Asset lifecycle management can be implemented to each of four key stages and it requires a comprehensive approach to optimize the performance and longevity of assets. Here is how ALM can be implemented to asset lifecycle stages:
- Asset identification
The first stage in asset lifecycle is planning. This stage involves assessing the needs based on business objectives and operational requirements. A thorough analysis on assets and its costs helps determine which assets are essential for achieving desired outcomes. Choosing the assets vendor carefully is also critical in this stage. - Asset acquisition and deployment
The second stage is acquiring and installing the asset into operation. Acquiring and installing the assets correctly according to the standards and requirements is essential to verify asset performance and functionality before they are put into use. - Asset monitoring and maintenance
The third stage is operating and maintaining the asset lifecycle. In this stage, organizations need to establish regular maintenance tasks to prevent breakdowns and extend asset life. Organizations also need to have preventive and corrective maintenance to minimize downtime which includes repairing or replacing faulty components to restore asset functionality. - Asset disposal
The last stage is disposal of the assets. Decommissioning the assets involves evaluating the assets performance for future improvements and developing a strategy management for retiring the asset.
