As asset-intensive organisations face unprecedented challenges – such as the pandemic as well as global climate change the need is greater than ever to improve resilience through strategic asset management. This requires a transformational mentality that aligns risk and value in decision-making processes as well as a well-defined framework for asset life cycle management.
While every organization’s approach to strategic asset management may differ, a common set of guidelines is universal. These include:
Identify and catalog assets. This includes finding out the exact location of every asset, its use frequency and the condition. This information will allow you to identify the best method of prioritizing maintenance requests, and streamlining read new article at thekey-partners.com work orders. This information will also allow accurate estimates of the financial costs for each maintenance task.
Create a clear and distinct risk-based prioritization of the most vital assets based upon the policies and goals of the organization. This will cut operational costs and reduce downtime, while boosting uptime.
Determine the best way of managing obsolescence. This could involve resales or recycling, or simply allocating funds for disposal. A CMMS can help in this process and can also assess each decision’s environmental impact.
Make sure that the policies and procedures are in place as well as regularly reviewed and modified to reflect business needs, technological advancements, and best practices in the industry. This will increase the effectiveness of the asset management process and maximize the return on every investment. A strategic asset management strategy can also provide data-driven recommendations to budget more confidently in the near future.
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