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Asset lifecycle management

What is Asset Lifecycle Management?

Asset Lifecycle Management is the process of optimizing the profit generated by your company assets throughout their lifecycle.

Optimizing the asset life cycle from planning, conceptual design, procurement, commission, operation, maintenance until decommissioning, through an integrated approach, including a comprehensive asset portfolio management, will allow to have a more robust decision-making process for new asset introduction or replacement affecting your future capital investment plans.

What is Asset Management? 

Asset management is a set of coordinated activities, involving the balancing of costs, opportunities and risks against the desired performance of assets to achieve an organization’s objectives.   

Asset management is the art and science of making the right decisions and optimizing the delivery of value. A common objective is to minimize the whole life cost of assets but there may be other critical factors such as risk or business continuity to be considered objectively in this decision making. 

 

Lifecycle Cost 

Lifecycle cost (LCC) is the total cost of ownership (TCO) of an asset during the entire lifecycle.  

This includes acquisition, operation, maintenance, support and disposal and should be considered along with other tools (such as the facility condition index, or FCI) when determining replacement.  

Examples of LCC costs include the initial capital investment (design, procurement, construction, etc.) and all recurring costs (O&M, energy consumption, consumable goods) 

 

What is ISO 55000? 

The ISO 55000 consists of three standards that represent a global consensus on asset management and what it can do to increase value generated in all type of organizations: 

  • ISO 55000 Asset Management - Overview, principles and terminology 
  • ISO 55001 Asset Management – Requirements 
  • ISO 55002 Asset Management - Guidelines on the application of ISO 55001 

ISO 55000 series provides terminology, requirements and guidance for implementing, maintaining and improving an effective asset management system, that can be applied to all types of assets and by all types and sizes of organizations 

 

What is Enterprise Asset Management System (EAMS)?  

Enterprise asset management (EAM) is the process of managing the lifecycle of physical assets to maximize their use; save money; improve quality and efficiency; and safeguard health, safety and the environment. 

Selecting the EAM tools and software that best allow you to meet your company’s goals is a must: 

  • Asset lifecycle: An effective EAM solution will provide the visibility that you need to track the lifecycle of your assets throughout your organization. Your system should facilitate real-time monitoring of assets among those who are responsible for supervising them. 
  • Compatibility: The EAM system that you select must be compatible with the technology and software that you use at your enterprise. Between the software format and language, you’ll need to take several factors into consideration when determining how well EAM will integrate with your existing system. 
  • Predictive Maintenance (PdM): Your EAM software should monitor your assets on something called a “degradation curve,” which will alert you when you need to perform maintenance. You should ensure that your software is capable of running these analytics so that you can prevent asset failure down the line. 
  • Cost: If your enterprise has a specific budget for EAM, then you will need to choose a system that accommodates these monetary. 

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