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Physical asset management

Physical asset management is a strategy for implementing efficient and effective upkeep of a manufactured item or property throughout its entire lifecycle. 

What is physical asset management?

Also called service asset management, physical asset management is often applied to equipment, machinery, devices, vehicles and other complex assets with relatively long product lifecycles.

Physical asset management is typically carried out by asset management software, which is part of a service lifecycle management (SLM) system. Asset management software connects service activities with an asset’s history, operational status, unplanned downtime, regulated maintenance requirements, current configuration and more.

Physical asset management software gathers and maintains updated asset-specific information as services are performed. It also provides service technicians with up-to-date asset configuration information, service materials such as parts and kits, and the technical documentation the technicians need to perform rapid, right-the-first-time service. The software also provides an open ecosystem that is visible and accessible to OEMs, customers and third parties involved in delivering effective service of managed assets.

A comprehensive, actionable digital twin, a virtual representation containing the managed asset's up-to-date physical structure, is critical to physical asset management. This digital twin comprises all the mechanical, electrical/electronic, software and associated document-related components of each asset as well as the status and history of their operational use.

Related products: Teamcenter Service Lifecycle Management


Understand the benefits

By implementing physical asset management as part of a service lifecycle management system, stakeholders gain up-to-date visibility of serviced physical structures.

Drive up profits

Improve the serviceability and traceability of serialized products for greater profitability.

Improve inventory management

Improve efficiency in developing and maintaining parts catalogs.

Reach sustainability goals

Greater assurance that compliance requirements are met for production assets.

How physical asset management software works

Service asset management is most effective when it is supported by a managed view of the service materials requirements, bridging ongoing engineering changes and upgrades of the product to the specific asset physical structure requirements. This managed view is known as the service bill of materials (sBOM). Without an integrated sBOM, significant discrepancies may emerge between ongoing change processes and the physical asset, and service impacts of changes may not be fully considered. Implementing an integrated service BOM links physical asset management to the current engineering definition and provides a clear and accurate understanding of what parts must be tracked and maintained for ongoing service activities.

The service BOM can be used to:

  •  Define additional characteristics critical to service
  •  Expand the definition of purchased assemblies to include required serviceable items
  •  Define service kits
  •  Create and manage service assemblies
  •  Define service-specific items that may be required to perform service tasks
  •  Manage specialized tooling required for service
  •  Manage compatible upgrades

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