Streamlining Asset Control: Utilizing EAM Software for Asset Management, from Basic Spreadsheets to Advanced Systems

American corporations in the United States struggle with organizing and tracking their holdings effectively.

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2025 August 26 . 8:24 PM

2 min read

Transforming Spreadsheets into Intelligent Infrastructure: Leveraging EAM Software for Asset... — Transforming Spreadsheets into Intelligent Infrastructure: Leveraging EAM Software for Asset Management

Streamlining Asset Control: Utilizing EAM Software for Asset Management, from Basic Spreadsheets to Advanced Systems

In today's rapidly evolving business landscape, companies are constantly seeking ways to optimise their physical investments. One such solution is the implementation of Enterprise Asset Management (EAM) software. This innovative technology is transforming the way companies understand, maintain, and maximise their assets.

The asset management system market is experiencing significant growth, with expectations to expand from $17.64 billion in 2025 to $26.41 billion in 2030. This growth is driven by increased demand for automation, cost savings, and real-time tracking of heavy equipment.

Manual asset tracking, a common practice in many businesses, often results in costly errors, delays, and inefficiencies. Manual methods like spreadsheets or handwritten logs are prone to typos, inconsistencies, and outdated data, hindering reliable reporting and timely decision-making. Projects can stall when assets can't be found promptly, and businesses lose their competitive edge to digitally equipped companies with clear visibility of assets.

EAM software addresses these issues by automating data collection and inventory updates in real-time, eliminating manual entry errors. Features such as barcode or RFID integration allow instant scanning of assets, improving tracking accuracy and reducing audit times. EAM platforms also offer real-time location monitoring, triggering alerts if assets move unexpectedly.

By replacing static spreadsheets with dynamic, integrated EAM software, companies gain improved cost control, operational efficiency, and strategic insight into their physical assets. EAM software can help automate workflows, improve efficiency, and provide real-time tracking of assets. It also offers a centralised source of truth for service contracts, improving communication and accountability.

Moreover, automated asset management systems integrate maintenance and warranty information directly into the asset records, facilitating better lifecycle management and compliance reporting. EAM software can lead to a 40% reduction in maintenance costs for manufacturers, according to a 2024 Siemens report.

The benefits of EAM software extend beyond operational efficiency. It can lead to faster response times and less equipment downtime overall. EAM software should manage the entire asset lifecycle, including standardised workflows for inventory management and logging changes.

However, the adoption of EAM software can present challenges. User adoption can be improved by engaging users early in the software selection process, involving champions, and providing hands-on training. Closing the gap between those on the floor and those in leadership can better position a business to realise the benefits of EAM software.

Rohit Prakash, the cofounder and CEO of Coast, a leading CMMS/EAM software company, is at the forefront of this revolution. EAM software allows users to attach QR codes to equipment, providing quick access to asset information, service history, or service request forms.

In conclusion, manual tracking of assets can fall short in today's business climate due to human error, inconsistency, poor data accessibility, and lack of real-time insights. EAM software streamlines asset visibility, accuracy, maintenance, and compliance through automation and real-time data, making it an invaluable tool for businesses in the 21st century.

[1] "The Benefits of Enterprise Asset Management Software" - TechTarget [2] "Why Enterprise Asset Management Software Matters" - Forbes [3] "The Impact of EAM Software on Business Operations" - Coast

References: - "The Benefits of Enterprise Asset Management Software" - TechTarget - "Why Enterprise Asset Management Software Matters" - Forbes - "The Impact of EAM Software on Business Operations" - Coast - Siemens (2024), "The Economic Impact of EAM Software in Manufacturing" - Forbes Business Council (Question: Do I qualify?)