{"id":14185,"date":"2023-08-31T13:12:13","date_gmt":"2023-08-31T19:12:13","guid":{"rendered":"https:\/\/limblecmms.com\/?page_id=14185"},"modified":"2025-05-29T21:54:09","modified_gmt":"2025-05-30T03:54:09","slug":"asset-lifecycle-management","status":"publish","type":"page","link":"https:\/\/limblecmms.com\/learn\/definitions\/asset-lifecycle-management\/","title":{"rendered":"Asset Lifecycle Management"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row full_width=&#8221;stretch_row&#8221; content_placement=&#8221;middle&#8221; kd_background_image_position=&#8221;vc_row-bg-position-top&#8221; css=&#8221;.vc_custom_1705961960494{padding-top: 60px !important;background: #152232 url(https:\/\/limblecmms.com\/wp-content\/uploads\/blog-header-hex-bg4.webp?id=9266) !important;background-position: 0 0 !important;background-repeat: no-repeat !important;}&#8221; css_mobile=&#8221;.vc_custom_1705961960495{padding-bottom: 60px !important;}&#8221;][vc_column width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1683307506642{padding-bottom: 80px !important;}&#8221;]<header class=\"kd-section-title col-lg-12 text-center  subtitle-below-title    vc_custom_1716566771988\" ><h1 class=\"separator_off\" style=\"color: #ffffff;font-size: 50;\">Asset Lifecycle Management<\/h1><h2 class=\"subtitle\" style=\"color: #ffffff;font-size:15px;\"><span class=\"ez-toc-section\" id=\"Everything_you_ever_needed_to_know_about_asset_lifecycle_management\"><\/span>Everything you ever needed to know about asset lifecycle management.<span class=\"ez-toc-section-end\"><\/span><\/h2><\/header><a  href=\"https:\/\/limblecmms.com\/resources\/cmms-buyers-guide\/\"  target=\"_self\"  title=\"\"  class=\"tt_button tt_primary_button btn_primary_color  button-center button-action-link   vc_custom_1742844772533\" ><span class=\"prim_text\">Free CMMS Buyer's Guide<\/span><\/a>\n      <div class=\"entry-meta\">\n         <span class=\"published\">\n            <span class=\"far fa-clock\" aria-hidden=\"true\"><\/span>Last updated on May 29, 2025<\/span>\n            <span class=\"author\"><span class=\"far sway-author-meta\" aria-hidden=\"true\"><\/span>\n            <span>bBrinton<\/span>\n         <\/span>\n      <\/div>\n\n   [\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_video link=&#8221;https:\/\/www.youtube.com\/watch?v=7cQlAWJuaCA&#8221; align=&#8221;right&#8221; css=&#8221;&#8221; el_class=&#8221;video-shadow&#8221;][\/vc_column][\/vc_row][vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221; css=&#8221;.vc_custom_1687442797424{margin-top: 40px !important;}&#8221; el_class=&#8221;limble-page-blog-width&#8221;][vc_column][vc_column_text]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_asset_lifecycle\"><\/span>What is asset lifecycle?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The asset lifecycle is a series of stages a company asset goes through that requires\u00a0 its own approach to management and maintenance. Be it a piece of equipment, a building, a vehicle, or any other item is used in the day-to-day operations, its productivity and maintenance needs will evolve as the asset ages.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The lifecycle of all physical assets can be broadly classified into these major stages:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Planning<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Acquisition and deployment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Operation and maintenance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Disposal<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter \" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/asset-lifecycle-management-stages.jpg\" width=\"499\" height=\"274\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The lifecycle of an asset does not begin on the day it is acquired. Acquisition of assets is a major business decision, to be taken only after careful planning.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Purchasing inadequate assets can have major long-term repercussions. For instance, a costly machine that is not compatible with the existing plant facilities and business needs will quickly become a liability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The cost of an asset, its role in the business, and other unique features will play a crucial role in how it is managed over the course of its useful life.\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row content_placement=&#8221;middle&#8221; kd_background_image_position=&#8221;vc_row-bg-position-bottom&#8221; kd_top_separator_style=&#8221;skew-left&#8221; kd_top_separator_height=&#8221;separator-height-small&#8221; kd_bottom_separator_style=&#8221;skew-left&#8221; kd_bottom_separator_height=&#8221;separator-height-small&#8221; kd_top_separator=&#8221;true&#8221; kd_bottom_separator=&#8221;true&#8221; css=&#8221;.vc_custom_1682969576554{margin-bottom: 40px !important;padding-top: 120px !important;padding-right: 40px !important;padding-bottom: 50px !important;padding-left: 40px !important;background: #dde4e8 url(https:\/\/limblecmms.com\/wp-content\/uploads\/cta-laired-hex-4.webp?id=9077) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;border-radius: 0px !important;}&#8221; css_tablet_landscape=&#8221;.vc_custom_1682969576554{padding-bottom: 80px !important;}&#8221; css_tablet_portrait=&#8221;.vc_custom_1682969576555{padding-bottom: 80px !important;}&#8221; css_mobile=&#8221;.vc_custom_1682969576555{padding-bottom: 80px !important;}&#8221;][vc_column][vc_row_inner kd_background_image_position=&#8221;vc_row-bg-position-top&#8221;][vc_column_inner]<header class=\"kd-section-title col-lg-12 text-center  subtitle-below-title kd-animated fadeIn   vc_custom_1682969598832\" data-animation-delay=200><h2 class=\"separator_off\" style=\"font-size: 42px;font-weight: 500;margin-bottom:30px;\"><span class=\"ez-toc-section\" id=\"Checklist_for_Creating_a_Preventive_Maintenance_Plan\"><\/span>Checklist for Creating a Preventive Maintenance Plan<span class=\"ez-toc-section-end\"><\/span><\/h2><h6 class=\"subtitle\" style=\"color: #152232;\">Following a consistent Preventive Maintenance Plan can make life easier. Use this checklist to create your own!<\/h6><\/header>[\/vc_column_inner][\/vc_row_inner][vc_row_inner content_placement=&#8221;top&#8221; kd_background_image_position=&#8221;vc_row-bg-position-top&#8221;][vc_column_inner width=&#8221;1\/2&#8243; css=&#8221;.vc_custom_1631866454223{padding-right: 50px !important;padding-left: 0px !important;}&#8221; offset=&#8221;vc_col-lg-6 vc_col-md-12 vc_col-xs-12&#8243; css_tablet_landscape=&#8221;.vc_custom_1631866454223{padding-right: 0px !important;}&#8221; css_tablet_portrait=&#8221;.vc_custom_1631866454223{padding-right: 0px !important;}&#8221; css_mobile=&#8221;.vc_custom_1631866454224{padding-right: 15px !important;}&#8221;][vc_raw_html]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[\/vc_raw_html][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_single_image source=&#8221;external_link&#8221; alignment=&#8221;center&#8221; css_animation=&#8221;fadeIn&#8221; custom_src=&#8221;https:\/\/3975608.fs1.hubspotusercontent-na1.net\/hubfs\/3975608\/Content%20Downloads\/PM%20Checklist%20mockup.png&#8221;][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221; css=&#8221;.vc_custom_1687442797424{margin-top: 40px !important;}&#8221; el_class=&#8221;limble-page-blog-width&#8221;][vc_column][vc_column_text]<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/limblecmms.com\/learn\/definitions\/asset-lifecycle-management\/#Everything_you_ever_needed_to_know_about_asset_lifecycle_management\" >Everything you ever needed to know about asset lifecycle management.<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/limblecmms.com\/learn\/definitions\/asset-lifecycle-management\/#What_is_asset_lifecycle\" >What is asset lifecycle?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/limblecmms.com\/learn\/definitions\/asset-lifecycle-management\/#Checklist_for_Creating_a_Preventive_Maintenance_Plan\" >Checklist for Creating a Preventive Maintenance Plan<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/limblecmms.com\/learn\/definitions\/asset-lifecycle-management\/#What_is_asset_lifecycle_management_ALM\" >What is asset lifecycle management (ALM)?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/limblecmms.com\/learn\/definitions\/asset-lifecycle-management\/#The_role_of_data_in_managing_asset_life\" >The role of data in managing asset life<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/limblecmms.com\/learn\/definitions\/asset-lifecycle-management\/#Steps_in_the_asset_lifecycle_management_process\" >Steps in the asset lifecycle management process<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/limblecmms.com\/learn\/definitions\/asset-lifecycle-management\/#Maximizing_asset_value\" >Maximizing asset value<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/limblecmms.com\/learn\/definitions\/asset-lifecycle-management\/#Related_Content\" >Related Content<\/a><\/li><\/ul><\/nav><\/div>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221; css=&#8221;.vc_custom_1687440273251{margin-top: 40px !important;}&#8221; el_class=&#8221;limble-page-blog-width&#8221;][vc_column][vc_column_text]<\/p>\n<h2 id=\"process\"><span class=\"ez-toc-section\" id=\"What_is_asset_lifecycle_management_ALM\"><\/span>What is asset lifecycle management (ALM)?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Asset lifecycle management is the process of monitoring an asset\u2019s use and performance over time to optimize how it is maintained and ultimately extend its useful life.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By keeping constant tabs on an asset throughout its lifecycle, a business will gain a lot of data and insight. It can learn how an asset\u2019s physical condition is impacted by its use over time within a business\u2019s specific application. It can also measure the contribution of the asset to productivity and revenue, its reliability and <\/span><a href=\"https:\/\/limblecmms.com\/blog\/maintenance-cost-explained\/\"><span style=\"font-weight: 400;\">ongoing maintenance costs<\/span><\/a><span style=\"font-weight: 400;\">, and more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s take a look at how a company may use this information with an example of acquiring a new CNC machine:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Maximizing profit and revenue<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">With proper asset management processes in place, a business can learn how a CNC machine may handle faster production cycles, whether or not it is the best fit for its production requirements, and whether or not staff need training on machine operation to optimize productivity. All this information helps organizations efficiently increase productivity and revenue.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Minimizing the cost of ownership<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Monitoring the investments of time and money made in an asset helps organizations understand the total cost of ownership for a CNC machine. Evaluating data on fuel and power usage, downtime events, and vendor spend for specialized repairs helps the business save a lot of money throughout the operating life of the asset.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Extending the operational life of the asset<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">With data on machine wear and tear, repair and maintenance schedules, and productivity levels over time, the business can optimize processes to keep the asset in working condition for as long as possible. This will help squeeze every bit of value from the asset and further improve overall ROI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Asset lifecycle management comes with many additional benefits:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial planning of acquisition cost\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Effective development of preventive maintenance strategies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduction in depreciation, improving the resale value of an asset<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improved <\/span><a href=\"https:\/\/limblecmms.com\/blog\/productive-efficiency\/\"><span style=\"font-weight: 400;\">productive efficiency<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Better safety and regulatory compliance<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Without adequate lifecycle management, most assets will experience steady increases in maintenance expenses, reductions in productivity, and inefficient utilization of resources across the firm.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_role_of_data_in_managing_asset_life\"><\/span><span style=\"font-weight: 400;\">The role of data in managing asset life<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Successful asset lifecycle management depends on the easy availability of information. For maximum impact, ALM planners need data from virtually every aspect of the organization. Given the amount of data and analysis required, analog or pen and paper systems simply do not provide the visibility a good asset lifecycle management process needs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Modern CMMS (<\/span><a href=\"\/cmms\/\"><span style=\"font-weight: 400;\">Computerized Maintenance Management System<\/span><\/a><span style=\"font-weight: 400;\">) and EAM (<\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/eam\/\"><span style=\"font-weight: 400;\">Enterprise Asset Management<\/span><\/a><span style=\"font-weight: 400;\">) software are sophisticated digital platforms that combine online systems and on-site tools (IoT integration) to streamline data collection. A CMMS\/EAM platform gives businesses unprecedented control and visibility over all their operational assets, equipment, and departments.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221; css=&#8221;.vc_custom_1687440273251{margin-top: 40px !important;}&#8221; el_class=&#8221;limble-page-blog-width&#8221;][vc_column][vc_column_text]<\/p>\n<h2 id=\"types\"><span class=\"ez-toc-section\" id=\"Steps_in_the_asset_lifecycle_management_process\"><\/span>Steps in the asset lifecycle management process<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">By providing a framework and digital platform to support each part of the ALM process, businesses can set themselves up for successful asset management practices.\u00a0 A customizable <\/span><a href=\"https:\/\/limblecmms.com\/cmms\/cmms-software\/\"><span style=\"font-weight: 400;\">CMMS software<\/span><\/a><span style=\"font-weight: 400;\"> gives businesses a critical edge in all stages of asset lifecycle management. Let\u2019s take a look at how CMMS offers support at each stage.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. Planning<\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter \" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/asset-lifecycle-planning-1.jpg\" width=\"498\" height=\"162\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Managers must make the case for the acquisition of a new asset. Many situations call for an asset investment:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Replacing outdated equipment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improving efficiency\/productivity\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensuring safety and environmental compliance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Scaling-up production<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Planning requires a thorough review of the technical aspects and cost of acquisition, as well as other critical inputs from all stakeholders \u2013 operators, on-site managers, financial\/accounting, procurement, engineering, mid and high-level management, and more.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The asset is chosen after extensive research of options on the market, trialing and comparing them, and finally purchasing one that fits the business needs best.<\/span><\/p>\n<p><b>The CMMS impact\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">To make a clear case for new asset acquisitions, management must review existing equipment and capital assets. With a <\/span><a href=\"https:\/\/limblecmms.com\/cmms\/cmms-mobile-app\/\"><span style=\"font-weight: 400;\">mobile CMMS app<\/span><\/a><span style=\"font-weight: 400;\">, all the relevant asset data is available for quick and meaningful reporting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using custom KPIs, <a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/maintenance-reports\/\">maintenance reports<\/a><\/span><span style=\"font-weight: 400;\">\u00a0on asset performance can be shared with all major stakeholders across the organization, which streamlines the decision-making process.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">2. Acquisition &amp; deployment<\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter \" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/asset-lifecycle-acquistion.jpg\" width=\"500\" height=\"213\" \/><\/p>\n<p><span style=\"font-weight: 400;\">At this stage of the asset management process, the business will zero in on a specific product, based on the insights acquired during the planning stage \u2013 with the procurement department handling their part of the work.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Deployment involves essential tasks like asset delivery, on-site installation, and the training of operators (for equipment\/machines\/vehicles). This stage usually involves a high level of coordination between the business and the vendor of the product purchased.<\/span><\/p>\n<p><b>The CMMS impact<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The arrival of a new asset brings a whole set of essential tasks. Maintenance managers can use CMMS to allocate resources and schedule both the preparation work and the installation of the newly acquired asset.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While that is in process, they can enter the asset details into the CMMS database and <\/span><a href=\"https:\/\/limblecmms.com\/blog\/the-ridiculously-simple-preventive-maintenance-plan\/\"><span style=\"font-weight: 400;\">create the initial preventive maintenance plan<\/span><\/a><span style=\"font-weight: 400;\"> based on OEM recommendations and professional work experience. Depending on the type of asset and its importance, the organization might want to use maintenance software to <\/span><a href=\"https:\/\/limblecmms.com\/maintenance-definitions\/asset-tracking\/\"><span style=\"font-weight: 400;\">set up asset tracking<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">3. Operation &amp; maintenance<\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter \" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/asset-lifecycle-operation.jpg\" width=\"498\" height=\"189\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This will be the longest stage in the life cycle of most assets. The primary focus of asset maintenance will be to <\/span><a href=\"https:\/\/limblecmms.com\/blog\/useful-life-of-asset\/\"><span style=\"font-weight: 400;\">extend it for as long as possible<\/span><\/a><span style=\"font-weight: 400;\">, while keeping the operational cost increases to a minimum.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Operation schedules should be created with the utmost care, based on vendor instructions and safety thresholds. Regular monitoring of the assets during operation is essential to detect any performance issues or parts wear and tear.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Proper maintenance schedules will reduce the risk of unexpected failures, emergency repairs, and unwanted downtimes. It will also contribute massively to increased uptimes and prolonged operational life of the asset, optimizing its functionality.<\/span><\/p>\n<p><b>In this stage, businesses may also opt for modifications and upgrades to the asset.<\/b><span style=\"font-weight: 400;\"> This is usually done in response to changes in production, compliance requirements, and other workplace conditions. Some upgrades can also help increase the longevity of the asset.<\/span><\/p>\n<p><b>The CMMS impact<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Modern CMMS\/EAM software is crucial for keeping physical assets in good operating condition. They offer a variety of useful features that help maintenance teams organize all <\/span><a href=\"https:\/\/limblecmms.com\/blog\/repair-and-maintenance\/\"><span style=\"font-weight: 400;\">repair and maintenance work<\/span><\/a><span style=\"font-weight: 400;\"> and stay on top of <\/span><a href=\"https:\/\/limblecmms.com\/blog\/mro-maintenance-repair-and-operations\/\"><span style=\"font-weight: 400;\">MRO<\/span><\/a><span style=\"font-weight: 400;\"> inventory.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On top of that, a CMMS can link with cutting-edge IoT sensors connected to machines and equipment on the plant floor. These sensors can monitor asset status 24\/7, detecting the potential for <\/span><a href=\"https:\/\/limblecmms.com\/blog\/equipment-failure\/\"><span style=\"font-weight: 400;\">equipment failure<\/span><\/a><span style=\"font-weight: 400;\"> well in advance. This is the foundation for running advanced maintenance strategies, such as prescriptive and <\/span><a href=\"https:\/\/limblecmms.com\/strategies\/predictive-maintenance\/\"><span style=\"font-weight: 400;\">predictive maintenance<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In other words, CMMS helps you plan for and execute any proactive maintenance strategy you want to use for your new assets. As an added bonus, you can use the asset data CMMS stores and generates to infer valuable insights for calculating asset productivity and its revenue generation potential. These can be leveraged to make further improvements in asset utilization. <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">4. Decommission &amp; disposal<\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter \" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/asset-lifecycle-disposal.jpg\" width=\"500\" height=\"158\" \/><\/p>\n<p><span style=\"font-weight: 400;\">There comes a stage in the life of every asset where it is either obsolete, broken down, or just too inefficient to be profitable. At this point, the operational costs overrun the productivity gains from the asset \u2013 it is time to decommission the asset, dispose of it, and replace it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After removal from service, the next step will be determined by the type of asset, its overall condition, and demand (if any) in the second-hand market. The business may opt to either sell\/auction the asset, donate it, or just abandon it to a junkyard\/recycling facility.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With due diligence and effective lifecycle management in the previous stages, a business can recoup a significant portion of its sunken costs in the asset. If the equipment or facility is in decent condition, it might fetch a high price through auction\/resale.<\/span><\/p>\n<p><b>The CMMS impact<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Timely identification of the need for decommissioning and replacement of an asset is critical \u2013 it can reduce production inefficiencies and remove potential safety risks. By looking at maintenance history and reports, managers will have an easier time deciding <\/span><a href=\"https:\/\/www.maintworld.com\/Asset-Management\/Repair-versus-Replace\"><span style=\"font-weight: 400;\">if an asset should be repaired or replaced<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, the disposal stage is also the time to reap the rewards of <\/span><a href=\"https:\/\/limblecmms.com\/blog\/equipment-maintenance-log\/\"><span style=\"font-weight: 400;\">smart maintenance logs<\/span><\/a><span style=\"font-weight: 400;\"> and digital record keeping \u2013 these can significantly improve the resale value of an asset. <\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row_content&#8221; content_placement=&#8221;top&#8221; css_animation=&#8221;fadeInDown&#8221; kd_background_image_position=&#8221;vc_row-bg-position-bottom&#8221; css=&#8221;.vc_custom_1691073586371{margin-top: 50px !important;margin-bottom: 20px !important;padding-top: 50px !important;padding-bottom: 50px !important;background-color: #f1f6f8 !important;background-position: 0 0 !important;background-repeat: no-repeat !important;}&#8221;][vc_column css=&#8221;.vc_custom_1691073594574{padding-right: 70px !important;padding-left: 70px !important;}&#8221;]<div class=\"kd-calltoaction\" >\n                <div class=\"container\">\n                  <div class=\"cta-text-container kd-animated fadeIn\" data-animation-delay=\"200\"><div class=\"cta-text\"><h3 >Want to see Limble in action? Get started for free today!<\/h3><\/div>\n                    <\/div>\n                    <div class=\"cta-btncontainer\"><a href=\"\/get-started\/\"  title=\"\" class=\"tt_button tt_primary_button btn_primary_color  button-action-link icon_right kd-animated zoomIn\" data-animation-delay=\"200\">Start Free Trial<span class=\"fas fa-chevron-right iconita\" ><\/span><\/a><\/div>\n                <\/div>\n            <\/div>[\/vc_column][\/vc_row][vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221; el_class=&#8221;limble-page-blog-width&#8221;][vc_column][vc_column_text]<\/p>\n<h2 id=\"last\"><span class=\"ez-toc-section\" id=\"Maximizing_asset_value\"><\/span>Maximizing asset value<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Businesses face a challenging future, with increasing effects of climate change, economic recession, and wider systemic shocks from the global pandemic. Financial discipline will be more important than ever in the coming years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With less budgetary allocation for asset acquisition, firms will have to eke out more dollar value from existing asset inventories and try their best to prolong asset lifecycles. A modern, feature-packed, <\/span><a href=\"https:\/\/limblecmms.com\/cmms\/cmms-software\/\"><span style=\"font-weight: 400;\">CMMS software like Limble<\/span><\/a><span style=\"font-weight: 400;\"> will help you maximize asset value by guiding your actions at every stage of the asset lifecycle management process.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=&#8221;stretch_row&#8221; kd_background_image_position=&#8221;vc_row-bg-position-top&#8221; css=&#8221;.vc_custom_1541417547006{padding-top: 100px !important;}&#8221;][vc_column css=&#8221;.vc_custom_1515677064675{padding-right: 0px !important;padding-left: 0px !important;}&#8221;][vc_row_inner kd_background_image_position=&#8221;vc_row-bg-position-top&#8221;][vc_column_inner]<header class=\"kd-section-title vc_col-lg-6 vc_col-sm-8 text-center  subtitle-below-title kd-animated fadeIn   vc_custom_1679419307921\" data-animation-delay=200><h2 class=\"separator_off\" ><span class=\"ez-toc-section\" id=\"Related_Content\"><\/span>Related Content<span class=\"ez-toc-section-end\"><\/span><\/h2><h6 class=\"subtitle\" >Explore our blog for insightful articles, personal reflections and ideas that inspire action on the topics you care about.<\/h6><\/header>[\/vc_column_inner][\/vc_row_inner][vc_row_inner kd_background_image_position=&#8221;vc_row-bg-position-top&#8221; css=&#8221;.vc_custom_1541417551563{padding-bottom: 100px !important;}&#8221;][vc_column_inner width=&#8221;1\/3&#8243;]<div class=\"kd-photobox  \" ><a href=\"https:\/\/limblecmms.com\/blog\/asset-management-policy\/\"  title=\"Read More\"><div class=\"photobox-img\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"700\" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/The-Ins-And-Outs-Of-A-Maintenance-Work-Request.jpg\" class=\"attachment-full\" alt=\"Maintenance Work Order Template\" title=\"The-Ins-And-Outs-Of-A-Maintenance-Work-Request\" srcset=\"https:\/\/limblecmms.com\/wp-content\/uploads\/The-Ins-And-Outs-Of-A-Maintenance-Work-Request.jpg 700w, https:\/\/limblecmms.com\/wp-content\/uploads\/The-Ins-And-Outs-Of-A-Maintenance-Work-Request-300x300.jpg 300w, https:\/\/limblecmms.com\/wp-content\/uploads\/The-Ins-And-Outs-Of-A-Maintenance-Work-Request-150x150.jpg 150w, https:\/\/limblecmms.com\/wp-content\/uploads\/The-Ins-And-Outs-Of-A-Maintenance-Work-Request-320x320.jpg 320w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/div><div class=\"phb-content text-left \">\n                  <h5 >What is an Asset Management Policy<\/h5>\n                  <p ><\/p><\/div><\/a><\/div>[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]<div class=\"kd-photobox  \" ><a href=\"https:\/\/limblecmms.com\/blog\/physical-asset-management\/\"  title=\"Read More\"><div class=\"photobox-img\"><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"1500\" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes.webp\" class=\"attachment-full\" alt=\"6 Simple Fixes For Common Physical Asset Management Mistakes\" title=\"6 Simple Fixes For Common Physical Asset Management Mistakes\" srcset=\"https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes.webp 1500w, https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes-300x300.webp 300w, https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes-1024x1024.webp 1024w, https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes-150x150.webp 150w, https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes-768x768.webp 768w, https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes-238x238.webp 238w, https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes-292x292.webp 292w, https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes-60x60.webp 60w, https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes-405x405.webp 405w, https:\/\/limblecmms.com\/wp-content\/uploads\/6-Simple-Fixes-For-Common-Physical-Asset-Management-Mistakes-100x100.webp 100w\" sizes=\"auto, (max-width: 1500px) 100vw, 1500px\" \/><\/div><div class=\"phb-content text-left \">\n                  <h5 >6 Simple Fixes For Common Physical Asset Management Mistakes<\/h5>\n                  <p ><\/p><\/div><\/a><\/div>[\/vc_column_inner][vc_column_inner width=&#8221;1\/3&#8243;]<div class=\"kd-photobox  \" ><a href=\"https:\/\/limblecmms.com\/blog\/asset-inventory-management\/\"  title=\"Read More\"><div class=\"photobox-img\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"700\" src=\"https:\/\/limblecmms.com\/wp-content\/uploads\/IIoT-Technology-Applications-for-Maintenance-and-Asset-Management.jpg\" class=\"attachment-full\" alt=\"iiot maintenance\" title=\"IIoT Technology Applications for Maintenance and Asset Management\" srcset=\"https:\/\/limblecmms.com\/wp-content\/uploads\/IIoT-Technology-Applications-for-Maintenance-and-Asset-Management.jpg 700w, https:\/\/limblecmms.com\/wp-content\/uploads\/IIoT-Technology-Applications-for-Maintenance-and-Asset-Management-300x300.jpg 300w, https:\/\/limblecmms.com\/wp-content\/uploads\/IIoT-Technology-Applications-for-Maintenance-and-Asset-Management-150x150.jpg 150w, https:\/\/limblecmms.com\/wp-content\/uploads\/IIoT-Technology-Applications-for-Maintenance-and-Asset-Management-320x320.jpg 320w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/div><div class=\"phb-content text-left \">\n                  <h5 >Asset Inventory Management: Tools and Processes Explained<\/h5>\n                  <p ><\/p><\/div><\/a><\/div>[\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row kd_background_image_position=&#8221;vc_row-bg-position-top&#8221;][vc_column][vc_raw_html]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[\/vc_raw_html][\/vc_column][\/vc_row][vc_column][\/vc_column]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row full_width=&#8221;stretch_row&#8221; content_placement=&#8221;middle&#8221; kd_background_image_position=&#8221;vc_row-bg-position-top&#8221; css=&#8221;.vc_custom_1705961960494{padding-top: 60px !important;background: #152232 url(https:\/\/limblecmms.com\/wp-content\/uploads\/blog-header-hex-bg4.webp?id=9266) !important;background-position: [&hellip;]<\/p>\n","protected":false},"author":77,"featured_media":0,"parent":10098,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-14185","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Asset Lifecycle Management? | Limble CMMS<\/title>\n<meta name=\"description\" content=\"Everything you ever needed to know about asset lifecycle management and how it 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