Asset Management: 5 Key Stages of Asset Lifecycle Management Thursday, October 22, 2020 | asset management software

The traditional methods of asset management are old and no longer have the ability to keep up with modern technological advancements. The need of the hour is a digitalized and remote-accessible solution for managing assets. This is where modern asset management solutions step in.

For the past few years, Asset Management Software are constantly transforming the old and tiring methods of asset management.

Defining Asset Management

Firstly, an “asset” is defined as an item or an entity having the potential to give actual value to an organization. Asset management is described as a coordinated activity to realize value from an asset.

What is Asset Life Cycle Management?

One of the key parts of asset management is understanding an asset’s complete life cycle. Although these life cycles vary from item to item, overall, Asset Management has some key stages for maintaining an asset’s lifecycle.

Asset life cycle management is crucial for all kinds of organizations. These groups of processes optimize the full potential of the available resources.

An asset’s life cycle begins from the time a company acquires an asset and it ends when a company disposes off the same. The stages in this life cycle include process like operating, maintaining, upgrading, and so on.

5 Key Stages of Asset Lifecycle Management

So without any further ado, here are the 5 key stages of Asset Lifecycle Management:

#1 Purchasing

This is the first stage where an asset’s possession is acquired by an organization. The best practice of this step satisfies both the requirements of the company and its budget. On acquisition of an asset, it is available for usage as many times as required.

#2 Deployment

This is the stage where an asset is assembled and checked for usage. Inspections are conducted, issues are corrected, and other problems are fixed to make the asset ready for usage.

#3 Usage

This is the lengthiest stage of the life cycle. The asset is finally put to the use for which it was initially purchased. The performance of the asset is also checked throughout the usage process. The prime area of focus is the utilization of an asset to the fullest.

#4 Maintenance

Maintenance helps in increasing the productive life of an asset. Upgradations are done to make the asset faster and better. This is another important part of enhancing the quality of the work.

#5 Disposing

At the very end, a product must be disposed of. The complete data and environmental hazard is eliminated before disposing of an asset. The decision of disposal is taken with respect to the service deliverables.

Concluding

Asset life cycle empowers an organization to optimize the performance of an asset throughout its useful life. The key to an error-free Asset Lifecycle Management journey is making use of the right Asset Management Software.

Talygen, a global leader in business automation, offers a state-of-the-art Asset Management Software that empowers users to deploy, operate, maintain, upgrade, and dispose-off items in a cost-efficient manner.

Try the Free Demo at https://talygen.com/freetrial.

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