Service and asset lifecycle management

Service and asset lifecycle management is a comprehensive approach to managing aftermarket activities from inception through to retirement. This includes the planning how and when service activities will happen, monitoring assets to support the preferred maintenance strategy and eventual retirement, refurbishment or recycling of an asset. Service and asset lifecycle management provides a path to a servitization business model, by ensuring that services are delivered efficiently, meet customer needs and provide value throughout their lifecycle.

Servitization is the transformation of a company’s business model from solely selling products to offering comprehensive solutions that include services. This approach focuses on creating value by integrating products with services such as maintenance, support and consultancy.

The approach for field service management should be appropriate for the product use and failure criticality. Maintenance approaches include:

• Reactive Maintenance - also known as 'run-to-fail'
• Preventive Maintenance - usually time of usage based
• Predictive Maintenance - IIoT devices support condition-monitoring to alert staff of potential problems
• Reliability-Centered Maintenance - analytics are used to identify potential failure modes and respond as required

The Industrial Internet of Things (IIoT) refers to the use of interconnected sensors, instruments and other devices in industrial applications. These devices collect and exchange data to enhance operational efficiency, productivity and safety.