Equipment Lifecycle Management

Equipment Lifecycle Management is the process of overseeing an asset—from acquisition through installation, operation, maintenance, and eventually decommissioning or replacement. It involves planning, tracking, and maintaining equipment to maximize its efficiency and lifespan while minimizing costs and downtime. This approach helps organizations ensure their assets are used effectively, stay reliable, and meet safety and regulatory standards throughout their entire lifecycle. By managing equipment proactively, businesses can reduce unexpected failures, extend asset value, and make informed decisions about upgrades or disposals.