All systems have a Lifecycle. From design through to de-commissioning / scrapping, actions on the asset need to be planned, actioned and archived.
With Asset Lifecycle Management you have easy to access, controlled record of key decisions / actions involved. The Lifecycle knowledge can be shared with staff, who need to apply lessons learnt from previous experience. Similarly the organisational processes and procedures are easily updated by administrators, to ensure lessons learnt are shared and mitigated with all due speed.