Some cost-cutting measures during the acquisition phase can force designers and builders to use low cost, unreliable components, causing higher failures and increasing the O&M costs. Throughout all parts of the planning phase, it is essential to ensure that the ongoing development adds value to the company.If your organization uses effective planning and all asset management cycle stages, it will help with:You’ll only be able to make the best decision in regards to which assets to obtain after you have defined the costs and the requirements. Utilization is the key phase where the asset is operated and maintained for many years depending upon need, which may be 10, 20, 50, 80 years or more. It requires that all people/stakeholders follow the process, which includes work instructions, procedures, policies, etc. To ensure organizations do the right things during the entire life of the asset, they need to establish an asset management process that utilizes the “10 Rights of Asset Management.” This process involves a series of actions or steps taken to achieve lower failure rates by eliminating defects at the source and reducing the total cost of ownership.

The acquisition phase includes writing specifications, design and procurement of components or the asset, build/fabrication of the asset, and installation/commissioning of the asset for operation. All operation and maintenance activities are performed and tracked during this stage.At this point, you should focus your efforts on keeping the asset in good running order so that it can continue to provide the service you need.

To survive, they need to stay competitive and must continue to improve processes and get more value, both in the form of return from physical assets and high productivity from human assets (i.e., their people). This is the phase where you get the value from the asset. These tools, be they data analytics suites, real-time data acquisition tools or other systems, are proving invaluable in moving from reactive to predictive maintenance operations. With the right asset management strategy, your organization can save both time and money.An essential part of asset management is understanding the asset management lifecycle, which is broken down into four stages.“The asset management lifecycle stages are: planning, acquisition, operation and maintenance, and disposal.”The first stage of the asset lifecycle is planning.

If the technology is outdated and causing productivity losses or otherwise costing the business more money than it’s bringing in, then the asset’s lifecycle is finished, and it makes sense to take it out of commission.PurchaseControl makes handling acquisition and inventory easier than ever.Stay up-to-date with news sent straight to your inboxStay up-to-date with news sent straight to your inboxSign up with your email to receive updates from our blogEnter your email below to begin the process of setting up a meeting with one of our product specialists.We just need some information from you so our specialists know how to assist you better.We just need a bit more information from you so our specialists know how to assist you better.This field is for validation purposes and should be left unchanged.This field is for validation purposes and should be left unchanged. The 10 Rights of Asset Management process is designed in such a way that ensures organizations will do the right things from the start of the need/concept right through to disposal. Other indicators include risk during the decision-making process and business continuity.Asset management makes it possible for an organization to study and observe asset performance in various stages. This phase consists of the procurement department working to find the best supplier and negotiate the best possible deal.When considering cost, it’s crucial not only to consider the initial investment but the lifecycle cost or the total cost of ownership. This goes beyond physical assets that many companies tend to focus on.

Share this page; Example Asset Management process.

The process should be repeatable with less variance and auditable.To survive in today’s competitive environment, organizations must continue to improve processes.

By implementing an asset management strategy, it is easier for your organization to track all asset changes, their location, and how they are configured. Asset Lifecycle Management (ALM) is the process of optimizing the profit generated by your assets throughout their lifecycle. The process essentially has a dual mandate - appreciation of a … Review, Communicate and Engage. This goes beyond physical assets that many companies tend to focus on.Asset management is comprised of opportunities, balancing costs, and threats against the desired level of performance of assets. It requires that all people/stakeholders follow the process, which includes work instructions, procedures, policies, etc.
It’s all about process. About this task .

In order to get more value from their assets, organizations must make processes robust and reliable so they can deliver quality products or services that make their customers happy. This is essential to achieve the highest return on investment and to attain your company’s main objectives.
It introduces an approach for integrating climate change considerations throughout the asset management process. Asset management refers to the management of investments on behalf of others.

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