Useful life estimates and guidelines are not set in stone. Businesses can use some forward-looking measures to extend the effective life of their assets and save money in the long run.

Best practices for extending equipment lifespan include:

1.    Proactive maintenance: proactive asset management strategies like preventive and predictive maintenance are essential to keep breakdowns at bay. This is important as major breakdowns reduce asset lifespan. Use CMMS to schedule proactive maintenance tasks and ensure they are performed on time.  

2.    Machine operator training: invest in appropriate operator training modules when dealing with heavy machinery or other specialized equipment. Set up an onboarding process for new operators to get them familiar with all assets they will be in contact with.

3.    Following OEM guidelines: diligently follow the user manual or vendor guidelines when putting assets to work and make suitable adjustments based on the workplace environment.

4.    Buying the right asset in the first place: perform due diligence during the asset procurement process to ensure that the acquired asset perfectly fits your use-case scenarios.

5.    Using original spare parts: source replacement parts and tools from the vendor, or authorized dealers to ensure that there is no compromise on the quality of those components.

Keep in mind that the life of some assets cannot be extended. For instance, fire extinguishers, smoke detectors, and similar safety devices must be replaced after a certain number of years. That is required by law, regardless of the actual condition of the asset. 

In these circumstances, proactive maintenance and other methods are still necessary to ensure assets reach their expected life and do not have to be replaced prematurely.