Asset-intensive organisations are facing unprecedented problems, including pandemics and global climate changes. It is more essential than ever to build resilience by implementing strategic asset planning. This requires a mindset of transformation that integrates risk and value in decision-making processes as well as a structured framework of asset life cycle management.
While the approach of every organization to strategic asset management may differ slightly There are a few common principles. These include:
Find and catalog assets. This involves determining where each asset is located and the frequency at which it is used, and the condition. This will help you to determine the best way of prioritizing maintenance requests, and simplifying work orders. This information can also thekey-partners provide accurate estimates of the financial costs for each maintenance task.
Create a clear and distinct risk-based priority system for the most crucial assets, based on the policies and goals of the organization. This will reduce operating costs and decrease downtime, while increasing uptime.
Determine the best way of managing obsolescence. This could include resales or recycling or simply distributing funds to dispose of. A CMMS can help in this endeavor and also assess each decision’s environmental impact.
Be sure that guidelines and procedures are set as well as regularly reviewed and modified in accordance with business requirements and technological advancements as well as industry best practices. This will improve 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 accurately in the future.