Asset Life Cycle Management
Every asset within an organization is acquired for specific business objectives. Assets go through various stages over its life cycle and in each of these stages it generates lot of data from operations, maintenance and condition monitoring systems. This asset related data can be compiled together and analyzed, using various statistical techniques to get insight into their overall performance. Depending on the industry some assets are more critical and to optimize their performance effectively, end users and decision makers require comprehensive timely analysis to make informed decisions, during different phases of its lifecycle.
The Business Challenge of Asset Life Cycle Management
- How to remain focused on your critical assets and ensure their optimal performance?
- How to manage your aging assets and determine the right time to retire them?
- How to accurately track your growing number of assets and their locations?
- How to mitigate risk with respect to operations of asset and infrastructure?
What happens in the absence of a robust Asset Lifecycle Management Plan?
- Reduced productivity & labor utilization which takes no time to reflect negatively on your bottom line
- Reduced availability of critical assets in a timely manner
- Quality and compliance issues across the board
- Idling & minor stop losses
- Reduced speed losses
- Upward spiral in the cost of asset ownership within the enterprise
Why Asset Lifecycle Management from Reporting House
The benefits of partnering with us to implement a sound Asset Lifecycle Management plan are phenomenal:
- Seamless process for both asset acquisition as well as the retirement of used assets within your organization
- Significant improvement in the performance, availability and longevity of your strategic assets
- Improved asset maintenance and work dispatch
- Enhanced business value of all your asset-dependent services
- Improved decision-making as a result of a scientifically validated process to manage asset data
- Reduction in capital project expenses, procurement of your assets and overall liability costs
- Systematic assessment and evaluation of Vendor performance
- Deflation of Costs associated with asset risk
- Visible enhancement in the quality of preventive maintenance of your assets and improved inventory control
- Downward adjustments in your manufacturing costs by improving organizational agility
- Asset registry management and asset documentation from a single window
- Asset tracking that is both streamlined and conducted in real time as a component of your MIS
- Improvement in the overall quality of asset maintenance and a reduction in liability costs
- Noticeable difference in your Project cycle times
- Increase in operational productivity
- Reduction in your service costs by increasing asset uptime and availability
Your enterprise will gain improved management of your assets and their lifecycles including critical considerations such as:
- Buying versus leasing of your assets
- Work management
- Inventory control
- Acquisition of new assets
- Compatible end-unit estimation
- Location of your assets and their correct configuration
- Preventive maintenance
- Safety and disposal