Lubrication and machinery "life cycle management (LCM) is a frame work to analyse and manage the sustainable performance of assets. It is a business approach that goes beyond short term success and aims at long term reliability and performance".
The process of life cycle management is about making life cycle part of the drive to improve sustainability for the business and identify the areas that require focus for continuous improvement. These drives also shape the growing reasonability of individual companies striving toward reducing their footprints and minimising their environmental and socio-economic burdens while maximising economic and social values.
Leading Companies have understood how life cycle management can be used improve both the reliability and over haul life of individual assets, reducing both Capex in terms of replacement and Opex in terms of running cost.
In short LCM is a logical approach for any company wishing to achieve greater sustainability and reliability for its operations and impact on the environment.