Asset Lifecycle Management – The 5 Stages

Asset Lifecycle Management – The 5 Stages


For a business to better enhance its assets lifecycle management and accessibility, there needs to be an investment in Asset Management Software such as the one mentioned on this website fsifm.com amongst other similar ones. As one of the most viable solutions to enhance the lifecycle of assets, these digital tools can improve processes, and businesses can analyze and understand each asset within the business.

This will, in turn, help them to maximize efficiencies, and make better procurement decisions as well as reduce time spent on maintenance and costs. From core types of machinery such as coffee machines to generators and modern office machinery, assets are used everywhere. However not all of these items last a lifetime and do come with an expiry date.

The Lifecycle of Assets


Overseeing the lifespan of these items from procurement to its disposal to get the most out of your investment happens in 5 stages:

Procurement


Obtaining the item is the first stage of an asset’s life cycle i.e. the actual purchasing of the item. This is often based on the budget and company requirements. Once relevant data such as forecasts, is gathered, the decision can be made. Once it is bought it belongs to the company.

Deployment


This stage is where all the initial action takes place before the asset is ready to be used. It is assembled, checked and a practice run is done. An initial inspection is done to check for any defects within the design or engineering and if it has been installed correctly and safely. A Test and Tag are also done using a portable appliance.

Utilization


Once all the checks are complete and the machinery is ready to be used, this would be the longest stage in its lifecycle that it goes through. This is also the phase where the returns and revenues are seen, and any kind of upgrade of a new license, or compliance audit is done at this stage.

It should ideally be continuously checked for any issues that may unexpectedly arise. Using it to its fullest is the ideal option but sometimes things can go wrong, and this is where the robust asset maintenance management software can come in handy to help keep tabs on things so you know beforehand when something is not working optimally.

Maintenance


Frequent use of these assets will understandably cause significant wear and tear and maintenance becomes a vital part here, as well as a common occurrence. With the right maintenance it will help keep the machinery productive for longer and when getting them upgraded, will make them faster and work better. This entails notification of their expiry dates, via an automated system.

Disposal


Once an asset reaches the end of its lifecycle, it should be disposed of, and ideally disposed of harmlessly. If for instance, it is a computer or certain type of technological equipment, it would need to be checked, wiped clean of any sensitive data, and then preferably be dismantled into smaller pieces and disposed of in a recycling center.

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