April 2021
Proactive Obsolescence Management
Dan Earnshaw, Associate Director – Vercity Consultancy.
Proactive obsolescence management should be considered by everyone who is responsible for the maintenance of assets across their portfolio. Whether it be in a healthcare, education, retail or accommodation setting, obsolescence has the potential to cause significant disruption for you and your clients. Obsolescence is inevitable and cannot be avoided therefore proactively minimising the impact of it needs to be considered as part your asset management policy.
Obsolescence is caused by an asset, component or service being no longer available or supported in the marketplace. This can be for several reasons such as technological advancements, legislative changes, manufacturers no longer trading or simply the product is no longer suitable for our current demands. It is often the case that obsolete assets are not known about early enough by the asset operator or manager, therefore when a failure occurs it could cause significant service disruptions, with replacement options being expensive.
The rate of obsolescence is increasing in today’s ever-changing world; therefore, the financial and service availability risks will also increase.
The earlier an obsolescence risk can be identified the better, as this allows for a wider range of optimisation or replacement strategies to be considered. Knowing what is around the corner with your assets gives you time to plan and cost the most appropriate solution to ensure service availability is maintained. There is clear evidence within the industry that proactive obsolescence management significantly reduces the risk associated with service delivery and cost.
Vercity Consultancy’s Obsolescence Management Process
Vercity Consultancy has a proven track record of delivering intelligent asset management services to clients in many sectors. We have developed an obsolescence management toolkit which meets and expands upon the requirements of BS IEC 62402 and provides the flexibility to tailor the offering to your individual needs. This solution is designed to identify potential risks in advance of an ‘obsolescence event’ and propose mitigating strategies.
Our 6 stages of Proactive Asset Management
Read more about our Proactive Obsolescence Management service here.
Further reading
Further Vercity Consultancy effective obsolescence management articles can be found on LinkedIn:
