The Life Cycle of an Asset is everything that happens with the asset from the idea with which it is created or incorporated into a project, until the final disposal.
Asset lifecycle management Middle East is the global management process through which we consistently add value to the company through the use and care of assets throughout the life cycle.
Lifecycle of Asset Management:
1. Delimitation of Requirements
2. Asset Planning
3. Creation of Asset
4. Operation set Management
5. Assets Monitoring
6. Renewal/ Rehabilitation lesion
How does asset management work?
Asset management provides a simple view of the life cycle of each asset, that is, it will manage the asset of its order to its replacement, once the asset is assessed as obsolete. The monitoring of this management can be done using spreadsheets however the most effective management modes are made using appropriate software. More explanation can be understood with help of asset lifecycle management lifecycle diagram Middle East.
What are the benefits of asset management?
To be effective, an asset lifecycle management best practices Middle East plan needs to be implemented using a management system that has the ability to look at all angles of available resources.
They are similar to management software but can be implemented on a larger scale.
This type of system makes it possible to centralize everything at one point, and the resources to be managed by anyone with access to the system from anywhere. Collaborative work of this kind allows companies to reduce both overall capital expenditures and operating expenses related to your assets.
Efficient and correctly implemented asset management software allows you to:
• Keep track of each asset
• Manage assets from anywhere
• Define service levels
• Create more efficient asset management operations and the ability to track performance
• Improve management time
• Measure and monitor the life cycle of a property
• Provide an opportunity for forecasting financial, operational and legal risks
• Promote economic stability and business growth
Develop an asset management plan
Developing an asset management plan and having asset management software is essential to achieve its management objectives.
There are 3 steps to develop an effective management plan.
1. Set your goals
These must be aligned with the company’s goals, but the challenges, priorities and capabilities of the company must also be taken into account. Ask yourself what the company’s goals are and how the goals of your asset management plan could help achieve them.
When setting goals, make sure they are always smart i.e., Specific, Measurable, Achievable, Realistic and Temporarily Defined. They must absolutely be associated with the mission, vision and goals of the company.
2. Create a strategy
You can only achieve your goals if you develop a strategy. This step is a good opportunity to audit your assets and create a new inventory or update an existing file. When you take stock of your inventory, always have these questions in mind:
• Which goods belong to the company?
• Where are they?
• In what state are they?
• What is its remaining life?
• What is its economic value?
Once the strategy is defined, the next step is to anticipate potential risks that may arise.
3. Keep an eye on tracking your assets
You will have an eye on the efficiency and profitability of your assets. Decisions such as updates, changes to maintenance strategies or investment actions can be taken. Effective asset management software provides a much broader and more comprehensive view of a business than just the fleet management system. This gives managers more flexibility and greater transparency to support business growth and development.
How can asset management software help your business?
Over the years, t operators have adopted a number of systems to meet their asset management needs.
Some software asset management (SAM) systems provide critical data and analytics, but they do not always meet your specific needs as a fleet manager.
The distinguishing feature of effective asset management software is the focus on the condition and performance of the assets. They aim to help you achieve defined performance goals and results by creating:
1. A quick return on investment
2. A measurable improvement in operational efficiency
3. Reduced costs
4. A reduction of administrative tasks
5. A higher level of compliance
6. Better risk management
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