As asset-intensive organisations face unprecedented challenges – including the pandemic and global climate changes – it’s more important than ever to improve resilience through strategic asset management. This requires a change in mentality that aligns risks and value in decision-making, and a structured framework for asset life cycle management.
Although the approach of each organization to strategic asset management might differ, there are a few common principles. These include:
Recognize and catalog assets. This includes determining where each asset is located and how often it’s utilized and its condition. This information can help determine the best method to prioritize maintenance requests and simplify work orders. This will also enable accurate financial estimates to be made for each maintenance task.
Prioritize the most crucial assets in relation to their risk, based on the goals and policies of your organization. This will help reduce operational costs and reduce downtime while increasing the uptime.
Find the best method to deal with obsolescence. this could mean resale, recycling or simply allocating funds for disposal. A CMMS solution can assist in this process and also assess the environmental impact of each choice.
Make sure that procedures and policies are regularly reviewed and updated to reflect the current business needs, technological advancements and industry best practices. This will increase the effectiveness of the overall asset management process and maximize the return from each investment. A strategic asset management plan can also provide data-driven insight to budget more confidently in the near future.
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