02 Sep Develop Resilience Through Strategic Asset Management
Asset-intensive organizations are facing unprecedented challenges, such as the spread of pandemics and climate change impacts on the world. It is more crucial than ever to develop resilience through strategic asset planning. This requires a mindset of transformation that combines risk and value in decision-making processes, and an organized framework for asset life cycle management.
The approach of each organisation to strategic asset management may differ slightly, there are a few universal guidelines. These include:
Recognize and catalog assets. This includes determining where each asset is located, how often it is utilized and its condition. This information will assist in determining 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 on the policies and goals of the organization. This will help reduce operational costs and help reduce downtime, while boosting uptime.
Determine the best way of managing obsolescence. This may include resale or recycling, or simply allocating funds for disposal. A CMMS solution can assist in this process and also assess the environmental impacts of each choice.
Be sure that guidelines and procedures are set as well as regularly reviewed and modified to reflect the needs of business and technological advancements as well as industry best practices. This will improve the effectiveness of the overall asset management process, and maximize the return from every investment. Additionally, the implementation of a strategic asset management plan will provide insight based on data for better planning your budget for the future.