As organizations that depend on assets face new challenges – such as the pandemic and the global climate change It is more crucial than ever to improve resilience through strategic asset management. This requires a change-oriented mindset that aligns risk and value in decision-making processes and an organized framework for asset life cycle management.
The approach of each organization to strategic asset management may differ slightly but there are a few common guidelines. These include:
Catalog and identify assets. This involves determining where each asset is located and how often it is used and its condition. This information will allow you to determine the best method of prioritizing maintenance enhancing M&A due diligence with digital tools requests and streamlining work orders. This information will also allow accurate financial estimates to each maintenance task.
Prioritize the most important assets in relation to their risk, based on the goals and policies of your organization. This will help minimize downtime and improve uptime while decreasing operational costs.
Determine the best method to deal with obsolescence. this could mean resale, recycling or simply earmarking funds for disposal. A CMMS solution can aid in this process, and can also evaluate the environmental impact of each choice.
Make sure that procedures and policies are regularly reviewed and updated to reflect the technology advancements, business requirements and industry best practices. This will enhance the efficiency of the overall asset management process and maximize the benefits from each investment. In addition, the implementation of an asset management strategy will provide data-driven insights for more confidently budgeting long into the future.