MAXIMO Asset Management

Abstract

IBM Maximo is the Enterprise Asset Management product that provides the process of managing an organisation’s assets throughout their life cycle-from purchase to decommissioning. The word ‘enterprise’ refers to several organisations, multiple departments, and functions and in some cases, business units. ‘Assets’ is defined as any equipment or facility that plays a key role in the core business of the enterprise. ‘Management’ refers to improving the utilisation and performance of an asset, and thereby improvising Return on Investment (ROI).The asset life cycle typically contains the following phases: ● Requisition – It can be referred to as a formal request for an asset by a company that can be procured from a vendor or it can be inter-departmental transfer. ● Procurement – This phase includes the whole complete process of purchasing the asset, it includes creating Purchase Requisitions, Request for Quotations, Invoices and generating Purchase Orders, receiving assets at locations, etc. ● Commissioning – In this phase asset is allocated to its respective location, user or user group. The cost of asset is now on the owner of the asset and asset availability is the responsibility of the owner which includes proper maintenance of the asset from time to time in order to ensure that the asset is up and running whenever needed. ● Retirement – It is last phase and is also called as ‘Decommissioning’ phase, this is the phase where the asset is replaced or removed but in certain cases the residual cost of the asset is calculated and maintained in order to benefit the company.