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Asset-intensive organizations are facing unprecedented challenges, including the pandemics and climate change impacts on the world. It is more crucial 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 and an organized framework for asset life cycle management.
While every organization’s approach to strategic asset management will differ, a basic set of principles are universal. These include:
Identify and catalog your assets. This includes determining where each asset is located, how often it is used and its state of. This information will help determine the best method to prioritize maintenance requests and make work orders more efficient. This will also allow accurate financial estimates to be made for each maintenance task.
Prioritize the most crucial assets in relation to their risk, based on the policies and objectives of your company. This will help minimize downtime and increase availability while cutting operating costs.
Determine the best method for managing obsolescence. This could include resales or recycling, or simply allocating funds for disposal. A CMMS can assist in this endeavor and also evaluate each decision’s environmental impact.
Make sure that policies and procedures are in place as well as regularly reviewed and modified to meet the changing needs of business technology advancements, as well as industry best practices. This will improve the effectiveness of the process of managing assets and increase the value of each investment. Additionally, the implementation of a strategic asset management plan will provide information-driven insight to help more confidently budgeting long into the future.