An asset-intensive enterprise requires controlling and managing assets throughout the asset lifecycle: procurement, deployment, maintenance, update, retirement, and analysis.
In This Article:
- System capabilities
- 5 stages of the Asset Management business process
The new system provides complete access to an entire asset portfolio, regardless of asset class, and creates visibility into total cost of ownership by enabling cost tracking associated with acquisition as well as lifetime maintenance and performance of assets.
Assets cover a broad spectrum of categories including heavy equipment, technology assets, facilities and real estate, and transportation fleets and vehicles.
In the new system, the common Asset Repository Manager (ARM) stores all asset data. The repository provides a single source of truth for physical, financial or operational asset data.
The business process spans from the initial planning and budgeting stage to the end-of-life disposal of assets. Whether the asset lifecycle spans three or thirty years of operational life, the operational components remain the same.
There are five phases in the business process:
- The Plan Phase - Includes the prioritization of asset needs and utilization in alignment with CCSF objectives. The new system enables the user to collect asset requirements and performance information, forecast asset requirements, assess these requirements to assets currently available and establish an asset plan and budget in line with the user strategic direction.
- The Acquire Phase - Enables different acquisition processes depending upon asset needs defined in the planning process. Buildings, equipment and other resources may be purchased, leased, constructed, or repurposed.
- The Deploy Phase - Focuses on minimizing ramp-up time for getting assets into operation. This may include construction for real estate; setup, configuration and testing for IT assets; or retooling, insurance and certification for major equipment. Additionally, the system enables assets to be assigned to users prior to deployment.
- The Maintain Phase - Includes capturing and tracking maintenance activity, costs, time and expenses, as well as forecasting maintenance requirements. The system allows the user to set maintenance budgets, negotiate service level agreements, and plan preventive maintenance schedules.
- The Retire Phase - Allows expeditious disposal or sale of assets no longer meeting performance targets set in the planning phase for specific asset types.