Asset LifeCycle Management -

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.

What is Enterprise Asset Management?

Enterprise Asset Management (EAM) provides the key to better managing your physical infrastructure assets from a single, common platform. It consists of an asset register, work order management, and inventory and procurement functions to benefit all functional departments.

In addition, EAM systems often provide various other functions such as workflows, reporting, KPI Management and various industry and product add-ons such as Asset Health Monitoring or Asset Performance Management. These enable organisations to manage their physical assets much more effectively and efficiently. The tracking, management and maintenance of these assets is critical to supporting the business functions.

What can EAM do for my business?

Collect and analyze data on all types of asset

Improve operations through better asset availability, reliability & utilization

Extend the useful life of all assets or equipment

Improve return on investment and defer new purchases

Unify processes across multiple sites

The future of Asset Management is fuelled by data

BPD Zenith is working closely with clients to ensure their EAM system is optimised for their organization. Our experience highlights that organizations that follow best practices and are diligent with their data obtain the most benefits.

With a strong EAM foundation, you can start infusing the wealth of information collected around your assets with IoT and AI to drive better data management and decision making.

Sensored assets that are connected to your EAM system allow real-time data analysis to be completed. This data can be coupled with artificial intelligence to drive further insights that may not be immediately obvious, allowing the organization to provide instantaneous feedback to its technicians managing maintenance for improved decision making.

This increases the likelihood of less asset failures, thereby minimizing maintenance and inventory costs, reducing possible revenue loss, keeping your staff and public safe and sound, and maintaining your license to operate.