Episode 19: Introduction to Asset Lifecycle Management

From Arc 7: Making Asset Lifecycle Management (ALM) Easier For You

August 27, 2024 | 14 minutes

In this episode, Peter and Stephen lay the groundwork for the arc by discussing the potential pitfalls a company may face without proper asset lifecycle management. They then outline the essential steps involved in effective asset lifecycle management, explaining the importance of each step in the process, and finally, they highlight the benefits of well-applied asset lifecycle management.

Key takeaways

• The four steps in ALM are
  • Planning (before purchasing assets)
  • Procuring and installing properly
  • Using and maintaining through a predetermined schedule
  • Disposing and replacing appropriately, before repeating the cycle
• Without ALM, companies face challenges such as unplanned downtimes, ghost assets, and messy data, leading to regulation issues, inaccurate data, and lack of performance and compliance measures
• Setting up your system correctly allows automated ALM to provide significant benefits and minimize resource utilization

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Highlights & Timestamps

00:00 | Introduction
00:56 | Passive approach to asset lifecycle management
02:56 | Ghost assets
03:54 | The stages of ALM
08:50 | Benefit 1: Extend the lifespan of your investments
10:11 | Benefit 2: Reduction in downtime and maintenance costs
11:08 | Benefit 3: Increased operational efficiency of your assets
12:32 | Conclusion

Speakers

Hosts

Stephen Sugumar, Account Executive at Diabsolut
Stephen has delved into many roles over the years, from development, professional services, solutions consulting, into his current role as account executive today. Leveraging his technical expertise and solutioning adaptability to find a path forward within all his engagements while guiding his team in similar fashion. He is an expert in processes and best practices—leveraging insight from industries such as Energy & Utilities, Healthcare, Home Services, Telecom, Manufacturing, and High Tech—to support Diabsolut’s customers in their evaluation and selection of Service solutions.

Peter McMullan, Solutions Consultant at Diabsolut
As a seasoned member of the Pre-Sales team, Peter brings an expertise in service management, focusing on field service and improving operations within service organizations. His background in engineering gives him a fresh, solution-driven perspective that he leverages to analyze problems. Peter proves himself to be a trusted advisor to Diabsolut and customers through his understanding of business analysis, process improvement, development, and configuration in designing and demonstrating tailored solutions.

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