All assets of any size or value goes through five key stages of asset management life cycle.
Also Read Part one: Asset Life Management: An Introduction to Asset Management
It goes without saying that the first stage of the life cycle is the actual purchasing of the asset. Your Asset Management Solution should be able to store the purchase data or contracts associated with your assets, so you have all information readily available for all future decision making.
Ideally, the purchasing is made through analysed, calculated planning, which is identified from the gathered data of all your assets (hence the cycle!). Accurate forecasts are made to justify the actual purchase.
The deployment stage is the state where all the action takes place before the asset is finally used.
The asset is assembled, and preliminary checks are conducted on it. The inspection is completed to check for physical defects as well as aesthetics and configuration problems.
Tests are performed to confirm any kind of issues, and results should be stored in your Asset Management solution.
We also suggest you administer QR barcodes for tracking purposes. Our Parago smart apps enable you to scan an asset to update its information whilst on the move (report issues or update its location).
The asset is finally put to good use for its intended purpose.
Any kind of upgrades, reported issues and fixes, purchasing of new licenses, compliance audits and cost-benefit analysis are part of utilisation stage.
The performance of an asset must be continuously checked for issues which might arise unexpectedly. The prime focus during this stage is to get the most output from the asset.
Parago’s Asset Management Solution enables schools, trusts and districts to create and schedule alerts for planned compliance checks against your assets.
With the growing age and utilisation of the asset, maintenance work is needed to increase its productive life. This stage serves to improve the quality of the work.
When looking at Asset Management solutions, we think it’s important to include an area where bugs and issues can be immediately reported on; like Parago’s Helpdesk Solution. You can store all historic maintenance information against the asset, including the cost and time it takes to fix the issue.
Maintenance information helps you to calculate whether an asset should be fixed or disposed of. You don’t want to keep hold of an asset that costs more to repair than its current value!
Till the end of an asset’s useful productive life, it must be disposed of. When its value has expired, it’s got to go!
For some Asset Management Solutions, once an asset is gone, it’s also removed from the system. At Parago, we believe you should hold on to that information in case of audits or user error. That’s why we have a dedicated area for all disposed assets along with a complete history. You can pull all information to justify disposal or for auditing purposes.
Final Key Points:
- Asset life cycle management helps you to optimise the performance of the asset throughout its useful life.
- The life cycle management starts from the point of the planning stage and moves along in a sequential manner until the product is no longer useful and must be disposed of.
- The asset management system would allow you to know the operational costs, usage frequency, and performance associated with an asset throughout its lifetime.
- Ultimately, enabling you to get the most out of your money and track return of investment.
Find out more…
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