Asset lifecycle management
Asset lifecycle management is the development and operation of a business’ physical assets to deliver optimum value from them throughout their lifecycle. If your organisation’s physical assets are poorly maintained, not operated efficiently, have a lot of downtime, or are no longer fit for purpose then the detrimental impact on your business can be far reaching.
By strategically maintaining your assets to an optimum level it is possible to maximise uptime and productivity. Asset lifecycle management helps you stay on top of your asset portfolio.
- How can asset management help?
- It’s about more than assets
- Why choose PwC for asset lifecycle management?
How can asset management help?
The specific needs of your business will dictate how our asset management services can help you. However, there are many common challenges we see across sectors and industries:
- Capital programme and project optimisation. Setting up a significant capital project involves many challenges. These include the people, process and technologies required to drive and control such a project, or optimising a capital portfolio on an existing asset base. Asset management can help you plan, analyse, structure and execute your large scale capital programmes.
- Recognising opportunities from new technologies. New cloud technologies can be used to improve predictive analytics, worker response and asset automation. We can design a digital blueprint for your Asset Management operating model, which supports the transformation required to leverage the power of ‘Internet of Things’.
- Challenging field and workforce practices. The efficiency and productivity of your workforce is vital to achieving wider business objectives. Changes can be made with new technologies in field worker activation, or to work processes and maintenance regimes. Asset management will help you understand the pain points and how to address them
- Old legacy assets. Many industries have a network of legacy assets that cannot be easily replaced, if at all. These tend to breakdown more frequently, leading to a lot of unplanned maintenance and downtime. Being able to better predict and respond to these issues in an efficient and effective way is vital.
- Improving and using available data. If you combine records that aren’t well maintained, legacy assets, and a low take-up on digital technology then you have a poor dataset on which to base decisions. Similarly, asset registers and maintenance records are often poorly maintained so it is hard to get an accurate picture of your portfolio - maintenance can then become reactive, resulting in increased downtime and higher costs. Improving processes and adopting technology that allows you to better monitor, record and analyse data on your assets will give you a clearer picture.
It’s about more than assets
Asset lifecycle management is focussed on your organisation’s physical assets, but it has a deeper impact. The monitoring, management, upkeep, and even retirement of assets inevitably touches all areas of the business.
The costs involved mean finance and business planning have to be considered. The adoption of new technology to improve monitoring, analysis and maintenance will involve working with your Technology function. Refining processes means an impact on how people work, which requires managing changes in behaviour, culture and expectations.
We’ll work closely with you to manage the impacts across your business, and develop a solution that drives real value.
Why choose PwC for asset lifecycle management?
With experience and expertise across all industries, and functions, we understand what your business needs, and how to create the right solution. We can provide analysis and advice from strategy through to execution.
Asset management requires a wider focus than just overhauling how you manage your asset base. A comprehensive understanding of your business priorities and goals is needed in order to establish the most appropriate action. We work in partnership with you to ensure your assets work hard throughout their lifetime.
Contact us
Partner, Enterprise asset management lead, PwC United Kingdom
Tel: +44 (0)20 7804 1932
