Asset Condition monitoring where is the stage where we need to decide whether we need to keep this asset or we can decommission it. Yes maybe the asset is working but your business needs more performance or a less resources-consuming device. Also if you’re company thinking about less carbon footprint this best time to decommission Assets in an eco-friendly way. But we have to take Strategic decisions if assets are in working conditions. Many companies have a 3 /4-year Policy to keep Assets in production after that they will retire that asset based on business criticality.
Yes, it’s all subject to Business and type of asset but it’s our responsibility set one proper process so that we Monitor Asset Condition. Maintaining a proper Asset register with Configuration and warranty details which help you take Action.
Best Practice
- Concern the Asset owners and take their view.
- Check with the Vendor if you can get a replacement for this product
- Check with the vendor is any buyback option.
- Verify warranty Details.
Check if your Business is allowed to use any ITAM or CMDB tools to Monitor this which will be a Good Option. or else create your worksheet and Monitor.
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