Enterprise asset management for smarter spending and greater ROI

Business looks good on the surface. Revenue is strong, customer loyalty’s up, and everything seems solid, until you scan the balance sheet. But the numbers aren’t adding up the way they should. Depreciation’s climbing, unplanned maintenance is eating into margins, and high-value assets seem to vanish into overhead. The truth? You’re spending a fortune on your business assets, and you don’t even know the full cost.

Our guide introduces enterprise asset management (EAM) as a solution to this common problem. We’ll cover the EAM process, best practices, metrics to track, and also introduce how monday service gives you the insight to run leaner, spend smarter, and extend every asset’s value.

Key takeaways

• Enterprise asset management (EAM) helps organizations maximize the value, reliability, and lifespan of their physical and IT assets by tracking them from acquisition through to disposal.
• Most organizations are still maturing their approach to EAM, with few at an “optimized level.” This highlights the opportunity to gain a competitive edge through better practices and tools.
• Metrics like OEE, MTBF, and TCO, along with tools such as IoT sensors and lifecycle analytics, are essential for measuring asset performance and informing smarter planning decisions.
• Integrating EAM with systems like ERP, procurement, and finance improves cross-functional visibility and keeps asset data aligned across departments.
• monday service brings EAM into one intuitive, AI-powered platform, giving teams the structure, flexibility, and real-time insights they need to manage assets at scale.

What is enterprise asset management?

Enterprise asset management (EAM) is the practice of overseeing and maintaining the assets an organization relies on — think furniture, tools, IT systems, or even property. By doing so, your assets stay cost-effective and add value to the business through their availability and performance. EAM covers the full lifecycle of an asset: acquisition and onboarding, deployment, maintenance, optimization, and disposal.

The goal is to keep essential operations running smoothly while managing costs, meeting compliance standards, and making informed decisions about repairs or replacements. A strong EAM system helps teams schedule maintenance, track asset performance, and ensure the business uses every piece of equipment efficiently.

Despite how critical this is, many companies are still in the early stages of getting it right. EY’s 2025 EAM maturity model shows that 59% of organizations are still developing their approach, and only 7% have reached an advanced, optimizing level. None reported having a fully mature program in place.

What is enterprise IT asset management?

Enterprise IT asset management (ITAM) is a subset of EAM that focuses specifically on managing an organization’s IT assets, such as laptops, servers, software licenses, and network hardware. It involves tracking the location, usage, lifecycle, and compliance status of each asset, so employees have the digital tools they need to complete their work effectively and securely.

ITAM enables organizations to control software costs and make smarter decisions about ops like patching, upgrades, and decommissioning.

The enterprise asset management process in 6 steps

Enterprise asset management follows a clear cycle from planning to retirement:

1. Asset planning and procurement: Decide what assets you need, compare vendors, and make purchases that align operational needs and budget.
2. Asset registration and onboarding: Catalog new assets in the system with relevant metadata, such as serial numbers, warranties, specs, etc.
3. Asset deployment and utilization: Assign assets to teams or locations, and track their usage in daily operations.
4. Maintenance and monitoring: Perform preventive and corrective maintenance, monitor performance, and schedule inspections.
5. Performance evaluation and optimization: Analyze asset data to assess performance, utilization, and ROI. Adjust strategies as needed.
6. Asset decommissioning and disposal: Safely retire or dispose of assets at end-of-life, ensuring compliance and cost recovery where possible.

What are the benefits of enterprise asset management?

The value of investing in asset management shows up in many areas of the business, including:

Extended asset lifespan

Organizations that take care of their assets get more out of them in the long run. The IRS defines asset life estimates for tax purposes that also serve as a solid benchmark for planning and understanding how long you can expect a particular asset to be in the mix:

• Computers and IT equipment = 5 years
• Office furniture and fixtures = 7 years
• Telecom systems = 10 years

When companies maintain their assets regularly, they’re more likely to reach, or even exceed, these expectations. Being proactive about asset upkeep makes replacement planning easier, with fewer surprises or budgeting mishaps.

Improved asset visibility

Tracking is an essential part of asset management, especially in complex organizations with distributions. EAM can tell you the exact location of that laptop you loaned out to the sales team for a conference presentation last month. Or the health of the printers in your Bangkok office. This level of visibility delivers full control over every asset that plays a part in your business.

Reduced downtime and maintenance costs

Assets in a good state of repair are less likely to disrupt your operations. Whether it’s a server that doesn’t crash under pressure or an HVAC that actually works during a summer heat wave, small maintenance wins add up fast. For this reason, 90% of asset managers cited asset availability and reliability as their top focus, up 31% over the past 5 years.

EAM platforms provide better insight into which equipment needs attention before it breaks. With smart alerts and triggers, teams stay ahead of problems with timely checks and repairs.

Regulatory compliance and risk reduction

Every organization faces some level of responsibility regarding safety, data security, or environmental standards. And the condition of the assets in use can influence each of these.

EAM systems keep your records organized, so every time an audit rolls around, you know your maintenance logs are in order and the dates of your last inspection.

How do you measure enterprise asset performance?

To get real value from your assets, you need to know more about where they’re located or when they were last serviced. 61% of asset managers say that improving the quality of asset data is critical to success, which means thoroughly evaluating the performance of every asset under your wing. Here are some metrics you can use:

• Overall equipment effectiveness (OEE) = Availability × Performance × Quality. This widely used formula evaluates: Availability (uptime), Performance (speed vs. ideal speed), Quality (defects vs. total unit.) A high OEE indicates efficient, productive use of assets.
• Mean time between failures (MTBF) measures asset reliability by calculating the average time an asset operates without failure.
• Mean time to repair (MTTR) tracks how quickly an asset can be repaired after a failure. A lower MTTR means faster recovery.
• Asset utilization rate compares actual asset usage to its full capacity or potential usage. It’s a useful metric for understanding underutilization.
• Total cost of ownership (TCO) evaluates the full cost of an asset over its entire lifespan, including acquisition, operation, maintenance, and disposal.
• Return on assets (ROA) = Net Income / Total Assets. This formula gauges how profitable an asset is relative to its cost.

Tools and techniques to support better asset measurement

Once you’ve decided what to measure, the next step is putting the right systems in place to track your metrics consistently and accurately. These tools translate raw asset data into real insights:

• Sensor-based monitoring/IoT: Gather real-time data on equipment condition, usage, and performance, which is especially useful for physical assets in the field or on the factory floor.
• Lifecycle analysis tools: Look beyond day-to-day usage to evaluate the total value, cost, and expected longevity of assets, helping with smarter planning and replacement strategies.
• EAM or computerized maintenance management systems: Centralize your maintenance history, inspections, repair records, and performance logs in a centralized platform like monday service. You can pull asset data from across the organization and monitor key metrics in real time.

Manage your entire enterprise asset lifecycle with monday service

Enterprise asset management needs a comprehensive strategy behind it, and that begins with selecting the right technology to support this critical business activity. monday service brings your entire asset ecosystem onto one intuitive platform, helping enterprise teams manage everything from planning and procurement to decommissioning and starting the cycle again. Whether handling IT gear, field equipment, or office infrastructure, monday service gives you the tools to stay in control of your kit. Here’s what you can expect.

1. Build tailored asset management workflows instantly with monday magic

Use plain-language prompts to generate a complete EAM setup in minutes. You might say, “I need to manage company laptops across departments — track who has them, monitor maintenance, and set up alerts for when they’re due for replacement.”

From here, monday magic auto-generates a fully functional EAM workflow, building boards, automations, dashboards, and AI Blocks based on your needs. Setup time is reduced from weeks to just a few minutes, with no technical experience required.

2. Manage assets proactively with monday sidekick’s context-aware AI assistant

Meet your new digital teammate: monday sidekick, which uses AI to manage your assets smoothly without the manual legwork. It understands your workflows, surfaces the right details at the right time, and offers next-step suggestions based on real-time asset data. Whether reminding you about an overdue inspection or generating a weekly report on high-risk equipment, monday sidekick helps you stay ahead of issues before they become problems.

3. Drive cross-departmental collaboration and faster fixes with intelligent routing

Asset issues often span departments, from IT to facilities to procurement. monday service uses AI to automatically classify and route tickets to the right team, adding context like asset location, type, and recent activity. The payoff is fewer delays and faster resolution times, whether it’s a broken monitor or a software license that needs renewing.

4. Visualize asset performance in real time with advanced analytics and SLA tracking

monday service gives you a clear, live view of how your assets perform across the business. Custom dashboards track key metrics like uptime, maintenance frequency, SLA compliance, and usage trends, making it easier to spot issues early and make confident, data-backed decisions. You can filter by location, asset type, or team, so powerful insights are merely a few clicks away.

5. Customize and scale your asset strategy with flexible integrations and no-code power-ups

No two organizations manage assets the same way, and with monday service, you don’t have to. Our platform makes it easy to tailor every workflow to your business, whether connecting to your existing tools (like Outlook, Azure DevOps, or DocuSign), building custom dashboards, or adding AI-powered automations. As your operations grow or shift, your asset management processes can evolve just as quickly, without relying on developers or external support.

How do these enterprise asset management systems compare?

The enterprise asset management market is huge, and it’s projected to grow even further, at a rate of 8.1% annually, reaching $4.3 billion by 2030. With plenty of enterprise-ready platforms out there, choosing the right system depends on your team’s structure, goals, and tech environment. monday service stands out for its speed of deployment, flexibility, and intuitive interface. Here’s how it compares to other options.

1. monday service

Best for: customizable, AI-powered workflows across teams

Beyond the fast setup and AI assistance that are synonymous with monday service, the platform also stands out for its ability to connect asset management with broader workflows across your organization. Because it’s built on the monday.com Work OS, asset data links seamlessly to procurement, project timelines, approvals, and vendor communication in real time.

Need to spin up a hardware replacement process that syncs with budgeting or IT onboarding? Build whatever you need in minutes.

Key features:

• AI features like monday magic, monday sidekick, and monday vibe
• Role-based access and granular permissions across departments
• Centralized audit logs and activity tracking for compliance and accountability

Pricing: Starts at $26/seat/month

2. SAP EAM

Best for: large-scale companies using SAP ERP that need a tightly integrated asset management solution

SAP EAM is part of SAP’s larger ecosystem and is designed to support asset-heavy operations with structured processes and data connectivity across business units.

Key features:

• Risk and reliability modeling tools (FMEA/RCM)
• Mobile and GIS support for field teams
• Built-in workflows for compliance and audits

Pricing: Custom pricing is available on request.

3. Oracle Fusion Cloud Maintenance

Best for: organizations invested in the Oracle ecosystem

Oracle Fusion Cloud Maintenance is part of Oracle’s broader enterprise suite, designed to manage maintenance activity through structured workflows and asset hierarchies.

Key features:

• AI-powered Oracle Smart Operations
• 360-degree asset master data
• Mobile technician interface

Pricing: Custom pricing is available on request.

4. ServiceNow

Best for: IT-heavy teams focused on digital workflows

ServiceNow offers a unified platform for managing enterprise assets, service requests, and IT operations with built-in governance and automation capabilities.

Key features:

• Asset lifecycle tracking
• Compliance and audit management
• Virtual agent for self-service

Pricing: Custom pricing is available on request.

5. IBM Maximo

Best for: asset-intensive industries like manufacturing, energy, and transportation

IBM Maximo is an enterprise-grade platform for managing physical assets, with tools for maintenance, inspections, and reliability engineering across large-scale operations.

Key features:

• Asset health monitoring
• Work order and service management
• GIS and IoT integration

Pricing: Estimated monthly costs are available via the vendor.

6 best practices in enterprise asset management

A quality EAM platform works even harder for your business when you implement the following best practices. Integrate the following habits and activities into your asset management procedures to gain a long-term advantage.

1. Implement preventative maintenance

Don’t wait for equipment to fail before taking action. Preventive maintenance helps you stay ahead of issues by scheduling upkeep based on time, usage, or condition. This reduces unexpected downtime, extends asset life, and keeps your operations running smoothly. With an EAM platform like monday service, you can automate reminders, assign tasks, and track maintenance history in one place.

2. Standardize asset data collection and classification

EAM depends on consistent asset data, which you can achieve by creating clear standards for naming, categorizing, and logging assets across your organization. With monday service, you’ll customize fields, templates, and boards to match your asset types and record the details in the same way, every time.

3. Integrate EAM with other business systems

Connecting your EAM platform with tools like enterprise resource planning (ERP,) procurement, and finance systems connects workflows so you can make informed decisions across departments. According to the IFS EAM Trend Report, 63% of organizations use an EAM solution, but 37% still manage without one. Integrations make it easier to close those gaps and keep everyone working from the same source of truth.

4. Track the full asset lifecycle

It’s easy to focus on asset performance while it’s in active use, but planning often falls short at the beginning and end of the lifecycle. Many teams delay tracking until deployment, overlooking valuable data from procurement, onboarding, and installation. Just as often, assets fade into the background once they’re nearing retirement, with no clear plan for decommissioning or replacement.

Tracking every lifecycle stage provides a clearer picture of the total cost of ownership and helps you budget more accurately for future needs.

5. Use real-time analytics

Real-time analytics highlight inefficiencies, forecast future maintenance costs, and understand asset performance across locations or business units. These insights feed directly into business cases for capital investments, vendor negotiations, or process improvements.

And when you can show the ROI of preventive maintenance or the cost impact of asset downtime, it’s much easier to secure budget or buy-in at the executive level.

6. Manage your enterprise assets in monday service

monday service brings all of these best practices together on one platform. Get a free trial of monday service to access all the features and benefits we’ve discussed in this guide. From AI-powered workflows to real-time tracking, our platform gives your team the tools to manage assets more efficiently, and with less guesswork.