Asset Lifecycle Management: Six levels And Best Practices

What is an Asset?

Any helpful or valuable product, person, or number is referred to as an asset. Long-term capital assets with a typically stable nature are infrastructure assets. Examples of office assets would be things like:

• Computers and other electronics devices
• Server
• Tables and chairs
• Power back-up facility

Maintaining a high standard of living and economic efficiency often requires infrastructure assets. The fact that numerous power generators failed in one occurrence because they were not designed to withstand extremely high temperatures serves as a reminder of how crucial infrastructure assets are to everyone’s daily lives. Our clients are owners / operators of infrastructure assets, and their objectives are to maximise income and improve asset performance.

What is an Asset Lifecycle?

The process through which an asset is kept, utilised, maintained, and replaced is known as the asset lifecycle. One of the main objectives of maintenance organisations is to maximise the lifecycle of critical assets, thereby increasing their reliability and enabling them to operate at the highest levels of output in terms of duration and performance, with a consequent decrease in maintenance costs and downtime.

What is Asset Lifecycle Management?

Asset lifecycle management is the process of maximising an asset’s dependability and operational performance over its lifetime. Enterprise asset management, or EAM, is the term used to describe the management of a company’s physical assets across the course of each asset’s life cycle. Enterprise asset management (EAM) solutions provide organisations that depend on critical infrastructure assets to sustain their customers and achieve business and regulatory objectives with key asset health information and day-to-day administration of critical maintenance assignments. End-to-end maintenance management is offered by EAM, including asset planning, optimization, execution, and prioritisation of maintenance tasks. Aside from managing infrastructure historical data and crucial safety operations, EAM systems also manage labour and material resources.

There are six levels in an asset lifecycle management:

Design Engineering

The design stage is the initial phase of the asset lifecycle. Based on the asset’s intended purpose, organisational requirements, and other assets already in existence, this planning step creates the asset’s requirements and specifications.

Supply Chain

The whole process of obtaining an asset and managing spare parts to enable prompt maintenance and repairs is known as the supply chain. This comprises purchasing and inventory management procedures like:

• • purchasing and receiving goods and services
  • Contract management
  • Quality inspection of material
  • Storage of the asset until use
  • Spare parts management

Installation

The third and shortest phase of asset lifecycle management is installation. The asset is released from storage during the installation phase and readied for active operations for the business. This includes actions such as:

• • • • Asset Tracking and Ownership
      • Inspections and documentation
      • Location Installation
      • Required Qualifications
      • Establishing ongoing Maintenance Strategies

Utilization

The asset can be utilised to carry out its intended function once it has been completely incorporated into operations. The asset is being monitored by the maintenance programme during this phase to make sure it is performing at its highest level and producing the expected results. The asset owner wants to maximise the amount of time the equipment remains operational and performing well. Assets can be monitored by EAM Systems for alarms and operational disturbances. Utilizing predictive techniques can help with maintenance scheduling, reducing unneeded downtime for the equipment. Enterprise Asset Management solutions will automate scheduled work operations during this period while also keeping track of unforeseen work activities. The asset owner will learn how to ensure asset performance and be proactive with the aid of Asset Health Scores and other indicators.

Maintenance

An asset must be maintained in order for it to be in service. The asset’s uptime should be maximised with the least amount of production disturbance feasible, of course. There are typically two types of maintenance: scheduled maintenance and unexpected maintenance. In accordance with the asset manufacturing specifications and the prior history of asset work orders, planned maintenance is preplanned maintenance that is often preventative in nature. The majority of plans in use today are either time-based, like biweekly maintenance, or based on some kind of quantifiable reading, like the number of run hours. When an asset doesn’t function as intended, unplanned maintenance must be performed. Unplanned situations sometimes necessitate emergency work and may cause unscheduled downtime for the company and its clients.

Disposal

In the asset lifecycle, disposal is the last phase. When an asset reaches the end of its useful life and can no longer support the organization’s efficient production, this happens. Several factors may contribute to this:

• • • • Maintenance Costs – The asset is needing more upkeep than anticipated, which will cost more money than buying a new one.
      • Requirements – Your company no longer requires the asset.
      • Asset life – Asset life has ended and it can no longer meet the organization’s demands.
      • New Technology – there is a new choice, innovation, or version that might improve the productivity of your company’s operations.