Asset-intensive organizations are facing unprecedented challenges, such as the spread of pandemics and global climate change. It is more important than ever to build resilience through strategic asset planning. This requires board software for streamlined corporate resolutions a shift in mindset that aligns risk and benefit in decision-making and a structured framework of asset life cycle management.
While the approach of each company to asset management strategy may differ, a basic set of principles are universal. These include:
Make a list of your assets. This includes determining the exact location of each asset, its usage frequency and state. This information will allow you to identify the best method of prioritizing maintenance requests and streamlining work orders. This will also allow for accurate financial estimates to be made for each maintenance task.
Prioritize the assets that are most critical by their risk based on the policies and goals of your organization. This will minimize downtime and increase availability while decreasing operational costs.
Find the most effective method of managing obsolescence. This could include resales or recycling or simply distributing funds to dispose of. A CMMS can aid in this process, and analyze each decision’s environmental impact.
Make sure that procedures and policies are regularly reviewed and updated to reflect business needs, technological advances and best practices in the industry. This will increase the efficiency of the overall asset management process, and maximize the benefits from every investment. A strategic asset management strategy can also provide data-driven recommendations to help budget more effectively in the near future.