Management system should provide the following:

  • Track both the physical and financial information of assets throughout their lifecycle
  • Provide the integrity of data
  • Provide the one central database with the updated information for decision making

The Bottom Line

In the draft ISO International Standard for Asset Management, it suggests using “an integrated management systems approach”. Consequently, the technical requirements for an Enterprise Asset Management system should be:

  • Flexible
  • Extendable
  • Mobile

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