What is Asset LifeCycle Management?
Asset lifecycle management is the construction, development, procurement and operation of a business’ physical assets in order to extract maximum value from them throughout their lifecycle.
Assets can be generally either be constructed from scratch (through a planning, design, approval, construction, commissioning and handover process) or simply purchased via a company or asset buyout or takeover.
Once a company owns assets, it strives to use them effectively to deliver its products and services. However, if the physical assets are not maintained or operated efficiently, have unplanned downtime, are in excess to requirements or not fit for purpose, then this will cause the organisation additional costs, potential revenue loss and increase safety and operating license risks.