As organizations that rely on assets face unprecedented challenges – such as the pandemic as well as global climate change the need is greater than ever to improve resilience through strategic asset management. This requires a shift in mindset that combines risk and value in decision-making processes as well as an organized framework for asset life cycle management.
While the approach of every organization to strategic asset management may differ slightly but there are a few universal guidelines. These include:
Recognize and catalog your assets. This includes finding out enhancing M&A due diligence with digital tools the exact location of every asset, its use frequency and condition. This information can help determine the best method to prioritize maintenance requests and make work orders more efficient. This will also allow for accurate financial estimates to be made for each maintenance task.
Establish a clear and defined risk-based prioritization of the most crucial assets based upon the policies and goals of the organization. This will help reduce operational costs and minimize downtime, while boosting uptime.
Find the best method of managing obsolescence. This may include resale or recycling or simply distributing funds to dispose of. A CMMS solution can help in this process, and can also assess the environmental impact of each decision.
Make sure that the policies and procedures are regularly reviewed and updated to reflect business needs, technological advances and industry best practices. This will enhance the efficiency of the overall asset management process, and maximize the benefit derived from every investment. In addition the implementation of a strategic asset management plan will provide data-driven insight for more confidently budgeting long into the future.