Asset-intensive companies are facing unprecedented challenges, including the pandemics and climate change impacts on the world. It is more important than ever to develop resilience through strategic asset planning. This requires a change-oriented mindset that integrates risk and value in decision-making and an organized framework for asset life cycle management.

While each organisation’s approach to strategic asset management will differ slightly, a core set of principles are universal. These include:

Find and catalog assets. This includes finding out the exact location of each asset, their use frequency and the state. This information will help determine the best way to prioritize maintenance requests and make work orders more efficient. This will also allow for accurate financial estimates to be created for each maintenance task.

Set up a clear and precise risk-based prioritized list of the most vital assets based on policies and goals of the organization. This will help reduce downtime and increase the amount of time available for uptime, while cutting operating costs.

Determine the best way of managing obsolescence. This may include resale or recycling or simply allocating funds for disposal. A CMMS can assist in this process, and also evaluate each choice’s environmental impact.

Be sure that policies and procedures are in place and are regularly reviewed and updated in accordance with business requirements technology advancements, as well as industry best practices. This will enhance the efficiency of the overall asset management process, and maximize the return from each investment. Additionally, the implementation of an asset management strategy will provide data-driven insights for more confidently budgeting into the future.

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