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Asset Lifecycle Analysis

Make your assets last longer

Do you find it hard to take a risk-based approach to asset lifecycle analysis? 

Determining the remaining life of an asset is technically challenging - it's hard to know what's appropriate considering the range of analytical options and costs. ISO 55000 has provided us with good definitions of what is meant by 'asset life' or 'asset lifecycle'. 

An asset could consist of an entire building, or simply be a component within that building. Determining the right level of detail is one of the first challenges to overcome.And this is the easy part of fixed asset lifecycle management.

The hard part is to then determine each asset’s life, and calculate the overall lifecycle costs – for individual assets, for groups of assets, and for your overall portfolio of assets.

Common issues faced in asset lifecycle planning:

What is an asset?


In asset management, an asset is “an item that will be renewed, replaced or maintained over time.”

What's the best approach to lifecycle planning?


IPWEA's IIMM provides over 120 pages on asset lifecycle planning: this is a go-to resource on asset lifecycle management best practices.

What is asset lifecycle management?


Asset lifecycle management includes acquisition, operation, maintenance, renewal, replacement and disposal.

How does lifecycle planning fit into an AMP?


The lifecycle planning section of an AMP shows the potential lifecycle costs beyond 20 years regardless of funding. 

How are remaining lives calculated?


Remaining lives are calculated with condition grades, age, useful lives, deterioration functions, risk factors, and levels of service standards.

Where can I find an example of a lifecycle plan?


The NAMS.Property eManual has practical worked examples on how to calculate remaining life of building components.

How to collect the asset data?


Use inspectors to collect information on the assets for analysis rather than telling you their opinion of the remaining life - it is calculated.

How is risk-based analysis determined?


Components need to have an assessment of criticality for 'consequence', and an analysis of remaining life for 'likelihood'. 

Find out more

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Here's your asset lifecycle planning solution

 

We have a wealth of asset lifecycle planning experience for you to draw on and use. We datatize the lifecycle planning process through our software to make assets last longer by providing your team the ability to better assess, analyse and plan. Here’s how our risk-based approach makes asset planning easy for you:

Plan your expenditure in a way that makes sense to you


Create a 20 to 100 year expenditure profile with deferred expenditure, opex/capex, and maintenance. The lifecycle costing analysis also brings together renewals, replacements, operational cost and scheduled maintenance/servicing.

Practical outcomes of the risk-based process


You will be able to apply policies and standards to produce a works program by linking components to a project. This helps you move from asset-level to project-level decision making in your asset lifecycle management.

Choice of predictive models to draw on


Choose from a combination of 5 different predictive asset lifecycle models across component types: age-based, condition-based, age/condition, assessed remaining life, and models influenced by maintenance regimes and risk.

Old data? Great!


If an inspection was done 5 years ago, the deterioration models predict what the condition would be today.

Targeted investigations


You can isolate components of certain risk profiles so that further targeted investigations and/or projects can be scoped.

Drill down to the very lowest level


View your asset lifecycle model across your whole portfolio – and drill down to a building, floor, room or space level. Fixed asset lifecycle management has never been so easy - or powerful. 

How will SPM Assets’ lifecycle planning solution help you in your role? 

Datatizing your asset lifecycle management process will help you in a number of ways:

  • Confidence in your future works program: knowing the right projects are being done at the right time, and for the right reasons.

  • Your future projects will be evidence based and you’ll have real numbers to support their priority, and be able to address the highest risk items first. 

  • You will better know where your asset management risks are, and the likely cost of addressing them.

  • Balancing the costs and needs of predictive maintenance versus emergency repair will become easier to manage. 

  • Know that you are planning to the right level of detail.

  • You’ll have the ability to interrogate your risk-based lifecycle model in a number of different ways, and create meaningful reports from it.

  • We provide the unknowns: all you need to do is provide the list of assets and confirm your risks – we’ll do the rest.

  • You will have the credibility of a risk-based lifecycle forecast that comes as standard with SPM Assets software.

  • Your people will be able to do their own asset lifecycle analysis – we provide the tools and training – empowering you to take ownership of the process. This means less time and costs will be spent on the asset management planning and lifecycle assessment business process.

 

 

Lifecycle Analysis

 

 

Take the risk out of long-term maintenance planning and budgeting

The property risk management functionality within the SPM Assets platform allows you to evaluate the possible long-term consequences of actions. You will be able to create a risk matrix that covers various scenarios, which will identify your organisation’s long-term maintenance budget forecasting requirements. The resulting risk management reports are powerful forecasting and asset management tools.

Testimonials

I can and do refer many people to SPM Assets because it is the only affordable product on the market that provides exactly the function required by many organisations in the social housing sector. SPM Assets provides decision makers like myself and the Board some comfort knowing that there is a considered method behind the financial forecasting done by our assets and financial teams that is likely to be much more accurate than using historical data to project future maintenance expenditure. SPM Assets also informs our decisions around acquisition and disposal of assets instead of relying on the opinions of staff working in the asset management and maintenance roles.

Brett Hanna, Regional Housing
CEO

The prompt and willing support of all SPM staff, staff are willing to help no matter what the question/problem whether it is something simple or more complex. The willingness of SPM to keep abreast of technology and constantly enhancing the systems. The networking workshops which are available where users from various organisations can learn from each other as well as the updates from SPM staff on new innovations.

Annetta Purdy, Waikato District Council

I have always recommended SPM Assets to anyone that I believe can benefit from it. I particularly appreciate the prompt responses and professionalism shown by the team (especially Jose and Mitch). I look forward to our next meeting or conference in the near future.

Hiran Lala, Broadspectrum NZ

In the 18 months since we started our relationship with SPM, the key element has been the consistency of their commitment to the relationship. The SPM team has always found the time to invest into understanding our needs, assisting in our development, and reminding us of our inherent responsibility as asset managers towards our business stakeholders. Along with all the other elements, such as customer support, software and system development, etc., this deep sense of relationship loyalty is by far the most valued aspect of Panuku working with SPM.

Andre Fredericks, Panuku Development Auckland

Our understanding of the current state of our assets together with our future capital spending requirements has never been better. This gives us significantly increased confidence and peace of mind when we consider our capital planning and asset criticality, and our broader ability to derive maximum value from the assets we have. 

Brian Walden, Wanganui DHB/Mid Central Health Boards
CFO
Not only has the implementation of the SPM software greatly improved how quickly we are able to produce reporting on our estate, but we are now in a position to be able to undertake significantly more analysis of the available data and provide a more holistic view of its overall condition and lifecycle. Importantly, we have given the senior executive team more confidence in the information we are now able to provide, resulting in an increased budget allocation to address our backlog maintenance and strategic asset management planning.
Renee Inkster, University of Southern Queensland
The software application is specific with the end-user interface modifiable to individual needs. You can obtain core functionality for prudent asset management very easily.
Rob Ashley, Hauraki District Council
Senior management is starting to realise the power of the information we are collecting and are making use of it in our asset management.
Meg, Housing Choices Australia
Council has been extremely happy with support SPM Assets has provided over the years. Their expertise has allowed this Council to understand its assets better and this has resulted in a successful submission for the appropriate funds to manage our assets. We are now in control of our portfolio’s budgeting and starting to make a real difference to the communities we serve.
Phillip Sorbello, Cumberland Council