Understanding the PeopleSoft Asset Management Lifecycle
An asset-intensive enterprise requires controlling and managing assets throughout the asset lifecycle: procurement, deployment, maintenance, update, retirement, and analysis. PeopleSoft delivers the Asset Lifecycle Management (ALM) solution to provide complete access to an entire asset portfolio, regardless of asset class, and creating visibility into total cost of ownership by enabling cost tracking associated with acquisition as well as lifetime maintenance and performance of assets.
Enterprise assets cover a broad spectrum of categories including heavy equipment, technology assets, facilities and real estate, and transportation fleets and vehicles. These functionally specific asset categories require software tailored to the unique requirements of each asset category. To address asset differences, specific applications are available within ALM to meet the explicit business processes for each asset category:
PeopleSoft Asset Management (AM)
PeopleSoft IT Asset Management (ITAM)
PeopleSoft Maintenance Management (MM)
PeopleSoft Lease Administration
The foundation product of the PeopleSoft Asset Lifecycle Management solution is PeopleSoft Asset Management. PeopleSoft Asset Management provides a common Asset Repository Manager (ARM), which stores all asset data. The repository provides a single source of truth for physical, financial or operational asset data.
The Plan to Retire business process spans from the initial planning and budgeting stage to the end-of-life disposal of assets. Whether the asset lifecycle spans three or thirty years of operational life, the operational components remain the same. PeopleSoft Asset Lifecycle Management, in partnership with the entire suite of PeopleSoft Financials and Supply Chain Management product solutions, provides the information necessary to maximize the utilization of assets.
PeopleSoft defines five phases within the Plan to Retire business process:
The Plan phase includes the prioritization of asset needs and utilization in alignment with corporate objectives. PeopleSoft ALM enables you to collect asset requirements and performance information, forecast asset requirements, assess these requirements to assets currently available and establish an asset plan and budget in line with your strategic direction.
The Acquire phase enables different acquisition processes depending upon asset needs defined in the planning process. Buildings, equipment and other resources may be purchased, leased, constructed, or repurposed.
The Deploy phase focuses on minimizing ramp-up time for getting assets into operation. This may include construction for real estate; setup, configuration and testing for IT assets; or retooling, insurance and certification for major equipment. Additionally, PeopleSoft ALM enables assets to be assigned to users prior to deployment.
The Maintain phase includes capturing and tracking maintenance activity, costs, time and expenses, as well as forecasting maintenance requirements. PeopleSoft ALM allows you to set maintenance budgets, negotiate service level agreements, and plan preventive maintenance schedules.
The Retire phase allows expeditious disposal or sale of assets no longer meeting performance targets set in the planning phase for specific asset types.
Using PeopleSoft Asset Management with the PeopleSoft Budgeting, PeopleSoft Project Costing, PeopleSoft IT Asset Management, PeopleSoft Maintenance Management, or PeopleSoft Lease Administration products, you can manage and maintain asset acquisitions, deployment, maintenance and disposal as separate projects or as part of ongoing operations.
The pillar of the PeopleSoft ALM product suite is the Asset Repository Manager (ARM). Once the PeopleSoft Asset Management product is established, the asset repository is available to all PeopleSoft products that integrate with PeopleSoft Asset Management.
Note: Without PeopleSoft Asset Management, you cannot have access to the asset repository.