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© Copyright IBM Corp. 2008. All rights reserved. 1
Draft Document for Review May 23, 2008 10:14 am 7645introduction.fm
Chapter 1. Introduction
This chapter introduces the basic concepts of Asset Management and how
Maximo Asset Management Essentials as a product can be used as an enabler
for those processes. We also talk about the functional layout of Maximo Asset
Management Essentials.
1.1 Enterprise asset management overview
Enterprise asset management is the process of managing an organization’s
assets throughout their life cycle - right from requisition to retirement. The word
“Enterprise” relates to multiple organizations, departments, functions, and in
some cases can even mean business units. “Assets” in this context can be
defined as any equipment or facility which plays a key role in the core business of
the enterprise. The concept of “Management” is basically applied to improve
utilization and performance of an asset and thereby improve return on investment
(ROI).
Asset life cycle typically contains the following phases
a. Requisition - At this stage some one or some function in an organization
raises a request for an asset. At this stage the asset can be either
procured from a vendor or it can be an inter department transfer.
b. Procurement - The complete purchasing process is the second stage in
the asset life cycle. This process includes creation of purchase requisition,
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