Your top 10 Lifecycle Asset Management questions answered
Author:
Lloyd White, Product Manager – Lifecycle Asset Management
Lifecycle Asset Management is designed to help airline technical and asset management teams to create real value from your maintenance data by comparing it with lease conditions to produce actionable insights, dashboards and recommendations on how to optimise fleet operations, protect asset value and reduce risk.
Are you new to Lifecycle Asset Management (LAM) and the benefits it offers your airline? We’ve got you covered.
Whether you’re curious about how some of our core features work or how you can leverage LAM at different stages of the asset lifecycle, our frequently asked questions are here to help.
Can I manage both owned and leased aircraft in LAM?
Absolutely you can – the product has been designed and developed to benefit operators with a leased fleet, an owned fleet or combination of both This provides visibility of your fleet throughout the asset lifecycle and can be broken down by major assemblies, for example, engines, airframes, landing gear etc.
By acting as a one-stop shop for tracking assets, you’re able to manage assets far easier throughout their entire lifecycle, as well as at redelivery.
Can I see a live technical status of the aircraft in LAM?
Yes! Part of LAM’s magic is daily snapshots of an aircraft status vs lease conditions, both there and then, and as a forecast at lease return date, based on utilisation trends and maintenance events.
This collaborative view helps technical and commercial/asset management teams to align on how to reduce risk and increase efficiency throughout the lease cycle.
How does LAM help with redelivering an aircraft and ensuring it meets contractual redelivery conditions?
By providing you with visibility of leased assets, right throughout the lifecycle, from phase in to phase out, LAM allows easy tracking and management of all major assemblies, whilst having the ability to dive deeper into component level.
This ensures that every part and component meets contractual redelivery conditions at a simple click of a button, saving valuable time and resource.
Through LAM, you can see which parts and components do and do not meet conditions, and then utilise our ‘parts swap’ capability to optimise your fleet accordingly.
Does LAM integrate with my existing records and/or M&E software?
LAM integrates seamlessly with flydocs Digital Records Management (DRM) software which enables some of our outstanding functionality, such as the ability to compare live data with lease conditions.
In turn, flydocs DRM links and interfaces with a wide range of M&E systems, including our Digital Tech Ops Ecosystem partner AMOS, via live APIs that extract several key data points – for example, components or Life Limited Parts (LLPs).
Does LAM use ‘scenario modelling’ and if so, what type of scenarios can I build?
Yes! Scenario modelling can be used to create bespoke scenarios to simulate and analyse various hypothetical situations, or “what-if” scenarios. This approach helps users to make informed decisions and prepare for different potential outcomes, while allowing operators to leverage their data in different ways. Decisions can be made at lightning speed, due to the masses of time saved on data analysis.
There’s no limit on the number of scenarios you can build in LAM so, whether you’re considering the extension of a lease, considering parking an engine or changing the route or region of an aircraft, all scenarios can be covered and built with this unique functionality.
How can I track my maintenance events in LAM?
LAM provides a comprehensive timeline of maintenance events, alongside predicted costs and affiliated dates, allowing both technical and financial teams to align on their maintenance approach.
Airlines can optimise their schedules through our LAM timelines to minimise downtime, predict and budget for future events, and determine optimal timing for aircraft upgrades or replacements.
With all our lease data in LAM, how can I plan for future events?
LAM breaks down all the lease contract data into a simple dashboard, providing Fleet Planning teams with visibility of all key milestone events. Whether that is upcoming lease expiries, lease extension options, early termination clauses, LAM can highlight these key dates and action steps, keeping you ahead of the curve when it comes to making these key decisions.
Can LAM produce monthly utilisation reports?
Yes. It’s possible to optimise the utilisation of assets with the ability to enable entry and approval of utilisation figures, by you or a third party. Organisations can set and create alerts if no utilisation is received, awaiting approval, or approved.
We make Maintenance Reserves (MR) payments – can these be tracked?
Absolutely – these can be tracked right across the fleet as required, alongside overlaying other financial aspects, such as Full Life / Actual Life Costs (both in real-time, and at end of lease), maintenance event costs and financial exposure.
This enables far greater transparency and ease of planning to effectively manage your budget.
How do you ensure data protection on commercial documents?
flydocs are ISO certified, so we take data protection and security of your documents extremely seriously.
Along with secure storage of all your documents, we can also ensure documents are limited to certain team members for greater privacy and control within your organisation.
When the redelivery process starts, typically technical teams don’t have access to the return conditions until late in the day, which can have a knock-on effect on planning for MRO slots or ordering parts. Instead, LAM allows organisations to upload lease contracts securely, but share just the return conditions to give visibility to the technical teams, or on a user-by-user basis, who need it.
Don’t see the answer to your question above? Get in touch with Lloyd or the flydocs Sales team for a more in-depth walkthrough around your tailored needs.