Analysing an Asset Lifecycle From Planning to Disposal
The ability to understand and analyse an asset lifecycle is just one key benefit from having an asset management system in place. This life cycle can be broken down into four stages, which help to understand the life cycle from planing to disposal.
The 4 Stages of an Asset Lifecycle
1. Planning is the First Stage of an Asset Lifecycle
Planning helps establish the requirement of the asset based on evaluation of existing assets. This can be done by introducing a management system that can analyse trends and data, to identify the need for the asset and what value it adds to the business.
Once identified, the next stage in acquiring the asset; thus beginning the cycle. When the asset is acquired and installed into the business, it can then be tracked throughout its entire life-cycle by using an asset management system.
3. Operation & maintenance
With the asset now installed into the business, the next key stage is operation and maintenance. This indicates the application and management of the asset, including any maintenance and repair that may be needed.
4. An Asset Lifecycle ends at Disposal
Finally, at the end of the lifecycle, the asset is removed from service and either sold, re-purposed, thrown away or recycled. However, if there is still an operational need for the asset, the life-cycle begins again with the acquisition of a replacement.
Where do you go from here?
The next thing to do is to search, compare and shortlist the right asset management software to better manage assets for your business needs with our free questionnaire