What is Asset Management Lifecycle
Asset management lifecycle is a process of managing the physical assets of an organization throughout their lifespan. It involves planning, acquiring, operating, maintaining, and disposing of assets in a way that maximises their value and minimises their costs. Asset management lifecycle can be divided into four key stages:
- Planning: This stage involves identifying and verifying the asset requirements, such as the type, quantity, quality, location, and performance of the assets. Planning also includes developing asset management strategies and policies, setting asset objectives and targets, and allocating resources and budgets for asset management.
- Acquisition: This stage involves procuring or creating the assets that meet the requirements defined in the planning stage. Acquisition can involve purchasing, leasing, renting, building, or developing the assets. Acquisition also includes installing, testing, commissioning, and registering the assets.
- Operation and Maintenance: This stage involves using and maintaining the assets to achieve the desired level of performance and service. Operation and maintenance can involve monitoring, inspecting, repairing, upgrading, modifying, or replacing the assets. Operation and maintenance also includes managing the risks, costs, and impacts of the assets on the environment and society.
- Disposal: This stage involves retiring or decommissioning the assets that are no longer needed or useful. Disposal can involve selling, donating, recycling, or disposing of the assets. Disposal also includes removing, dismantling, or demolishing the assets.
Asset management lifecycle is a vital process for any organisation that owns or operates physical assets. It can help improve asset performance and reliability, reduce asset-related costs and risks, enhance asset value and return on investment, and support organisational goals and objectives.
For more details on how Ipsum-City, our real-time Asset & Fault Management software, can support your organisation, please contact a member of the team at info@civic.ie to schedule a demonstration.