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The use of reactive maintenance is a silent budget killer that tends to drain funds by making emergency repairs and unplanned downtime and conceals the real cost of owner assets. Most companies are only interested in the cost of an initial purchase, not understanding that the true cost penalty occurs in the dark corners of their daily operations.
The answer to this is that the industry giants are moving towards the Total Cost of Ownership (TCO), which is a holistic approach wherein value and performance are maximized throughout the entire lifecycle of acquisition to the ultimate disposal. This method makes the management of assets a mere maintenance activity into a very important aspect of the fiscal budget and the efficiency of operations.
Cryotos CMMS is the solution to this gap, offering the centralized data and automation required to bring your team together to control the chaos and to streamline the process. Our platform will enable you to make the most out of ROI by digitalizing all the steps of the lifecycle, not to mention that this process will significantly contribute to your bottom line.
The Asset Lifecycle Management (ALM) represents the strategic approach to optimization of the physical behavior and economic values of an asset in the period of its whole life. The roadmap determines how an asset will be acquired and broken down to its disposal and achieve maximum value at the minimum cost.
It is a Financial Strategy ALM that is commonly confused with simply maintaining but is an essential part of financial planning and risk management. Proper ALM offers the information that is required to estimate the future costs, regulatory compliance, and prevent or help prevent safety risks when they are not liabilities.
The Obstacles: Lack of a sound ALM strategy, organizations have three significant issues:
To master ALM, you must view your assets through a four-stage process. This isn't about the software you use, but the methodology you follow.
This is the foundation. Smart organizations do not buy at sticker prices, but they utilize past data to make purchases. This phase entails thorough needs analysis, selection of vendors based on long-term dependability, and making a budget on the life cycle of the asset and not on the initial cost.
After the deployment of the asset, attention is directed to monitoring. Is the resource actually used? Do you measure downtime properly? This step is to make sure that the equipment is useful towards achieving production targets instead of being idle or performing poorly.
It is the move towards correcting when something is wrong instead of anticipating and foreseeing. By keeping the assets in good health, you avoid small problems resulting in big failures, and the assets have a long life.
All assets eventually end at the end of the road. But when? ALM makes use of data to determine the point at which the cost of further repair is greater than the replacement cost. It is possible to have data-guided decommissioning and disposal to recover the remaining salvage value in a responsible manner.
Even with good intentions, many organizations fall into these traps:
Ready to take control? Follow these steps to build a robust ALM framework:
Managing this lifecycle manually via spreadsheets is nearly impossible. Cryotos CMMS automates the heavy lifting, acting as the central nervous system for your assets.
Effective Asset Lifecycle Management is the key to profitability and operational stability. It moves you from a chaotic environment of constant emergencies to a calm, predictable, and profitable operation.
Don't let manual processes and outdated spreadsheets limit your assets. Experience the difference between a dedicated Asset Lifecycle Management platform that grows with you.
Ready to optimize your assets?
Ready to stop paying for downtime? Explore how Cryotos can optimize your asset lifecycle to automate your maintenance and protect your investments.
