Skip to main content

A Brief about Asset Lifecycle Management


IBM Software Asset Management | Softchoice
Asset lifecycle management is a process with an objective of maximising the cost-effectiveness and efficiency of assets during their lifespan. It is actually a type of business approach. An asset lifecycle process attempts to break down the different stages of an asset’s life. With this, a business gets to examine its usage, when it needs to be replaced, and so on.

Read on to know more about asset lifecycle management and its stages in more detail:

Why plan the process of asset lifecycle?

If you take the example of an average business that is mid-sized, it generally has a lot of assets. This is inclusive of fixed assets like IT hardware and company vehicles or less tangible assets such as software licenses and intellectual property. So, it is essential for such a business to have tools that help evaluate efficiency and cost-efficiency of assets on the register.

The key stages of asset lifecycle management 

These are the five key stages of asset lifecycle management:
  • Acquisition: This stage involves the actual buying of the asset. Generally, acquisition takes place through specific planning where the requirements are recognized.
  • Deployment: This is the stage before the asset is put to use. If needed, the assembly of assets take place. Physical defects are also checked.
  • Utilization: In this stage, the asset is put to its use. This is the stage where it starts to earn revenue.
  • Maintenance: Because the asset starts to age, its maintenance is carried out to increase its productive life. Upgrades and modifications are also carried out to make it better and faster than before.
  • Disposal: When the useful productive life of an asset ends, it needs to be disposed of. So, in this stage, the dismantling of asset takes place.
Asset lifecycle management assists in optimising an asset’s performance during the course of its useful life. One can provide the required outcomes with a useful asset management software. Products like the IBM® Maximo® Asset Management software can help you in obtaining the best returns with the right asset management tools. So, opting for IBM Maximo Asset Service Management Solution will be a step in the right direction.

Labels:

Comments

Post a Comment

Popular posts from this blog

3 Best Reasons to Use CAFM System for Your Business

  For companies and organizations, facility management is crucial in running their business successfully. Facility management involves monitoring, optimizing and maintaining assets, including equipment, devices, and infrastructure. CAFM, or computer-aided facilities management system, is changing the way facility management is done in a company. The software is used by facility managers to reduce costs, improve efficiency, and streamline processes. The CAFM system can be used in asset management in various industries, such as hospitals, manufacturing plants, office buildings, etc. The software comes with a user-friendly interface, assisting facility managers in planning, executing, tracking, and monitoring diverse business components. Here are some of the best reasons to use  computer aided facilities management system   in your business. Centralized Data Management  In the conventional method, facility management requires handling a huge amount of data spread across...
Post a Comment
Read more

3 Reasons Why Asset Management Software is Vital for Improving Work Productivity

Asset management encompasses the strategies and practices employed to effectively manage and maintain business assets. Tracking and monitoring company assets play a vital role in saving valuable resources, including time and money. Implementing asset management software offers the convenience of streamlined asset management processes and brings forth various benefits that contribute to enhanced work productivity.  Mentioned below are three reasons why utilising asset management software is crucial for improving productivity.  1. Asset Tracking  One primary advantage of utilising asset management software is the convenience provided to business managers in tracking and monitoring all company assets. This software enables managers to efficiently locate assets, monitor their usage, and track any modifications made to them. The valuable data obtained from the management software facilitates seamless asset recovery and enhances overall returns for the business. 2. Easy Handlin...
Post a Comment
Read more

How to Set Up an Asset Management System - 3 Key Steps

The need for an asset management system in an organization has rapidly increased in the past few years. This is primarily due to its beneficial characteristics that allow a business to flourish in any industry. Asset management software helps in monitoring each asset, be it physical or virtual, throughout its lifecycle. Besides this, it helps in maximizing the potential of every asset that your company owns. Here are 3 key steps that can help you set up a reputed asset management system in your organization:  Get Your Team On Board  If you wish to set up a reliable asset system, it would be wise to get your team on board. This is an essential step because if your fellow team member or management department is not sure about its benefits, then it might get underutilized. It is your responsibility to educate all employees about the advantages of an asset management system. By doing this, you might even get a few suggestions and ideas on how to initialize it in a better way....
Post a Comment
Read more