Companies that rely on assets are facing a myriad of issues, including the spread of diseases as well as global climate changes. It is more important than ever before that they build resilience through strategic asset planning. This requires a new approach that integrates risk and value in decision-making, and a structured framework for managing the lifecycle of an asset.
While every company’s approach to strategic asset management will differ slightly, a core set of principles are universal. These include:
Recognize and catalog your assets. This involves determining the exact location of each asset, its use frequency and condition. This will help determine the best method to prioritize maintenance requests and simplify work orders. This will also enable accurate financial estimates to be calculated for each maintenance task.
Create a clear and clearly defined risk-based prioritization of the most crucial assets based on policies and goals of the organization. This will help reduce operating costs and decrease downtime, while increasing uptime.
Determine the best way of managing obsolescence. This could involve resales or recycling, or simply allocating funds for disposal. A CMMS can help in this process, and also assess each decision’s environmental impact.
Be sure that guidelines and procedures are set and regularly reviewed and amended in accordance with business requirements as well as technological advances and best practices in the industry. This will increase the efficiency of the overall asset management process and maximize the benefit derived from each investment. Additionally, the implementation of an asset management strategy will provide information-driven insight to board collaboration vdr online help better planning your budget for the future.