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Asset Lifecycle Management

An asset life cycle includes a series of stages along which an asset is managed. It starts with the procurement stage, continues all the way through its useful life and ends at its disposal.

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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.

4 Key Stages of Asset Lifecycle Management

Purchase / Acquire

Procurement is the primary stage where asset purchases are planned and procured. Usually, a purchase is made based on the identified needs and forecasts. These are needed to justify the actual purchase.

Steps followed in DreamzCMMS for procurement:
  • Create Purchase Requests
  • Purchase Order Workflow from RFQ  to approval
  • Purchase Order Approval
  • Purchase Receipt and addition to Inventory

Deploy

In the Deployment stage, the asset is installed and preliminary checks are conducted on it. Inspection is done to check for physical defects as well as design and engineering problems, and whether the asset has been correctly and safely installed or not.

Tests are also performed to ensure perfect functioning of an asset. For tracking purposes, assets can be labeled with QR Codes, Barcodes or even RFID tags.

Maintain

Utilization is the longest stage of asset life cycle management. During this stage, the revenue and returns earned on the asset’s capital investments are tracked.

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.

Dispose / Renew

When assets reach the end their useful life, they need to be disposed . They are decommissioned from service and are scrapped.

This is the stage, where a decision is made to plan and procure a replacement.

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..

Benefits of Asset Life Cycle Management with DreamzCMMS

Efficient Planning of utilization and maintenance of Asset.
Assists in making informed purchase decisions.
Management can improve the quality of services (QoS).
Better understanding of Total Cost of Ownership (TCO) of an asset.
Making informed decisions on when to scrap an asset and whether to sell or keep the same.

Asset Lifecycle Management

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DreamzCMMS is connected to some of the best software platforms in the industry

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Other Industries Covered


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Hospital & Healthcare

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Data Center

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Parks & Entertainment

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Municipality

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Education

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