Develop Resilience Through Strategic Asset Management

Asset-intensive companies are facing unprecedented challenges, including the pandemics and global climate changes. It is more essential than ever to develop resilience through strategic asset planning. This requires a transformational mentality that integrates risk and value in decision-making and a structured framework of asset life cycle management.

While the approach of each company to strategic asset management may differ, a basic set of principles is universal. These include:

Make a list of your assets. This involves finding out the exact location of each asset, its use frequency and the condition. This will help you to identify the best way to prioritize maintenance requests and simplifying work orders. This will also allow for accurate financial estimations to be made for each maintenance task.

Set up a clear and precise risk-based priority system for the most crucial assets based on policies and objectives of the company. This will reduce operational costs and help reduce downtime, while boosting uptime.

Find the best method of managing obsolescence. This may include resale or recycling, or simply allocating funds to dispose of. A CMMS solution can help in this process, and can also analyze the environmental impact of each choice.

Be sure that policies and procedures are in place and regularly reviewed and amended to reflect business needs as well as technological advances and industry best practices. This will increase the efficiency of the process of asset management and increase the value of each investment. Additionally the implementation of an asset management strategy will provide data-driven insights for more confidently planning budgets for the future.

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