As organizations that data-driven methodologies for M&A analysis depend on assets face new challenges – such as the pandemic and global climate change the need is greater than ever to build resilience through strategic asset management. This requires a shift in mindset that aligns risk and benefit in decision-making and an organized framework for asset life cycle management.
While each organisation’s approach to asset management strategy may differ slightly, a fundamental set of principles is universal. These include:
Find and catalog assets. This involves determining where each asset is located, how often it is utilized and its condition. This information will allow you to determine the most effective way of prioritizing maintenance requests and simplifying work orders. This will also enable accurate financial estimates to be created for each maintenance task.
Prioritize the most important assets in relation to their risk, based on the policies and objectives of your company. This will help reduce downtime and improve uptime while decreasing operating costs.
Find the best method to deal with obsolescence. this could include resales recycling, making a commitment to dispose of funds. A CMMS solution can help in this process and also evaluate the environmental impact of each choice.
Ensure that policies and procedures are established and are regularly reviewed and updated to reflect business needs as well as technological advances and best practices in the industry. This will increase the effectiveness of the overall asset management process and maximize the benefit derived from every investment. A strategic asset management strategy can also provide data-driven recommendations for budgeting more accurately in the future.
