Asset Lifecycle Management, Forward Maintenance Registers, And Capex Budgeting
Effective management of physical assets requires a comprehensive understanding of their lifecycle, maintenance needs and financial implications.
Asset lifecycle management, forward maintenance registers (FMR) and capital expenditure (CAPEX) budgeting each have an important role to play.
Three Sixty Design Solutions’ RICS qualified team have the depth of experience, knowledge and commitment to best practice to deliver the greatest results using the latest technology for improved asset performance and financial stability.
Asset Lifecycle Management
Asset Lifecycle Management (ALM) involves overseeing an asset from acquisition through its operational life to its disposal. Our process maximises the asset’s value, performance and return on investment while minimising costs and risks.
We deliver a bespoke management service tailored to each asset’s exact requirements based on the phases of the asset lifecycle:
Acquisition
Based on organisational needs and financial constraints
Deployment
Installing and commissioning assets
Operation
Effective use and performance monitoring
Maintenance
Ensuring optimal performance and extending asset life
Upgrades
Improved decision making through detailed visualisations and analysis
Disposal
Decommissioning and disposal in a cost-effective and environmentally responsible manner
Our approach goes beyond simple asset control to realise long-term benefits in cost management throughout the lifecycle, including performance optimisation, risk mitigation and regulatory compliance without compromising safety or quality.
Forward Maintenance Register (FMR)
A Forward Maintenance Register (FMR) is at the heart of successful asset management for the proactive planning and management of fixed assets whatever the property, building or structure.
Incorporating replacement costs into the FMR ensures that organisations can anticipate and budget for the eventual replacement of these assets in a financially responsible, timely, smooth and efficient way.
Our proactive strategy for including such costs means that large, unexpected capital expenditure can be avoided, operational continuity can be assured through replacement before failure, costs and financial strain can be managed and the risk of operational failure is minimised.
Planning and implementation
We create detailed and bespoke plans based on a proven process:
1
Asset inventory compilation
2
Condition assessment
3
Cost estimation for replacement of each asset
4
Budget planning with integration of replacement costs
5
Maintenance scheduling including routine inspections and predictive maintenance
6
Resource allocation for planned replacement of assets
7
Documentation and monitoring
Data capture
Data and analytics are the heart of our strategy to allow informed and effective maintenance and replacement decisions, with key stakeholders engaged in the planning and budgeting process.
We not only use the latest asset management software for data-driven insights to streamline all maintenance scheduling, tracking, replacement strategies and cost estimation, we also take a proactive approach with regular reviews to update the FMR to reflect changes in asset conditions and replacement costs.