5 key best practices for implementing asset lifecycle management to your assets:

There are five key best practices to implement ALM to your asset and its lifecycle, which are:

1. Optimize asset utilization
   Continuously monitor and analyze asset performance to ensure maximum efficiency, repurposing underutilized assets when necessary.  
   
2. Establish regular maintenance schedules.
   Establishing a schedule for maintenance also includes establishing preventive and predictive maintenance to detect potential failures before they occur, minimizing downtime.
   
3. Utilize various tools and technologies.
   Using tools such as Enterprise Asset Management (EAM), Computerized Maintenance Management Systems (CMMS), and Internet of Things (IoT) systems provide solutions to centralized data as well as track and manage assets and its lifecycle.
   
4. Continuously improve the ALM
   Implement a regular review and continuous improvement on ALM practices to drive ongoing optimizing and innovation on your assets.
   
5. Foster collaboration and communication
   Ensure effective collaboration among different departments involved in asset management to share information, address challenges, and make informed decisions.