Asset-intensive organisations are facing unprecedented challenges, including the pandemics and global climate changes. It is more important than ever that they develop resilience by implementing strategic asset planning. This requires a mindset of transformation that aligns risk and benefit in decision-making processes, and a well-defined framework for asset life cycle management.
While the approach of each organisation to strategic asset management might differ but there are a few universal guidelines. These include:
Recognize and catalog your assets. This includes determining where each asset is located and how often it is utilized and its condition. This will help you to identify the best method of prioritizing maintenance requests and simplifying work orders. This information will also help in providing precise financial estimates for each maintenance task.
Establish a clear and defined risk-based priority system for the most important assets based on the policies and goals of the organization. This will minimize downtime and increase uptime while cutting operational costs.
Find the best method to deal with obsolescence. this could mean resale or recycling, or even earmarking funds for disposal. A CMMS solution can help in this process, and can also assess the environmental impacts of each choice.
Ensure policies and procedures are regularly reviewed and updated to reflect the enhancing M&A due diligence with digital tools technology advancements, business requirements and industry best practice. This will improve the efficiency of the process of managing assets and increase the value of each investment. Additionally, the implementation of an asset management strategy will provide information-driven insight to help more confidently budgeting long into the future.