Asset Lifecycle Management (ALM) is the process of managing an asset's life from its initial acquisition to its disposal. This includes planning, acquiring, operating, maintaining, and finally retiring the asset. Effective ALM helps organizations maximize the value of their assets while minimizing costs and risks. By implementing Asset Lifecycle Management, businesses can track the performance and condition of their assets over time. This approach enables better decision-making regarding maintenance schedules, upgrades, and replacements, ultimately leading to improved efficiency and reduced downtime.