The importance of asset life cycle is determined by a number of factors, including asset maintenance cost during its useful life, equipment effectiveness, and reliability of the asset.
Most companies have to struggle with unexpected breakdowns, long delays, and emergency maintenance when they lack proper maintenance and routine checkup of assets. Planned and proper asset life cycle management can make the process of maintenance a lot easier and certainly enhance the performance and useful life of an asset.
Any upgrades, fixes, purchase of new parts or required supplies, Asset BOM configuration, Maintenance Checklist attachment and Cost-benefit Analysis are all part of this stage.
The performance of an asset is continuously checked through routine inspections for issues that might arise unexpectedly during its utilization phase. The main area of focus during this stage is to get the maximum output from any asset. Also, to improve the utilization of assets, preparing and scheduling a proper maintenance plan is of prime importance.
Asset lifecycle management (ALM) is the process of optimizing the profit generated by assets throughout their existence. Asset management along with effective and efficient asset maintenance management procedures aid in achieving the desired results..
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