As asset-intensive organisations face unprecedented challenges – such as the pandemic and global climate change the need is greater than ever to develop resilience through strategic asset management. This requires a new mindset that aligns risks and value in decision-making and a structured framework to manage the life cycle of assets.
While every company’s approach to asset management strategy may differ slightly, a fundamental set of rules is universal. These include:
Recognize and catalog assets. This involves finding out the exact location of each asset, their use frequency and condition. This information will allow you to determine the best way to prioritize maintenance requests and simplifying work orders. This will also allow accurate financial estimates to be made for each maintenance task.
Set up a clear and precise risk-based prioritized list of the most vital assets based on policies and goals of the organization. This will lower operational costs and help reduce downtime, while increasing uptime.
Determine the best method to deal with obsolescence. this could mean resale, recycling or simply earmarking funds for disposal. A CMMS can assist in this process and can also evaluate data-driven methodologies for M&A analysis each decision’s environmental impact.
Make sure that the guidelines and procedures are set as well as regularly reviewed and modified to reflect the needs of business and technological advancements as well as best practices in the industry. This will increase the efficiency of the overall asset management process, and maximize the value from each investment. A strategic asset management plan can also provide data-driven recommendations to help budget more effectively in the future.
