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Asset Lifecycle

From the AssetPad glossary.
The stages an asset goes through from acquisition to disposal, including procurement, deployment, maintenance, and decommissioning.

Most assets within your company will follow a similar lifesyscle. From identifying the initial requirement through to the purchase, upkeep and finally the decomissioning and/or replacement.

Ideally there should be a plan in place to maintain equipment at a reasonable standard, however most businesses plan an expected end-of-life for most of the equipment that they buy.

Main Asset Lifecycle Stages

  1. Procurement: The process of acquiring assets, which may involve identifying needs, selecting suppliers, negotiating contracts, and purchasing the equipment.

  2. Deployment: The stage where assets are distributed and installed for use within the company.

  3. Maintenance: Ongoing upkeep and repair of assets to ensure optimal performance, including regular inspections, preventive maintenance, and addressing any issues that arise.

  4. Decommissioning: The final stage in the asset lifecycle, where an asset is retired, disposed of, or replaced due to age, obsolescence, or inefficiency.