Asset Lifecycle Management – When To Repair, Replace Or Retire Assets

Assets are a critical part of every business and managing them efficiently is necessary for the bottom line. Life-cycle management of assets is important to know what stage the assets are at. Assets have multiple stages in their life-cycle that can include “on order” which means the asset will be shortly available for use, “In Stock” where the asset is available, asset under repair, asset that is being replaced and a retired or disposed asset which is no longer in use.

Making the right decisions at each of the stage is what asset lifestyle management involves. At different intervals, every piece of equipment or asset requires maintenance. Maintenance schedules are what provide a better picture of the actual costs involved in maintaining the asset and making other decisions including repair, replacement or retiring.

Making the right decisions

Failure to replace assets that are well past their due date for replacement can lead to serious consequences including higher than normal energy expenditure, high cost of maintenance or repair and compromised safety. At the same time replacements carried out unnecessarily lead to waste of money that could have been better utilized. Decision making can be challenging because of such critical issues and intelligent asset tracking and management is critical to arrive at logical decisions.

Managing the lifecycle of assets also involves calculating the lifetime cost of an asset versus the cost of regular repairs. If the cost of repairs is higher than replacing an asset, it makes sense that the latter is the best option in the interest of financial health. If annual maintenance cost of an equipment or an asset is high, it may be necessary to factor in if replacement is cheaper than regular maintenance.

These decisions are easier to make when every detail with respect to each asset including date of manufacture, expiry date if any, maintenance schedules and costs, performance, number of times it was repaired and so on are captured.

Asset management with GoCodes

GoCodes offers an easy way of asset lifecycle management that involves the use of QR codes and cloud software. With customizable QR codes that store unlimited data and easy to download QR scanning app, managing assets throughout their lifecycle is convenient. Every detail of the assets can be entered and retrieved by scanning the QR code with the smartphone. The unlimited cloud storage lets you store loads of information that can be retrieved as needed on the smartphone.

Asset tracking is convenient with GoCodes QR codes and tracking exactly what the asset needs in terms of maintenance, how long the procedure takes, cost and repairs.

Annual maintenance schedules including tune-ups required or replacement due can be made with effective asset tracking. Asset tracking also prevents expensive repairs due to unanticipated breakdowns.

GoCodes provides the necessary tools to see the history of maintenance including the date and the nature of maintenance. Regular maintenance lets you know what requires replacement or repair. With every detail available on the smartphone, lifecycle management of assets is no longer challenging!