Asset lifecycle management is a strategic approach used to determine each stage of an asset's life cycle to maximize operational efficiency and generate a greater overall return on investment
. It is a technique of asset management where facility managers maximize the purchasing, using, maintaining, and disposing of assets
. The asset lifecycle can be broken down into four stages: planning, procurement/acquisition, operation and maintenance, and disposal/archive
. The main aim of asset lifecycle management is to reduce costs and increase productivity
. By keeping constant tabs on the asset throughout its lifecycle, a business can gain a lot of data and insights, including the physical condition of the asset, the contribution of the asset to overall productivity and revenue generation, its reliability, and ongoing maintenance costs
. Utilizing asset lifecycle management software best practices can help stakeholders access relevant and accurate information, including purchase, condition, location, value, and maintenance data
