Develop Resilience Through Strategic Asset Management
As companies that are heavily dependent on assets face unprecedented issues – including the pandemic and global climate changes the need is greater than ever to build resilience through strategic asset management. This requires a new mindset that aligns risks and value within decision-making processes and a well-defined framework for managing the lifecycle of assets.
Although the approach of each organization to strategic asset management might differ There are a few common principles. These include:
Catalog and identify assets. This includes determining where each asset is located and the frequency at which it is utilized and its condition. This information will help determine the best method to prioritize maintenance requests and make work orders more efficient. This will also allow accurate financial estimates to be created for each maintenance task.
Establish a clear and defined risk-based prioritization of the most crucial assets based on policies and objectives of the company. This will reduce operational costs and help reduce downtime, while also increasing uptime.
Determine the best way to manage obsolescence, and this could include resales or recycling, or even allocating funds for disposal. A CMMS can assist in this process and also evaluate each choice’s environmental impact.
Be sure that guidelines and procedures are set and regularly reviewed and amended in accordance with business requirements as well as technological advances and industry best practices. This will increase the efficiency of the overall asset management process, and maximize the benefits from each investment. Additionally the implementation of a strategic asset management plan will provide insight based on data for more confidently budgeting into the future.
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