Companies that rely on assets are facing a myriad of issues, including the spread of diseases as well as global climate changes. It is more important than ever to develop resilience through strategic asset planning. This requires a shift in approach to managing risks and value in decision-making processes and a standardized framework for managing the lifecycle of an asset.
While every company’s approach to strategic asset management will differ slightly, a fundamental set of principles are universal. These include:
Find and catalog assets. This involves determining the exact location of every asset, its use frequency and its state. This information can help determine the best method of prioritizing maintenance requests and reduce work orders. This information will also provide accurate financial estimates for each maintenance task.
Set up a clear and precise risk-based priority system for the most vital assets based upon the policies and objectives of the company. This will lower operational costs and minimize downtime, while also increasing uptime.
Determine the best way of managing obsolescence. This could involve resales or recycling or simply distributing funds for disposal. A CMMS solution can aid in this process, and also analyze the environmental impact of each choice.
Make sure that the policies and procedures are in place and are regularly reviewed and updated to meet the changing needs of business as well as technological advances and industry https://thekey-partners.com/ibabs-software-review/ best practices. This will improve the effectiveness of the overall asset management process and maximize the benefits from every investment. Additionally the implementation of an asset management strategy will provide data-driven insights for more confidently budgeting long into the future.
