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What Are the Stages of the Asset Lifecycle Report

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Darah Albesa
What Are the Stages of the Asset Lifecycle Report

What is an asset lifecycle report, and why is it important? For starters, if you have any asset or property, such as a commercial building, you will benefit from an asset lifecycle report.


The Asset Life cycle encompasses the entire process of asset management. It starts from deciding the need to acquire the asset down to disposing of the asset when it’s no longer useful. It also refers to any physical asset that requires upkeep and financial investment to stay in excellent condition so you can get the most from its limited lifespan.


If you want to be smart with your assets, you must be aware of your assets’ lifecycle. We share the five stages of the asset management life cycle.


Why is asset life cycle management important?


When you track your asset’s lifecycle, you can obtain crucial information to make informed decisions on how your assets are operating. You can identify when maintenance or replacement is necessary and when it’s time to retire an asset. Effective asset life cycle management extends asset lifespans, reduces maintenance costs, decreases downtime, and makes assets more reliable in the long haul.


What are the stages of the Asset Lifecycle?


Asset management companies help organisations manage their assets through innovative software. This software can track changes, determine maintenance needs, and more. This way, asset life cycle management optimises the performance of properties or assets throughout their useful life.


Plan

The lifecycle stage begins when there’s a need in your facility not being met. The planning commences, and research begins for assets that can solve the problem. The planning phase includes deciding which specific asset can fulfil your facility’s needs and how to fund the purchase that requires a significant financial investment.


Acquire

Acquiring not only means purchasing the asset. It also means getting the asset to your facility. The asset gets assembled with preliminary reviews and inspections. This process entails looking for physical defects, design issues, and engineering problems.


Utilise


Utilisation is the longest stage of asset life cycle management. You’re free to use the asset you’ve purchased. This stage also includes analysing the assets’ needs and knowing the best ways of maintaining them. This stage includes asset maintenance planning. You must determine whether your asset will benefit most from preventive, predictive, or routine maintenance in extending its life and improving efficiency.


Maintain

Once you’ve developed a maintenance management plan, you can continue to use it as normal until the need for maintenance arises. Necessary maintenance is crucial to ensure your assets are running optimally and efficiently.


Dispose


There comes the point when an asset’s useful, productive life ends. At this stage, additional maintenance will no longer be a financially sound decision, and disposal is inevitable. In this stage, you can perform a cost-benefit analysis to see the costs associated with maintenance versus purchasing a new asset. Eventually, a replacement will make the most sense.


Get data to back your decision-making process


Asset lifecycle management offers insight into your assets that you’d otherwise miss. By employing lifecycle asset management software, you can make informed decisions. Asset lifecycle management allows you to plan better for the future with the most efficient and cost-effective solutions.

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Darah Albesa
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