As organizations that rely on assets face unprecedented challenges – such as the pandemic as well as global climate change It is more crucial than ever to build resilience through strategic asset management. This requires a shift in mindset that aligns risk and benefit in decision-making and a well-defined framework for asset life cycle management.
While every organization’s approach to strategic asset management may differ slightly, a core set top board portal providers of rules is universal. These include:
Find and catalog assets. This involves determining the exact location of every asset, its use frequency and the state. This will help you to decide on the best way of prioritizing maintenance requests, and simplifying work orders. This information will also provide accurate estimates of the financial costs for each maintenance task.
Establish a clear and defined risk-based prioritization of the most vital assets based on the policies and goals of the organization. This will help reduce operational costs and reduce downtime while increasing the uptime.
Determine the best method to deal with obsolescence. this could mean resale recycling, the allocation of funds for disposal. A CMMS can assist in this endeavor and analyze each decision’s environmental impact.
Make sure that policies and procedures are regularly reviewed and updated to reflect business needs, technological advances, and industry best practice. This will increase the effectiveness of the process of managing assets and increase the value of each investment. A strategic asset management plan can also provide data-driven insight to help budget more effectively in the future.
