Asset Lifecycle Management (ALM)
The objective of Asset Lifecycle Management (ALM) is to optimize the profit generated by assets over the course of their lifecycle. ALM integrates processes and technologies in order to manage asset portfolios, execute projects, and facilitate efficient asset management practices. Whereas Asset Health Management (AHM) deals with monitoring and optimizing the health the asset in real time, ALM extends across the lifecycle of the asset from design, to procurement, commissioning, operations, maintenance, and decommissioning. IoT technologies enable superior visibility, forecasting, and feedback loops across the ALM process.