Scalability of best practices: Today’s asset lifecycle management strategies use cutting-edge technologies coupled with rigorous, systematic approaches to forecast, schedule and optimize all daily maintenance tasks and long-term repair needs.Systematizing and executing an effective asset management strategy can produce a wide range of benefits for your organization, including the following: When you’ve invested your hard-earned capital in the acquisition of assets, it’s important to keep them running at peak levels for as long as possible. The benefits of asset lifecycle management strategy Decision-makers will want to take into consideration a variety of factors when attempting to measure this, including asset uptime, projected lifespan and the shifting costs of fuel and spare parts. Valuable assets can be complex and markets are always shifting, so during this phase, it’s important to weigh the depreciation of the current asset against the rising cost of maintaining it in order to calculate its overall ROI. D ecommissioning: The final stage of the asset lifecycle is the decommissioning of the asset.We’ll go deeper into EAMs, the technologies underpinning them and their implications for asset lifecycle management strategy in another section. Recently, enterprise asset management systems (EAMs) have become an indispensable tool in helping businesses perform predictive and preventive maintenance so they can keep assets running longer and generating more value. Utilization: This phase is critical to maximizing asset performance over time and extending its lifespan.During this stage, operators will need to consider a number of factors, including how well the new asset is expected to perform within the overall ecosystem of the business, how its data will be shared and incorporated into business decisions, and how it will be put into operation and integrated with other assets the company owns. Procurement and installation: The next stage of the asset lifecycle concerns the purchase, transportation and installation of the asset. With a good digital twin, its possible to predict how well an asset will perform under the conditions it will be subjected to. Digital twins allow companies to run tests and predict performance based on simulations.
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