What is an Asset Lifecycle Plan?

What is an Asset Lifecycle Plan?

How could your assets maximise its value and still be able to deliver the desired level of performance? You could achieve this by simply adopting an asset lifecycle plan. But what is it? It is a plan that aims to optimise the performance of the assets in the most cost-effective manner.

A lifecycle plan requires your firm to consider the lifetime of an asset or a group of assets. It involves four stages: planning, acquisition, operation and maintenance and disposal.

Please read the infographic below for an overview of the four stages of an asset lifecycle plan.

What is an Asset Lifecycle Plan?

A good lifecycle plan optimises the performance of the asset, minimises risks and costs. This approach is great for measuring return on investments (ROI) on your asset(s) because it functions as a record. The data collected enables you to keep track of the asset’s activities, cost and performance level. Firms can further optimise an asset’s long-term value if the lifecycle plan aligns with its objectives.

At Ultum, we understand that clients need to model different scenarios to help with decision-making. Our system is flexible and can be tailored to your firm’s specific requirements and needs. We can model different scenario outcomes or model to a predetermined objective(s).

If you want to learn about lifecycle planning for your assets, feel free to contact one of our friendly staff today.