Asset-intensive organisations are facing unprecedented challenges, such as the spread of pandemics as well as global climate changes. It is more crucial than ever that they develop resilience through strategic asset planning. This involves a transformational mindset that aligns risks and value in decision-making processes and a well-defined framework for asset life cycle management.
While the approach of every organisation to strategic asset management may differ slightly There are a few common guidelines. These include:
Make a list of your assets. This includes determining the exact location of each asset, their use frequency and state. This information will allow you to determine the most effective way to prioritize maintenance requests and streamlining work orders. This information will also allow accurate financial estimates to each maintenance task.
Set up a clear and precise risk-based prioritization of the most important assets, based on the policies and goals of the organization. This will help minimize downtime and improve uptime while reducing operational costs.
Determine the best way to deal with obsolescence. this could include resales recycling, making a commitment to dispose of funds. A CMMS can help in this endeavor and also assess each decision’s environmental impact.
Make sure that policies and procedures are regularly reviewed and updated to reflect business needs, technological advances and best practices in the industry. This will enhance the efficiency of the overall asset management process, and maximize the benefit derived from every investment. A strategic asset management plan can also provide data-driven insights for budgeting more accurately in the future.