Asset-intensive organisations are facing unprecedented issues, including the spread of diseases and global climate changes. It is more crucial than ever that they develop resilience through strategic asset planning. This requires a new approach that integrates risk and value in decision-making processes and a structured framework to manage the life cycle of assets.
Although the approach of each company to strategic asset management may differ slightly but there are a few universal guidelines. These include:
Recognize and catalog assets. This involves determining the exact location of each asset, its use frequency and the state. This information will assist in determining the best method of prioritizing maintenance requests and make work orders more efficient. This will also allow for accurate financial estimations to be made for each maintenance task.
Set up a clear and precise prioritization based on risk of the most crucial assets based upon the policies and goals of the organization. This will cut operating costs and decrease downtime while increasing the uptime.
Determine the best method to manage obsolescence, and this could include resales or recycling, or even allocating funds for disposal. A CMMS can assist in this endeavor and also evaluate each decision’s environmental impact.
Make sure that procedures and policies are regularly reviewed and updated to reflect the business needs, technological advances, and industry best practice. This will increase the efficiency of the asset management process and maximize the return on every investment. A strategic asset management plan can also provide data-driven insight for budgeting more accurately in the future.