Asset Lifecycle Management
Maximise the value of assets across their entire lifecycle.
Organisations within asset-intensive industries, such as utilites, transportation, mining and manufacturing, rely heavily on capital-intensive assets such as equipment, machinery, vehicles, infrastructure and facilities. To ensure maximum return on their capital investments, reduce cost, wastage and unexpected downtime, implementing effective asset lifecycle management practices is essential.
Asset lifecycle management (ALM) is the systematic approach of managing assets throughout their entire lifecycle, from acquisition to disposal. ALM involves the planning, acquisition, operation, maintenance and retirement of assets.
The goal of any ALM approach is to:
- ensure appropriate assets are acquired
- maximise the value realised from each asset
- minimise the risks and costs associated with asset ownership
- reduce operational wastage or spoilage.
Utilise real-time data on asset health and performance, and make proactive decisions regarding maintenance, repairs, replacements and investments.
Identify opportunities for cost reduction by tracking asset performance and maintenance activities.