Current demands or availability
Obsolescence can present itself in two ways:
- The asset in question is no longer suitable for current demands
- The asset in question is no longer being produced, and therefore is not available for use
A lack of understanding around the importance of being proactive toward obsolescence can have a major impact on your company. It’s something all industries are challenged with, including the military. In my opinion, one of the best and most complete lifecycle costing documents was written by the U.S. government with the purpose of planning for obsolescence of weapons systems in military applications.
For critical assets that are at high-risk of going obsolete, proactive management must be implemented. By being proactive, your organization can benefit from:
- Maximum time to react, avoiding costly, temporary resolutions
- Corrective actions at the asset level that can be taken while low cost opportunities still exist
- Time to evaluate asset end-of-life notifications
Now that we’ve covered the whole life cost implications of managing assets, it’s time to understand when it becomes more cost effective to replace an asset rather than maintain it. In part 2, to learn more on how you can assess the lifecycle of your assets.
In the meantime, check out our white paper, “Unlocking Business Value Through Industrial Data Management,” to learn more about the benefits of utilizing industrial big data across your operations.