Asset-intensive companies are facing unprecedented problems, including pandemics as well as global climate changes. It is more crucial than ever that they develop resilience by implementing strategic asset planning. This requires a change-oriented mindset that aligns risk and benefit in decision-making processes, and a well-defined framework for asset life cycle management.
Although the approach of each organisation to strategic asset management might differ however, there are some common guidelines. These include:
Find and categorize your assets. This involves finding out the exact location of each asset, its usage frequency, and its condition. This information will help determine the best way to prioritize maintenance requests and reduce work orders. This information will also provide precise financial estimates for each maintenance task.
Create a clear and distinct risk-based priority system for the most important assets, based on the policies and goals of the organization. This will reduce downtime and improve uptime while cutting operating costs.
Find the best method to deal with obsolescence. this could include resales or recycling, or even allocating funds for disposal. A CMMS solution can aid 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 business needs, technological advances, and industry best practice. This will improve the effectiveness of the overall asset management process and maximize the return from each investment. A strategic asset management strategy can also provide data-driven recommendations to help budget more effectively in the future.