Asset Lifecycle module in MEX

Effective asset management is essential for the success and sustainability of any organisation. As assets age and operational needs change, having a system to track, assess, and plan for replacements becomes invaluable. Introducing the Asset Lifecycle module in MEX CMMS, a powerful tool designed to improve your asset management strategy.

What is the Asset Lifecycle Module?

The Asset Lifecycle module is an optional addition to the MEX Asset Register. It empowers users to perform ongoing condition assessments for assets throughout their lifespan. By incorporating this feature, organisations can:

• Monitor the condition of an asset and its maintenance history.
• Estimate precise replacement dates and associated costs.
• Create a dependable asset replacement strategy.

Key Features of the Asset Lifecycle Module

1. Initial Purchase Details

When adding a trackable asset to the MEX Asset Register, users provide key details such as the purchase date, cost, and expected lifespan. Using this information, the module calculates the initial replacement date and estimated cost, factoring in inflation through the Consumer Price Index (CPI). For example, if a generator is purchased for $15,200 with a 20-year lifespan, the system projects the replacement date and estimates the future cost accordingly.

2. Routine Condition Assessments

During an asset's lifecycle, regular assessments can be conducted and documented in the system. These assessments update important information, including:

• The general condition of the asset.
• The expected remaining lifespan.
• The current replacement value.

As a result, you gain a dynamic and up-to-date view of your asset replacement needs.

3. Configurable CPI and Job Types

The module enables organisations to configure the CPI for accurate cost projections. It categorises job types into planned maintenance and reactive maintenance, distinguishing between proactive care and urgent repairs.

4. Comprehensive Reporting

With the Asset Lifecycle module, users can create various reports, including:

• Asset Replacement Report: This report allows users to identify assets approaching the end of their lifecycle within a specified timeframe.
• Maintenance and Repair Actuals: This report analyses planned and reactive maintenance costs as a percentage of each asset's replacement value.
• Three-Year Maintenance Report: This report forecasts preventative maintenance costs over three years.

Benefits of the Asset Lifecycle Module

1. Accurate Planning and Budgeting

By monitoring replacement dates and costs, organisations can more effectively plan their capital expenditures, minimising financial surprises.

2. Enhanced Decision-Making

With thorough assessments, you can make informed choices about whether to repair, retain, or replace an asset.

3. Optimised Maintenance Strategies

By categorising maintenance activities and tracking expenses, organisations can allocate resources more efficiently, ensuring maximum asset uptime and longevity.

How to Get Started

Configuring the module is simple. An organisation starts by setting up the CPI and job type categories in the Control Files. Make sure that the assets have basic financial details and condition assessments entered, either manually or through Excel imports. Once the organisation completes that, it will seamlessly integrate the Asset Lifecycle module into its existing MEX CMMS workflows.

The Asset Lifecycle module is more than just an add-on; it represents a significant step toward proactive, data-driven asset management. Upgrade your MEX CMMS today and take control of your asset lifecycle management like never!

If you would like to explore how this module can benefit your organisation, contact us for a demo or personalised consultation.