To counter economic uncertainty, more companies are taking a strategic approach to asset life- cycle management. There are a number of reasons why: Shareholders and boards have a responsibility to manage lifecycle costs. Constant demands to do more with less are driving higher standards for efficiency, productivity, and performance, yet take away from the very efficiencies they aim for. Regulatory agencies are pushing for tighter controls and greater accountability across a wide range of industries. Most important, retiring maintenance workers who are leaving a significant maintenance knowledge gap behind when they go.

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