Asset-intensive companies are facing unprecedented problems, including pandemics and global climate change. It is more essential than ever to develop resilience through strategic asset planning. This involves a transformational mindset that aligns risks and value in decision-making processes and a structured framework for managing the lifecycle of an asset.
While every organization’s approach to strategic asset management may differ, a basic set of guidelines is universal. These include:
Make a list of your assets. This includes finding out the exact location of each asset, its usage frequency and the state. This information will allow you to determine the most effective method to prioritize maintenance requests and simplifying work orders. This information can also provide precise financial estimates for each maintenance task.
Prioritize the most critical assets according to their risk, based on the policies and goals of your company. This will cut operational costs and reduce downtime, while increasing uptime.
Determine the best method to manage obsolescence, and this could include resales or recycling, or even making a commitment to dispose of funds. A CMMS solution can aid in this process, and can also evaluate the environmental impact of each choice.
Be sure that policies and procedures are established and regularly reviewed and amended to meet the changing needs of business as well as technological advances and industry best practices. This will improve the effectiveness of the overall asset management process, and maximize the benefit derived from each investment. A strategic asset management plan will also provide data-driven information for budgeting more confidently in the future.