Develop Resilience Through Strategic Asset Management

As companies that are heavily dependent on assets face unprecedented challenges – including the pandemic and global climate changes the need is greater than ever to develop resilience through strategic asset management. This requires a shift in mindset that aligns risk and value in decision-making and a well-defined framework for asset life cycle management.

While the approach of every company to strategic asset management may differ however, there are some universal guidelines. These include:

Identify and catalog assets. This includes determining the exact location of every asset, its use frequency, and its state. This information will assist in determining the best way to prioritize maintenance requests and simplify work orders. This will also enable accurate financial estimates to be created for each maintenance task.

Prioritize the most important assets by their risk based on the policies and goals of your organization. This will reduce downtime and improve uptime while cutting operational costs.

Find the most effective method of managing obsolescence. This could include resales or recycling or simply allocating funds to dispose of. A CMMS solution can assist in this process, and also analyze the environmental impact of each choice.

Make sure that procedures and policies are regularly reviewed and updated to reflect business needs, technological advances and industry best practice. This will enhance the efficiency of the overall asset management process, and maximize the benefit derived from each investment. Additionally, the implementation of a strategic asset management plan will provide data-driven insights for better planning your boardeffect main benefits budget for the future.