![]() Scalability of best practices: Today’s asset lifecycle management strategies use cutting-edge technologies coupled with rigorous, systematic approaches to forecast, schedule and optimize all daily maintenance tasks and long-term repair needs.Systematizing and executing an effective asset management strategy can produce a wide range of benefits for your organization, including the following: When you’ve invested your hard-earned capital in the acquisition of assets, it’s important to keep them running at peak levels for as long as possible. The benefits of asset lifecycle management strategy Decision-makers will want to take into consideration a variety of factors when attempting to measure this, including asset uptime, projected lifespan and the shifting costs of fuel and spare parts. Valuable assets can be complex and markets are always shifting, so during this phase, it’s important to weigh the depreciation of the current asset against the rising cost of maintaining it in order to calculate its overall ROI. D ecommissioning: The final stage of the asset lifecycle is the decommissioning of the asset.We’ll go deeper into EAMs, the technologies underpinning them and their implications for asset lifecycle management strategy in another section. Recently, enterprise asset management systems (EAMs) have become an indispensable tool in helping businesses perform predictive and preventive maintenance so they can keep assets running longer and generating more value. Utilization: This phase is critical to maximizing asset performance over time and extending its lifespan.During this stage, operators will need to consider a number of factors, including how well the new asset is expected to perform within the overall ecosystem of the business, how its data will be shared and incorporated into business decisions, and how it will be put into operation and integrated with other assets the company owns. Procurement and installation: The next stage of the asset lifecycle concerns the purchase, transportation and installation of the asset.With a good digital twin, its possible to predict how well an asset will perform under the conditions it will be subjected to. Digital twins allow companies to run tests and predict performance based on simulations. Digital twin technology: A digital twin is a virtual representation of an asset a company intends to acquire that assists organizations in their decision-making process.One technique that is becoming increasingly valuable during this stage is the creation of a digital twin. Decision-makers must take into account many different pieces of information in order to gauge this, including the assets likely length of useful life, its projected performance over time and the cost of disposing of it. Valuation: A critical part of the planning stage is assessing the overall value of an asset.Planning: In the first stage of the asset lifecycle, stakeholders assess the need for the asset, its projected value to the organization and its overall cost.The following are the six stages of asset lifecycle management: What is asset lifecycle management?Įach asset a company acquires goes through six main stages over the course of its life, requiring careful maintenance planning and management tactics to provide its owners with a strong return on investment. Non-physical assets include intellectual property, trademarks and patents. ![]() Examples of physical assets include equipment, office buildings and vehicles. There are many different types of assets, both physical and non-physical. What is an asset?įirst, let’s talk about what an asset is and why they are so important. Here’s what you need to know in order to build a successful strategy. Whether you’re a small enterprise with only a few assets or a large-scale corporation with offices spanning the globe, asset lifecycle management, or ALM, is a fundamental part of your operations. One of the most important strategic decisions a business leader can make is how these assets are cared for over the course of their lifespans. Assets are the lifeblood of any successful business-from software programs tailored to meet an enterprise’s unique needs to a pipeline that stretches across oceans.
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