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Working With and Without Asset Lifecycle Management 

Author: Peter McMullan

Asset Lifecycle Management (ALM) plays a crucial role in maximizing the efficiency and longevity of your company’s assets. Whether it’s maintaining industrial equipment, IT infrastructure, or other high-value resources, having a structured approach ensures that assets are properly planned, maintained, and replaced at the right time. In this blog, we’ll explore the differences between a passive approach to asset management and the benefits of implementing a comprehensive Asset Lifecycle Management strategy. You’ll also learn how modern technologies like IoT and AI are revolutionizing maintenance practices, enabling businesses to predict potential failures before they happen. 

Adopting a Passive Approach 

Companies that operate without proper asset lifecycle management often rely on subpar and unregulated information tracking, leading to inaccurate data. Maintenance practices based on this faulty data either result in excessive or insufficient maintenance, wasting money or shortening the lifespan of the equipment. These companies also tend to rely heavily on unplanned maintenance, which acts as a temporary fix to compensate for poor planned maintenance practices. 

In addition to poor maintenance planning, unregulated data practices lead to “ghost assets”—assets that are recorded on the books but are not physically available. According to ResearchGate, 70% of organizations experience a 30% discrepancy between planned and actual inventory. (Source: Research Journal of Business and Management) 

The Basics of Asset Lifecycle Management

The key steps in asset lifecycle management are: 

  • Plan 
  • Procure & Install 
  • Use & Maintain 
  • Dispose & Replace 

Solutions like Enterprise Asset Management (EAM), Enterprise Resource Planning (ERP), Computerized Maintenance Management Systems (CMMS), and Field Service Management (FSM) are crucial during the “Use & Maintain” phase. Salesforce’s Field Service solution enables businesses to create maintenance plans that are either schedule- or criteria-based, automatically generating work orders for asset maintenance. 

Maintenance Plans and the Internet of Things (IoT)

The Internet of Things (IoT) is a network of physical objects embedded with sensors, software, and other technologies that connect and exchange data with other devices and systems. IoT can provide a continuous stream of data to Salesforce Field Service, particularly in industries like utilities, oil & gas, and telecom. With information about temperature, air quality, moisture, and more, maintenance plans can be set to automatically trigger work orders when certain criteria exceed acceptable thresholds. This ensures timely intervention without the need for human involvement, as the system responds in real time when data arrives in Salesforce. 

Predictive Maintenance 

Focused on looking ahead, predictive maintenance combines traditional maintenance plans with IoT data, enhanced by AI’s pattern recognition capabilities. By analyzing data, AI can identify anomalies and potential defects, recommending maintenance before failure occurs. 

Standard maintenance planning aims to avoid failure by checking on assets at regular intervals or when specific conditions arise. Predictive maintenance, however, leverages historical data to recognize patterns that precede failure, generating work orders to repair assets before they break down. Just as a proactive maintenance plan improves upon a reactive one, predictive maintenance takes it a step further by addressing issues based on expected, rather than current, data. 

Next Steps

Relying on outdated and reactive approaches to asset management can cost your business time and money. With an effective Asset Lifecycle Management strategy, supported by advanced tools like IoT and AI, you can optimize maintenance, reduce downtime, and extend the lifespan of your assets. Predictive maintenance, in particular, offers a proactive, data-driven solution that keeps your equipment running smoothly and efficiently. 

Ready to take control of your asset management strategy? Contact us today to speak with our experts about how our platform solution can help you streamline your operations and maximize the value of your assets. Let’s discuss how we can tailor a solution that meets your business needs.