Asset management is essential to operating a successful company, particularly in the engineering industry, but it can be challenging to execute it correctly. To make sure that assets are effectively controlled and managed, a knowledge of the asset life cycle is required. It refers to the process that an asset flows from its initial acquisition through its final disposal.
Organizations can leverage their resources to enhance productivity by delving deeply into the lifecycle of an asset. We'll explore all of the stages of an asset's lifecycle in this blog. 

The Asset Lifecycle

The asset life cycle has been divided into four distinct stages:

⦁    Acquire: Activities associated with acquisition of assets and setup are covered in this phase, with an emphasis on precisely choosing, purchasing, and deploying the right assets.

⦁    Operate: The efficient use of the assets on a daily basis to sustain performance is the primary objective of this step.

⦁    Maintain: In this phase, engineers evaluate existing assets to find any areas that need maintenance or improvement to satisfy standards of service.

⦁    Dispose: Last but not least, after an asset reaches the final phase of its expected lifespan, it must be decommissioned and securely disposed of in compliance with the regulations in effect.

You can accomplish optimal asset management and contribute towards the more efficient and cost-effective operation of your business by determining where all of your engineering assets stand at every phase of its lifecycle.

Acquisition of Assets: Planning and Procurement
The two most significant aspects to consider while buying assets are planning and procurement. Planning includes deciding on the asset type and expected lifespan. It's important as it will determine the overall cost of ownership while giving consumers a better knowledge of the risks present when purchasing the asset.

After the enforcement of a plan, enterprises must find or produce assets to finish their engineering projects. The productivity of suppliers and vendors, affordability, scheduling constraints, and quality assurance are all essential factors. These variables must be addressed when selecting vendors or suppliers for asset procurement because they may impact the outcome or failure of the project.

Operating and Monitoring Assets
Routine maintenance and assessments ought to be performed while assets are in function in an asset inspection. Timely asset maintenance can not only help in minimizing the possibility of failures in machine-driven methods but also fosters sustaining functionality. Regular maintenance should consist of:

⦁    Inspection: Equipment and assets must be periodically examined to guarantee their optimal performance and to identify any requirements for maintenance or replacement.

⦁    Maintenance: To work successfully, mitigate potential dangers, and reduce downtime, assets must undergo periodic upkeep.

⦁    Upgrades: It is important to upgrade assets when necessary to keep them functioning at their optimal capacity or to upgrade them by implementing modern technology.

Maintaining Assets: Preventive and Corrective Maintenance

Preventive Maintenance

To lower the probability of machinery breakdown at this stage of asset lifecycles, preventative maintenance is carried out periodically. It incorporates actions like planned inspections and lubrications that are intended to identify and address concerns before they emerge.

Corrective Maintenance

Corrective maintenance undertakes to restore the asset’s functionality or performance after preventative maintenance is ineffective or whenever an unforeseen problem arises. This typically involves a greater amount of work than preventive maintenance and might include replacing or repairing components along with cleaning and testing the machines.

Disposing of Assets
The last action is to dispose of the asset which is the end of its lifecycle. This necessitates meticulous planning since an inability to perform properly may result in costly fixes or fines from regulators for illegal disposal.
The following steps are encompassed in the disposal process:

⦁ Hazardous substance removal
⦁ Identification and cataloging of recyclable or reusable parts
⦁ Environmentally responsible methods for disposing of non-reusable elements
⦁ The removal or disposal of the asset should be noted in the maintenance records.

Companies can achieve optimal engineering asset management that reduces waste and assists in preserving the environment by adhering to these procedures during asset lifecycle management.

Conclusion

To maximize assets, decrease expenses, and assure compliance with regulations and norms, enterprises need to practice competent asset management. Engineering businesses can enhance their asset management strategies while attaining better outcomes with seamless project management by focusing on asset lifecycle, implementing optimal practices into execution, and leveraging the most latest technology and tools.

Muscat Engineering Consultancy is an acknowledged company that serves clients globally with professional technical skills and personalized engineering solutions across various sectors.