Develop Resilience Through Strategic Asset Management

Asset-intensive companies are facing unprecedented issues, including the spread of diseases as well as global climate changes. It is more vital than ever to develop resilience by implementing strategic asset planning. This requires a mindset of transformation that combines risk and value in decision-making and a structured framework of asset life cycle management.

While the approach of each organisation to strategic asset management may differ slightly, there are a few universal principles. These include:

Find and catalog assets. This involves determining where each asset is located and how often it’s used, and the state of. This will help you to decide on the best method of prioritizing maintenance requests, and simplifying work orders. This will also enable accurate financial estimates to be made for each maintenance task.

Prioritize the most crucial assets according to their risk, based on the policies and objectives of your organization. This will reduce downtime and increase uptime while cutting operational costs.

Determine the best way to manage obsolescence, and this could include resales or recycling, or simply making a commitment to dispose of funds. A CMMS can aid in this process and can also evaluate each decision’s environmental impact.

Make sure that the policies and procedures are in place and regularly reviewed and amended to reflect the needs of business technology advancements, as well as best practices in the industry. This will increase the effectiveness of the process of asset management and increase the value of each investment. A strategic asset management plan will also provide data-driven information for budgeting more confidently in the near future.

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