What is the best way to develop a sustainable lifecycle plan for your facility's assets?

1 Define your objectives and scope

The first step is to define your objectives and scope for your lifecycle plan. What are the goals and outcomes you want to achieve with your assets? How do they align with your facility's mission, vision, and values? What are the boundaries and limitations of your plan, such as budget, time, and resources? By clarifying your objectives and scope, you can establish a clear direction and focus for your plan, as well as measure your progress and success.

2 Inventory and categorize your assets

The next step is to inventory and categorize your assets. You need to have a comprehensive and accurate list of all the assets in your facility, such as buildings, equipment, systems, and components. You also need to categorize them according to their function, location, ownership, and criticality. By inventorying and categorizing your assets, you can gain a better understanding of their quantity, quality, and diversity, as well as prioritize them based on their importance and risk.

3 Assess your asset condition and performance

The third step is to assess your asset condition and performance. You need to evaluate how well your assets are functioning, how much they are deteriorating, and how much they are costing you. You can use various methods and tools to collect and analyze data on your assets, such as inspections, audits, tests, surveys, and software. By assessing your asset condition and performance, you can identify the gaps and issues that affect your asset reliability, efficiency, and safety.

4 Develop your asset lifecycle strategy

The fourth step is to develop your asset lifecycle strategy. You need to determine the best actions and interventions to optimize your asset lifecycle, such as maintenance, repair, refurbishment, upgrade, or replacement. You also need to consider the environmental, social, and economic impacts of your actions, as well as the trade-offs and alternatives. By developing your asset lifecycle strategy, you can plan how to extend your asset lifespan, improve your asset quality, and reduce your asset costs.

5 Implement and monitor your plan

The fifth step is to implement and monitor your plan. You need to execute your asset lifecycle strategy, according to your objectives, scope, and budget. You also need to monitor your plan performance, using key performance indicators (KPIs), feedback mechanisms, and reporting systems. By implementing and monitoring your plan, you can ensure that your actions are effective, efficient, and sustainable, as well as adjust and improve your plan as needed.

6 Review and update your plan

The sixth step is to review and update your plan. You need to evaluate your plan results, using qualitative and quantitative methods, such as surveys, interviews, audits, and metrics. You also need to update your plan, based on the lessons learned, best practices, and changing conditions. By reviewing and updating your plan, you can ensure that your plan is relevant, current, and aligned with your objectives and scope.