How to Manage the Life Cycle of Facility Assets

Effective asset management is crucial for ensuring the longevity, efficiency, and cost-effectiveness of a facility's infrastructure.

At Portobello Institute, we empower professionals with the knowledge and skills needed to manage the full life cycle of facility assets.

This guide will explore the key stages of asset life cycle management and best practices to optimise performance and sustainability.

Understanding the Facility Asset Life Cycle

The life cycle of a facility asset encompasses its journey from acquisition to disposal. A well-managed asset life cycle reduces operational costs, enhances reliability, and ensures compliance with safety and environmental regulations. The life cycle consists of the following stages:

1. Planning and Procurement

Before acquiring an asset, careful planning is essential. This includes:

• Conducting needs assessments to determine asset requirements.

• Evaluating options based on cost, efficiency, and sustainability.

• Selecting suppliers that align with the facility’s operational goals.

2. Acquisition and Commissioning

Once an asset is procured, proper installation and commissioning ensure seamless integration. Key steps include:

• Verifying compliance with industry standards.

• Conducting initial performance tests.

• Training personnel on operation and maintenance.

3. Operation and Maintenance

The longest phase of the asset life cycle requires diligent management to maximise performance. Best practices include:

• Implementing a preventive maintenance schedule.

• Utilising facility management software to track performance.

• Conducting regular inspections to identify potential issues early.

4. Upgrades and Modernisation

To enhance efficiency and prolong asset life, periodic upgrades may be necessary. This stage involves:

• Assessing performance data to determine when upgrades are needed.

• Integrating new technologies for improved efficiency.

• Ensuring modifications comply with safety and environmental standards.

5. Decommissioning and Disposal

When an asset reaches the end of its useful life, responsible decommissioning is critical. This includes:

• Evaluating resale, recycling, or environmentally friendly disposal options.

• Ensuring compliance with waste management regulations.

• Conducting a cost-benefit analysis for replacement.

Best Practices for Facility Asset Management

To effectively manage the life cycle of facility assets, facility managers should adopt the following best practices:

• Implement a Comprehensive Asset Management Plan: Develop a structured approach to managing assets, including documentation of maintenance schedules, performance data, and compliance requirements.

• Leverage Technology: Utilise Computerised Maintenance Management Systems (CMMS) to track asset performance, schedule maintenance, and generate reports.

• Train Facility Staff: Continuous education and training ensure that facility personnel are equipped with the skills to maintain and operate assets efficiently.

• Adopt Sustainable Practices: Incorporate energy-efficient and environmentally friendly strategies to enhance asset longevity and reduce operational costs.

• Regularly Review and Optimise Asset Performance: Conduct routine evaluations to identify inefficiencies and implement improvements.

Advance Your Career with Portobello Institute

Managing facility assets effectively requires expertise and strategic planning. At Portobello Institute, we offer industry-recognised Facilities Management courses that equip professionals with the skills to manage assets efficiently, optimise operational performance, and drive sustainability.

Our programs provide:

• Practical insights from experienced industry professionals.

• Hands-on training in the latest facility management technologies.

• Certifications that enhance career opportunities in facilities management.

If you’re looking to enhance your expertise in facility asset management, explore our Facilities Management courses at Portobello Institute and take the next step in your professional development.

If you are interested in a career in facilities management or upskilling at any level of workplace and facilities management, you can book a call with our course advisor Janice O'Toole, email janice.otoole@portobelloinstitute.com or call 01 892 0041.