Asset LifecycleFrom the AssetPad glossary.
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
Procurement: The process of acquiring assets, which may involve identifying needs, selecting suppliers, negotiating contracts, and purchasing the equipment.
Deployment: The stage where assets are distributed and installed for use within the company.
Maintenance: Ongoing upkeep and repair of assets to ensure optimal performance, including regular inspections, preventive maintenance, and addressing any issues that arise.
Decommissioning: The final stage in the asset lifecycle, where an asset is retired, disposed of, or replaced due to age, obsolescence, or inefficiency.