Asset LifeCycle Management

Manage Your Assets From Cradle To Grave

Asset lifecycle management is the process of managing the lifecycle of an asset “from cradle to grave.” Lifecycle management is often performed in order to optimize asset usage. By monitoring assets for the entirety of ownership, one can identify inefficient processes in each stage of the lifecycle.

Key Benefits of eQuip for Equipment Tracking

Track your equipment from any device, anywhere with our cloud-based system
A mobile app that lets you scan and track your equipment on the move
No more spreadsheets! Use eQuip to locate specific pieces of equipment and their owners
Easily generate and pull equipment tracking reports as you need them
Customize your eQuip system to meet your unique equipment tracking needs
Lose the bulky scanners. Use our mobile app to scan your equipment with a built-in mobile barcode scanner

Record

The first stage of an asset’s lifecycle is when the asset is recorded. This involves verifying, recording and reporting receipt of physical assets such as equipment, supplies, and materials. Recording of assets can be done via data import, manual add, and edit, or by connecting the eQuip asset management software with ERP systems.

Use

The next stage is likely familiar to most organizations: asset use. This is generally the longest stage in the asset lifecycle, and often where organizations become lax on asset tracking. It’s important to note that even if an asset is in the Use stage, you should maintain reporting in order to get accurate asset records.

Included in this stage is transferring and reserving assets, assigning assets to people, transferring assets among different locations, combining different assets into kits, and building components into assembled products.

Maintain

The third stage in the asset lifecycle is maintenance. This stage involves supporting the repair, calibration, preventative maintenance of assets. During this stage, asset managers often need to set up work orders with parts and labor, and track these work orders using CMMS or EAM software.

Audit

Next we have the Audit stage. Asset audits require asset managers to verify the location and exact count of their assets, and provide proof that the assets are audited.

Some organizations may need to perform an audit to meet regulations or government requirements. Audits also help to ensure an organization’s asset reports are accurate.

Report

After the Audit stage, we have the Reporting stage. The Reporting stage involves generating reports about the lifecycle management of physical and IT assets to support decision making. Reports may give historical or current data about any aspect of asset management. Asset reports are often used to assist in acquisition and find current flaws in an asset management process.

Dispose

Finally, we have asset disposal. Once an asset is past its useful life, it is disposed. Disposing and retiring assets at the end of asset life ensures an organization can operate effectively with proper working equipment and sufficient materials. Asset disposal can take many forms, such as donation, recycling, and more.

The “cycle” in “lifecycle”

Asset lifecycle management is a continuous process. Most organizations will find that they manage assets in every stage of the lifecycle simultaneously. As some assets are retired or disposed of, other assets are being acquired and recorded.

Because asset lifecycle management is continuous, it can quickly become complex. That’s why it’s important for an organization to use a lifecycle management solution when managing many assets. A robust asset management solution allows organizations to easily track thousands of assets in each stage of the lifecycle.