As companies that are heavily dependent on assets face unprecedented challenges – such as the pandemic and global climate change It is more crucial than ever to build resilience through strategic asset management. This requires a shift in mindset that aligns risk and value in decision-making processes and an organized framework for asset life cycle management.
While the approach of each organization to strategic asset management may differ slightly, there are a few universal guidelines. These include:
Identify and catalog assets. This involves determining where each asset is located, how often it is used and its state of. This will help you to identify the best way of prioritizing maintenance requests and simplifying work orders. This information will also provide accurate estimates of the financial costs for each maintenance task.
Prioritize the assets that are most critical according to their risk based on the policies and objectives of your company. This will help reduce downtime and increase availability while decreasing operational costs.
Determine the best method to deal with obsolescence. this could involve resales, recycling or simply earmarking funds for disposal. A CMMS solution can assist in this process, and also evaluate the environmental impact of each choice.
Be sure that policies and procedures are established and are regularly reviewed and updated to reflect business needs and technological advancements as well as industry best practices. This will increase the effectiveness of the process of managing assets and increase the return on each investment. A strategic asset management plan can also provide data-driven recommendations for budgeting more accurately in the near future.