Asset Life Cycle Management is vital for built assets because it helps ensure their optimal performance, safety, and cost-effectiveness over time.
For asset managers struggling with rising costs, limited budgets and increasing compliance requirements, taking a more holistic, longer-term view of their portfolio is critical.
✅ Five key benefits of asset life cycle management
By managing the life cycle of an asset from design, construction, operation, and maintenance, through to disposal, asset managers can achieve a range of benefits.
These include:
1. Improved asset performance
Asset Life Cycle Management helps to identify potential problems and areas for improvement, enabling organisations to take corrective actions to maintain or improve the asset's performance.
2. Enhanced safety
Proper management of an asset's life cycle can help ensure that safety requirements are met throughout its entire operational life, reducing the risk of accidents or injuries.
3. Cost optimisation
Asset Life Cycle Management helps to identify opportunities for cost savings and efficiency improvements, reducing overall lifecycle costs.
4. Compliance and regulatory requirements
Adhering to regulatory requirements is essential. Penalties for breaches are severe. Asset Life Cycle Management helps ensure that assets meet or exceed relevant standards and regulations.
5. Better decision making
Asset Life Cycle Management provides organisations with the information they need to make informed decisions about maintenance, repairs, upgrades, and replacements.
Overall, Asset Life Cycle Management is critical for ensuring that built assets meet their intended purpose, operate safely, and remain cost-effective throughout their entire life cycle.
🏎️ Accelerating life cycle management with AssetFuture
Lifecycle modelling starts with good data. Making evidence-based decisions on disparate and incomplete data isn’t possible. Forecasts are inaccurate and won’t provide the appropriate justification for investment for the portfolio, nor for data maturity. For many asset managers, database upkeep takes up time that could be better spent on simulation and understanding a portfolio’s future.
This is where AssetFuture’s unique and proactive approach to data is key. Through the huge degradation model library we’ve built over the past twenty years, combined with comprehensive asset registers and data science, we can accurately simulate entire asset portfolios in a fraction of the time it would take to manually collect data.
Using our existing data and statistical techniques such as predictive modelling and Monte Carlo simulations, our technology can replicate entire portfolios in just hours without any in-field data collection.
For asset managers, it’s an easy, four-step process:
Share the footprint, condition, and age of your facilities
Generate a simulated asset register based on sophisticated analysis
The AssetFuture platform generates lifecycle intelligence including cost, risk, and performance forecasting
From this, you can develop templated Asset Management Plans aligned with your requirements
🧡 Enjoying a holistic view of your assets
Through AssetFuture, you can achieve a holistic view of the entire life cycle of each asset, which helps you make more informed decisions about it. The data collected and analysed during the life cycle management process can be used to identify potential issues, opportunities for improvement, and cost-saving measures.
During the design phase, Asset Life Cycle Management can help identify potential maintenance requirements, energy consumption, and other factors that can impact the asset's performance and cost-effectiveness. This information can help decision-makers choose the most appropriate design options that meet requirements while optimising performance and minimising future maintenance costs.
During the operational phase, it helps identify potential issues such as maintenance needs, safety risks, or efficiency improvements. You can then informed decisions about maintenance, repair, replacement, and upgrade activities to ensure your asset performs optimally and is cost-effective throughout its life cycle.
Achieving asset management maturity and enabling life cycle management is not about technology solutions alone. The journey to maturity involves people, tools, and processes and needs buy-in from senior management. It’s a holistic business evolution that needs new skills, new roles, and reliable technology partners.
Ready to start your asset lifecycle management journey? Contact AssetFuture today and let us help you navigate the path to maturity with our comprehensive solutions and expert guidance. Don't wait any longer to unlock the full potential of your assets - get in touch now!