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.
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 (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)
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 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
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: