Asset-intensive organizations are facing unprecedented challenges, including the pandemics as well as global climate changes. It is more important than ever before that they build resilience through strategic asset planning. This requires a new mindset that aligns risks and value in decision-making processes and a structured framework for managing the lifecycle of an asset.
While every company’s approach to strategic asset management might differ, a common set of rules is universal. These include:
Identify and catalog your assets. This includes determining the exact location of each asset, their use frequency and state. This will help determine the best method of prioritizing maintenance requests and make work orders more efficient. This will also allow accurate financial estimates to be calculated for each maintenance task.
Create a clear and clearly defined risk-based priority system for the most vital assets based on policies and objectives of the company. This will lower operating costs and decrease downtime while increasing the uptime.
Determine the best method to deal with obsolescence. this could involve resales recycling, allocating funds for auditing the entire process of your deal with a virtual dataroom disposal. A CMMS can help in this endeavor and also evaluate each decision’s environmental impact.
Be sure that guidelines and procedures are set and are regularly reviewed and updated to reflect business needs technology advancements, as well as best practices in the industry. This will increase the effectiveness of the process of asset management and increase the return on each investment. A strategic asset management strategy can also provide data-driven insights for budgeting more confidently in the future.
