Exploring a Lifecycle Approach to Asset Management
Asset management is a priority for any leader in the lighting or utility industry. But an outdated approach could be a liability.
Visual inspections only assess what’s happening at the surface of a pole or structure. Leaving subsurface issues unassessed and undetected could mean outages, safety hazards, and strained relations between clients, vendors, and customers.
To be truly proactive when it comes to asset protection, a lifecycle approach to asset management is a good investment. Rather than waiting until a problem has been uncovered, or until an upgrade is necessary, a lifecycle approach guards your assets from damage and malfunction every step of the way.
How to Enact a Lifecycle Approach to Asset Management
Asset Lifecycle Phases to Consider
The phases of an asset’s lifecycle all require unique due diligence and protective measures. These phases include:
- Engineering: The engineering behind structures themselves. Flaws in engineering interfere with functionality immediately, no matter how newly manufactured structures are.
- Procurement: Structure procurement should be seamless and planned in a way that optimizes installation, maintenance, and upgrades.
- Construction: How poles, features, and fixtures are combined and constructed impacts their performance and your results.
- Maintenance: Regular maintenance, including thorough, nondestructive inspection and testing, is crucial for an in-depth assessment of functionality that does not damage your structures.
Assets are dynamic, so you need a dynamic approach to keeping it up and running for longer. Working with one partner to manage assets across their entire lifecycle decreases the likelihood of unexpected repairs, safety issues, or costly service interruption.
Greater Protection for Longer-Lasting Structures
Put simply, a lifecycle approach is key to extending the life of your assets and protecting your investment. This approach makes it easier to mitigate the multiple factors involved in asset deterioration:
- Time in field
- Aging/wear and tear
- Weather damage from consistent exposure to wind and moisture
- Improper installation
- Manufacturing defects
Asset Management: What to Look for in a Partnership
Even the most experienced engineer or technician can’t execute a full lifecycle asset management plan on their own. Your partnership should include experienced experts who can use best practices in manufacturing, procurement, installation, and inspection, so no stone is left unturned and no issue unaddressed.
Exo’s proprietary ExTend approach to asset management is trusted by industry leaders to protect and enhance their asset performance. We help partners determine whether to replace or repair assets. We conduct regular, thorough inspections that preserve the integrity of your assets and identify needs.
Further, our quality assurance approach is truly comprehensive. We utilize audits for detailed process checks. We offer vendor surveillance to maintain the highest possible standards. And we schedule in-plant inspections to confirm every component of each structure starts its life at its strongest.
With our best practices behind you, your team can rest assured. No matter where you are in the process of building, maintaining, replacing, or upgrading assets, we’ll help you be certain they’re performing at their best.
Have questions about vulnerabilities in your lighting and utility assets, poles, and fixtures? Call Exo to schedule your consultation and learn what our experts can do for your asset management program.