The 4 Key Stages of the Asset Lifecycle
If you want to optimize asset performance and ensure efficient operations, you absolutely need to understand the asset lifecycle. Every asset – from the boiler in the basement to the shingles on the roof – has an optimum operating period of peak performance. After a certain period of use, wear and tear takes its toll as the asset ages. Eventually, every asset must be replaced. Knowing where each asset is in its lifecycle helps you avoid unplanned downtime and stay ahead of replacements. Making smart decisions at every stage of the asset lifecycle helps you improve asset efficiency and saves your organization money over the long run. So, without further ado, here are the four key stages of the asset lifecycle and how you can use them to your advantage.