Originally coined in the 60s, The acronym has become a catch-all for a wide range of Facilities Management platforms and software.

A CAFM system can be broadly defined as a collaborative, work order, and workflow management tool that provides visibility, financial control, and business intelligence to facilities teams in their pursuit of a data-driven strategy. A CAFM system brings management and reporting of all these functions together to create a “single source of truth” for an organisation, rather than being limited to a single FM function such as maintenance or asset management.

[source: What is a CAFM system, anyway?