The document discusses developing and implementing asset lifecycle management strategies. It emphasizes that companies should take a lifecycle approach to asset management by considering all phases from planning through disposal. This ensures long-term, cost-effective decisions. The maintenance function should be involved in the asset acquisition phase by providing input to analyses and operational/maintenance plans. Computerized maintenance management systems (CMMS) can help track costs, schedule preventive maintenance, and monitor parts/purchasing to improve efficiency and asset lifespan.