Develop Resilience Through Strategic Asset Management

Asset-intensive organizations are facing unprecedented challenges, including the pandemics as well as global climate changes. It is more essential than ever that they develop resilience through strategic asset planning. This involves a transformational mentality that aligns risks and value in decision-making processes and a well-defined framework for managing the lifecycle of assets.

While every organization’s approach to strategic asset management might differ slightly, a fundamental set of principles are universal. These include:

Make a list of your assets. This involves determining where each asset is located, how often it is utilized and its state of. This will help you to identify the best way of prioritizing maintenance requests, and streamlining work orders. This will also enable accurate financial estimations to be made for each maintenance task.

Establish a clear and defined risk-based prioritization of the most critical assets based on the policies and objectives of the company. This will reduce downtime and increase the amount of time available for uptime, while cutting operating costs.

Find the most effective method of managing obsolescence. This could mean resales or recycling or simply distributing funds to dispose of. A CMMS solution can help in this process, and also analyze the environmental impact of each choice.

Make sure that policies and procedures are regularly reviewed and updated to reflect demands of the business, technological advancements and industry best practices. This will increase the effectiveness of the overall asset management process, and maximize the value from each investment. Additionally, the implementation of an asset management strategy will provide data-driven insights for more confidently budgeting into the future.

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