Preparing For An Asset LifeCycle Is Like Monkey Business

When scientists talk about the life cycle of an animal, they are of course referring to a general set of processes that varies from species to species. Snakes don't develop fur as they mature, and rabbits don't shed their skins; nonetheless, the term "life cycle" is used to predict the growth, development, and needs of both snakes and rabbits as they grow. 

Planning for the life cycle of your assets can be a lot like studying the life cycle of different animals. Just as birds and lizards develop differently than horses and fish, locomotives and excavators will require maintenance differently from buildings and manufacturing machines. Taking the individual life cycle needs of your assets into account is a crucial part of asset-centric maintenance, you need an accurate asset base to start. In this article, we'll discuss a few of the factors that you need to take into account when analysing your assets' life cycles.

Location is a major factor that will affect the life cycle of each one of your assets. Machinery that operates outdoors near the sea, for example, will need to be maintained in a way that accounts for its exposure to salt air. Your assets' location will determine their levels of exposure to dust, humidity, extreme temperature swings, and other environmental factors which affect maintenance over their life cycles. As environmental factors differ between location, so will the life cycle needs of your assets.

Another factor affecting the life cycle needs of your assets is the amount of work each asset is expected to do. Many industries have busy seasons and slow seasons. Some assets, like locomotives and other heavy machinery, will require more frequent maintenance during the former than during the latter. Other assets, like buildings, will likely require the same amount of maintenance no matter how heavily or lightly they're being used. It should be noted that your use of each of your assets will vary with market conditions; re-assessing this factor frequently is essential to smart life cycle asset management planning.

Technological advancement is a third factor that will influence how you plan for the life cycle of your assets. In industries like mining and manufacturing, companies must adopt the latest technology in order to stay competitive in their markets. This frequently means that replacement or modification will be a large part of a machine's life cycle. Keeping an eye on the cutting edge in your industry's technology is essential to predicting when you will need to replace, upgrade, or otherwise modify your equipment. 

Sometimes, the job of asset management is similar to zookeeping. Planning on maintaining your assets over their life cycle is essential to keeping them up and running, and asset's life cycle comes with different phases and different needs. Keeping track of all these life cycles can be a daunting task; using an experienced asset audit team is vital to collecting and analysing the data involved with your assets' life cycles.

Reduxo is here to help you collect the data that works for your company; contact us to find out more.