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This detailed data-driven approach to asset life cycle management also ensures businesses are keeping their assets operating for as long as possible.

Before eventually planning for maintenance work or its replacement. With the deployment of a successful asset life cycle management, or LCAM (Life Cycle Asset Management), strategy businesses can gauge when an asset will reach its optimal peak performance and analyse how long of a useful life it has left. The disposal of an asset can be for various reasons including the amount of usage by a production team, the way it had been used by operators, or even the effectiveness of a maintenance plan. Until repair costs eventually outweigh the price of replacement. But, after inevitable wear and tear, an asset’s optimal operating life decreases and requires maintenance. Each asset has its own life cycle, including a period of useful life where it runs at peak performance. No matter what the industry or size of operations, all businesses are reliant on their fixed assets. Why Asset Life Cycle Management Is Important By successfully managing this, businesses can then determine the importance of an asset by various factors such as cost, reliability, and efficiency. Whether its an espresso machine in a coffee shop or a CNC lathe in a manufacturing warehouse, it’s important to understand the life cycle of your revenue-citric assets. From first identifying the need for an asset, the process then continues through an asset’s useful life through to disposal.Įach asset has a life cycle that can be digested into four key stages: Most commonly performed with an accurate data collection system, such as Asset Management Software, an asset life cycle is broken down into multiple stages.Īlthough procurement of an asset is most commonly seen as the first stage of the asset life cycle, it actually begins with planning. An asset life cycle is a strategic and analytical approach to the management of a business’s assets.