![]() ![]() Why asset lifecycle management is important Decision-makers will want to take a variety of factors into consideration to inform this decision, including asset uptime, projected lifespan and the shifting costs of fuel and spare parts. At this point, it’s important to weigh the depreciation of the asset against the rising cost of maintaining it. The final stage of the asset lifecycle is the disposal of the asset. We’ll go deeper into EAMs, the technologies underpinning them, the types of maintenance they enable and their implications for ALM best practices in another section. Recently, asset management software like enterprise asset management systems (EAMs), have become an indispensable tool in helping businesses perform both predictive and preventative maintenance. This phase is critical to maximizing asset performance over time and extending its lifespan. This stage concerns the purchase, transportation and installation of the asset, including how the asset will be put into operation, how it will be integrated with other assets the company owns and how data it generates will be incorporated into business decisions. Read this blog post to explore how digital twins can help you optimize your asset performance. With a good digital twin, it’s possible to predict how an asset will perform under certain conditions and what it’s projected lifespan will be. It allows the company to run tests and predict performance based on simulations. One technique that is becoming increasingly valuable to the planning stage is the creation of a digital twin.Ī digital twin is a virtual representation of an asset that a company intends to purchase. During this stage, decision-makers must consider many different pieces of information to make an accurate assessment. ![]() In the first stage of the asset lifecycle, stakeholders assess the need for a new asset, its projected value to the organization and its overall cost.Ī critical part of the planning stage is assessing the overall value of the asset. The maintenance strategies that companies use most frequently are broken down into four stages of the asset lifecycle. What is asset lifecycle management (ALM)?ĪLM is a strategic approach to managing physical assets that helps companies extract the most value from them over time. Examples of non-physical assets include software, intellectual property, trademarks and patents. Examples of physical assets, or hardware assets, include machinery, factories, office supplies, production plants, vehicle fleets and buildings. ![]() What is an asset?Īssets are both physical and non-physical items that companies own and use to create value. ![]() First, though, let’s start with some definitions that will be key to understanding the value of ALM to the modern enterprise. In this article, we’ll take a look at some best practices that successful businesses use to care for their assets and extend their useful lives. But where do you start and how do you know which ALM strategy is right for you? From a wastewater treatment plant that an entire city depends on to a smaller-sized transportation company expected to provide timely deliveries, businesses of all sizes rely on the assets and equipment they own to create value every day.Īsset lifecycle management (ALM) is a data-driven approach that many companies use to care for their assets, maximize their efficiency and increase their profitability. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |