As the global economic crisis continues, enterprises are finding ways to maximise the return on their asset investments and defer their replacement cycles.
To achieve this goal, finance executives are increasingly depending on Enterprise Asset Management (EAM) tools, which help enterprises establish preventive maintenance to both extend the useful life and monitor the performance of equipment and machinery.
A recent IDC study revealed that the EAM applications market in the Asia/Pacific excluding Japan region is estimated to reach US$136.9 million in 2009. It is expected to grow steadily at a five-year compound annual growth rate (CAGR) of 10%, reaching US$233.1 million by 2013. The five-year CAGR for EAM application is the highest in the Enterprise Resource Management market for the forecast period. The other applications with high CAGR are Order Management at 8.5% and Procurement at 6.5%.
For machinery and equipment, IDC said that scheduling, preventive and predictive maintenance are important in preserving the working lifespan of company assets. It said that EAM helps enterprises monitor their asset-based expenses and embark on corrective measures if required.