Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. This covers the design, construction, commissioning, operations, maintenance and decommissioning or replacement of plant, equipment and facilities.
"Enterprise" refers to the scope of the assets in an Enterprise across departments, locations, facilities and, potentially, supporting business functions like e.g. Finance & GL, Human Resources and Payroll. Various assets are managed by the modern enterprises at present. The assets may be fixed assets like buildings, plants, machineries or moving assets like vehicles, ships, moving equipments etc. The lifecycle management of the high value physical assets require regressive planning and execution of the work.