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As asset-intensive organisations face unprecedented challenges – such as the pandemic and global climate change – it’s more important than ever before to build resilience through strategic asset management. This involves a transformational mentality that aligns risks and value in decision-making processes and a structured framework for asset life cycle management.
The approach of each organization to the strategic management of assets might differ There are a few common principles. These include:
Make a list of your assets. This includes finding out the exact location of each asset, its usage frequency and the condition. This will help you to determine the most effective way of prioritizing maintenance requests and simplifying work orders. This will also enable accurate financial estimations to be made for each maintenance task.
Prioritize the assets that are most critical according to their risk, based on the goals and policies of your company. This will help reduce operational costs and help reduce downtime, while increasing uptime.
Determine the best method for managing obsolescence. This may include resale or recycling or simply distributing funds to dispose of. A CMMS solution can aid in this process, and also evaluate the environmental impact of each choice.
Ensure policies and procedures are regularly reviewed and updated to reflect demands of the business, technological advancements and industry best practices. This will enhance the efficiency of the overall asset management process and maximize the benefit derived from each investment. A strategic asset management plan can also provide data-driven insights to help budget more effectively in the near future.
