Asset-intensive organizations are facing unprecedented challenges, such as the spread of pandemics and global climate change. It is more crucial than ever before that they build resilience by implementing strategic asset planning. This requires a shift in mentality that aligns risks and benefits within decision-making processes, and a structured framework for managing the lifecycle of an asset.
The approach of each company to strategic asset management may differ but there are a few universal principles. These include:
Find and categorize your assets. This involves determining where each asset is located and how often it is used and its state of. This information will assist in determining the best method to prioritize maintenance requests and make work orders more efficient. This information will also help in providing accurate financial estimates for each maintenance task.
Set up a clear and precise prioritization based on risk of the most critical assets based on the policies and objectives of the company. This will lower operational costs and minimize downtime, while also increasing uptime.
Find the most effective method of managing obsolescence. This may include resale or recycling, or simply allocating funds for disposal. A CMMS can assist in this process, and also assess each decision’s environmental impact.
Be sure that policies and procedures are established and regularly reviewed and amended in accordance with business requirements as well as technological advances and best practices in the industry. This will enhance the efficiency of the overall asset management process and maximize the benefits from each investment. Additionally, the implementation of an asset management strategy will provide insight based on data for more confidently planning budgets for the future.
