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How can you extend the life of your FM assets with asset lifecycle management?

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Asset lifecycle management (ALM) is a strategic approach to managing your facility's physical assets, from planning and acquisition to operation and disposal. By applying ALM principles and practices, you can optimize the performance, value, and lifespan of your FM assets, while reducing risks, costs, and environmental impacts. In this article, we will explore how you can extend the life of your FM assets with ALM, and what benefits you can expect from doing so.

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Srivishnu Supramaniam

Senior Manufacturing Manager

1 Assess your asset portfolio

The first step to extending the life of your FM assets is to assess your current asset portfolio and identify the criticality, condition, and functionality of each asset. This will help you prioritize your maintenance and investment decisions, and align them with your organizational goals and stakeholder needs. You can use various tools and methods to conduct an asset assessment, such as asset registers, condition surveys, performance indicators, and lifecycle costing.

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Srivishnu Supramaniam

Senior Manufacturing Manager
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I am of the opinion that in asset life cycle management, three key maintenance types are crucial for extending asset life: preventive, predictive, and proactive maintenance. Preventive maintenance involves scheduled inspections to prevent breakdowns, while predictive maintenance uses data to forecast maintenance needs. Proactive maintenance addresses potential issues before they escalate. Integrating these approaches optimizes asset performance and longevity, ensuring assets remain reliable and valuable throughout their life cycles.

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2 Implement preventive maintenance

Preventive maintenance is a proactive way to keep your FM assets in good working order and prevent breakdowns, failures, and safety hazards. By following a regular schedule of inspections, repairs, and replacements, you can extend the useful life of your assets, improve their reliability and efficiency, and avoid costly emergencies and disruptions. You can use software and systems to plan, track, and document your preventive maintenance activities, and integrate them with your asset management software.

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3 Optimize asset utilization

Optimizing asset utilization means making the best use of your FM assets, and avoiding underutilization or overutilization. By monitoring and analyzing your asset performance and demand, you can adjust your asset allocation and configuration to meet your changing needs and expectations. You can also implement strategies to improve your asset utilization, such as sharing, leasing, or disposing of surplus or obsolete assets, or upgrading or retrofitting existing assets to enhance their functionality and value.

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Joshua Agbemavah

Hvac and Refrigeration Cadet at Carnival Cruise Line ??
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Optimizing asset utilization means making the best use of your FM assets, and avoiding underutilization or overutilization. By monitoring and analyzing your asset performance and demand, you can adjust your asset allocation and configuration to meet your changing needs and expectations. You can also implement strategies to improve your asset utilization, such as sharing, leasing, or disposing of surplus or obsolete assets, or upgrading or retrofitting existing assets to enhance their functionality and va

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4 Adopt sustainable practices

Sustainable practices are not only good for the environment, but also for the longevity of your FM assets. By adopting sustainable practices, you can reduce your energy consumption, carbon footprint, and waste generation, and increase your resource efficiency and resilience. You can also extend the life of your assets by using renewable or recycled materials, applying green design and construction standards, and implementing energy management and conservation measures.

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5 Plan for asset renewal

Asset renewal is the process of replacing or refurbishing your FM assets that have reached the end of their useful life or are no longer fit for purpose. By planning for asset renewal, you can ensure that your asset portfolio remains up to date, compliant, and competitive, and that you have the necessary funds and resources to execute your renewal projects. You can use tools and techniques such as lifecycle analysis, risk assessment, and budget forecasting to plan for asset renewal, and consider factors such as asset performance, market trends, and stakeholder requirements.

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6 Learn from asset feedback

Asset feedback is the information and data that you collect and analyze from your FM assets, such as performance metrics, maintenance records, user feedback, and incident reports. By learning from asset feedback, you can identify the strengths and weaknesses of your assets, and the opportunities and challenges for improvement. You can also use asset feedback to evaluate the effectiveness of your ALM strategy, and make adjustments and improvements as needed.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you extend the life of your FM assets with asset lifecycle management?

1

2

3

4

5

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1 Assess your asset portfolio

2 Implement preventive maintenance

3 Optimize asset utilization

4 Adopt sustainable practices

5 Plan for asset renewal

6 Learn from asset feedback

7 Here’s what else to consider

Facility Management (FM)

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How can you extend the life of your FM assets with asset lifecycle management?

1

2

3

4

5

6

7

1 Assess your asset portfolio

2 Implement preventive maintenance

3 Optimize asset utilization

4 Adopt sustainable practices

5 Plan for asset renewal

6 Learn from asset feedback

7 Here’s what else to consider

Facility Management (FM)

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