For any organisation that prioritises taking care of its assets well – which should be every organisation – the implementation of proven and effective best practices for asset management will always be crucial.
Today, we will take a closer look at some of the most important things to know about asset lifecycle management, best practices, and how your organisation can enhance its processes.
What is asset lifecycle management, and why does it matter?
Asset lifecycle management, or ALM, is the process by which organisations systematically manage their revenue-generating assets, and keep them running, throughout their entire lifespan. Various strategies are typically used by organisations to help improve the efficiency of assets and extend their longevity.
While ALM is rightly important for every type of organisation, its importance in the public sector – especially for compliance-driven organisations such as the NHS, universities, academies, and property portfolios – is worth highlighting.
Public-sector entities, after all, are under constant pressure to deliver the best possible value for the taxpayer. When effective ALM measures are followed, public-sector organisations are in a stronger position to ensure regulatory adherence, minimise risk, and enhance day-to-day operational efficiency.
We have previously written about how the five stages of asset lifecycle management – from planning and procurement/acquisition, right through to deployment, operation/maintenance, and disposal – are of fundamental importance in meeting these goals.
Optimise asset tracking and maintenance
A key concept to be aware of in ALM, is asset tracking. This refers to the process of monitoring and managing assets for the entirety of their lifecycle.
Through the use of such asset tracking technologies as GPS, RFID tags, or barcode scanners, organisations can track the movement of their assets, how they are being used, and their maintenance in real time. This supports the fulfilment of compliance and operational efficiency.
A proactive maintenance approach will be key to your organisation’s efforts to get more out of its assets for longer. This should mean implementing such widely accepted asset lifecycle management best practices as:
- Planned preventative maintenance (PPM): the development of a planned maintenance schedule, based on manufacturer recommendations and asset usage patterns, can greatly help to prevent unexpected breakdowns and boost the lifespan of equipment.
- Condition monitoring: through the ongoing monitoring of key performance indicators (KPIs) across assets – encompassing such parameters as vibration levels, power consumption, and temperature – organisations can detect performance issues or potential failures at the earliest possible stage.
Understand the key challenges in meeting asset management requirements
The effective management of asset lifecycles can often be difficult to achieve within the highly regulated environments that are common in the 2020s.
Here are just some of the challenges that can arise:
- Keeping asset records up to date: the information that your organisation gathers about its assets – in relation in such aspects as their location, condition, and maintenance history – needs to be kept accurate and current. This is essential for ensuring accurate compliance reporting.
- Remaining abreast of complex, varying, and constantly changing regulations: various industry-specific rules and regulations apply in different parts of the world, with these also often differing across different asset types. It can be challenging to keep on top of the latest changes, and to adapt asset management practices accordingly.
- Disposing of assets in a compliant manner: when certain assets of your organisation become outdated or obsolete, you will need to pursue a disposal process that adheres to the relevant environmental and data privacy regulations.
Failures to maintain compliance in how your organisation manages its assets can bring a range of adverse consequences. These could include heightened safety risks to those who work at or visit your premises, as well as regulatory penalties and reputational damage for your organisation’s brand.
Use cloud-based data centralisation systems for better collaboration
It has become increasingly clear over the years, just how important it is to have the various systems, data, and records for asset management maintained in a centralised location that is easily accessible to multiple parties.
If your organisation continues to depend on disjointed systems or paper-based records for the management of its assets, a variety of issues and risks can arise from this. The information contained in such records can easily become outdated over time, while the lack of universal accessibility can limit the scope for collaboration and communication.
Fortunately, in recent years, cloud-based solutions have emerged that can greatly streamline compliance management. A platform such as Vision Pro Software can centralise asset audits and tracking, and allow for seamless real-time collaboration among all individuals and entities that need to access and use such records.
When it comes to public-sector organisations, such parties as estates teams, compliance officers, and auditors frequently need to work together to ensure assets are managed well. This, in turn, helps bolster asset efficiency and lifespan to the benefit of the organisation as a whole.
Make use of software for enhanced asset lifecycle management
As we have referenced, technology can play a fundamental role in managing assets across the entire lifecycle of each of an organisation’s assets.
Here are a few of the ways in which Vision Pro Software simplifies the Asset Lifecycle Management process:
- Vision Pro Software allows for cloud-based, centralised asset tracking. Whenever an authorised party needs to do so, it can access the system and discover the latest information for certain assets – they simply need to be somewhere with an Internet connection.
- Vision Pro Software enables secure, collaborative workflows. Across such stages of the asset lifecycle management process as the acquisition of the given asset, its subsequent deployment, and its operation and maintenance, there is routinely a need for multiple stakeholders to work closely together. Sure enough, Vision Pro Software is designed to ensure easy collaboration, while barring unauthorised parties from accessing the asset information.
- Vision Pro Software makes automated reporting a reality. Where assets form part of your critical compliance e.g fire, asbestos, water, gas, electricity, lifts etc etc then you really need to know when the asset is out of service, compliance, licence so you can take the appropriate action.
- Vision Pro Software makes warranty tracking on assets by enabling the scheduling of warranty services and maintenance and to therefore avoid wasted repair costs.
- Vision Pro Software enables the linking of training and user manuals to assets.
- Vision Pro Software also enables better management of term asset value depreciation.
- Vision Pro Software is highly affordable and easy to scale up or down. This flexibility and versatility in an asset management solution is likely to be especially useful for large estates.
What are the long-term benefits of implementing best practices in asset lifecycle management?
Implementation of proven asset lifecycle management best practices, such as those outlined above, can bring a variety of benefits to organisations in the long run. These include:
- Improved compliance, and a lower risk of being hit by penalties arising from breaches of the regulations.
- Increased asset longevity due to proactive management and preventative maintenance.
- The better allocation of resources and improved cost efficiency.
- Enhanced transparency and greater confidence in audits.
- The scope for strategic decision-making brought by the easy availability of accurate, up-to-the-minute data.
How can you get started with Vision Pro Software for improved asset management?
As a decision-maker for an organisation that is seeking to improve its approach to asset lifecycle management, you might be considering embracing the use of the Vision Pro Software platform.
If this is the case for you, we would advise you to take the following steps to get started:
- Assess your organisation’s present Asset Lifecycle Management strategy. This should involve identifying any gaps that may presently exist in your organisation’s compliance tracking, audit readiness, and asset monitoring arrangements.
- Define the key objectives. Many organisations turn to Vision Pro Software out of a wish to improve their audit readiness, enhance collaboration, and/or streamline the monitoring of their assets, to cite just a few commonly mentioned priorities.
- Explore the benefits of Vision Pro Software. Our software allows for cloud-based, centralised, and automated compliance. This helps to relieve much of an organisation’s burden when it comes to asset lifecycle management.
- Book a demo and engage key stakeholders for a smooth transition. You’re welcome to reach out to us today to request your demo of Vision Pro Software. By also maintaining constant and open communication with your organisation’s own estates, facilities, IT, and compliance teams, you can help maximise the likelihood of successful adoption.
What are the next steps for building a future-proof asset management strategy?
In any organisation, your assets should work for you instead of becoming a burden. By implementing effective asset management and routine maintenance, you can ensure they remain valuable assets for both you and your organization. Success hinges on smart lifecycle management, which involves utilizing the right tools and strategies to maximize value, minimize downtime, and stay prepared for unforeseen challenges.
The Vision Pro Software platform allows you to track, optimize, and extend the lifespan of your assets. Instead of constantly responding to issues, you can proactively manage them. With real-time monitoring, seamless upgrades, and valuable insights, you’ll have the tools necessary to make informed decisions, reduce costs, and enhance performance.
And the best part? When asset management is done right, compliance takes care of itself. No scrambling to keep up with changing regulations—just a well-run operation that’s efficient, adaptable, and built to last.
If you have any further questions about the Vision Pro Software package and its applicability to your organisation’s asset lifecycle management needs, please don’t hesitate to email us or to give us a call today.
