How do you handle asset lifecycle management and disposal in your CMMS?

1 Asset lifecycle stages

The asset lifecycle consists of four main stages: planning, acquisition, operation, and disposal. Each stage involves different activities, costs, and risks that affect the performance and value of your assets. Your CMMS can help you plan and budget for your asset needs, record and store asset information, schedule and perform preventive and corrective maintenance, measure and improve asset reliability and availability, and identify and dispose of obsolete or surplus assets.

2 Asset disposal methods

When your assets reach the end of their useful life or become redundant, you need to dispose of them in a safe, compliant, and cost-effective way. There are several methods of asset disposal, such as selling, donating, recycling, or scrapping. Your CMMS can help you choose the best method for each asset based on factors such as asset condition, market value, environmental impact, legal requirements, and tax implications.

3 Asset disposal process

The asset disposal process involves several steps, such as updating the asset register, removing the asset from service, preparing the asset for disposal, transferring the ownership or custody of the asset, and recording the disposal transaction. Your CMMS can help you automate and streamline this process by providing workflows, checklists, documents, and reports that guide you through each step and ensure accuracy and accountability.

4 Asset disposal benefits

Asset disposal can bring many benefits to your organization, such as reducing maintenance costs, freeing up space, generating revenue, enhancing sustainability, and complying with regulations. Your CMMS can help you measure and maximize these benefits by providing data and analytics that show you the impact of your disposal decisions on your asset performance, financial results, environmental footprint, and legal obligations.

5 Asset disposal challenges

Asset disposal can also pose some challenges to your organization, such as identifying the optimal time and method for disposal, ensuring data security and privacy, managing disposal costs and risks, and aligning disposal policies and procedures with your strategic goals. Your CMMS can help you overcome these challenges by providing tools and features that help you optimize your disposal timing and method, erase or encrypt data, track and control costs and risks, and align your disposal practices with your asset management plan.

6 Asset disposal best practices

To handle asset lifecycle management and disposal in your CMMS effectively and efficiently, you should follow some best practices, such as creating and updating an asset inventory, conducting regular asset audits and reviews, setting and applying disposal criteria and thresholds, documenting and communicating disposal activities and outcomes, and reviewing and improving your disposal performance. Your CMMS can help you implement these best practices by providing functionality and flexibility that support your asset management objectives and standards.

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?