As companies that are heavily dependent on assets face unprecedented challenges – such as the pandemic and the global climate change It is more crucial than ever to develop resilience through strategic asset management. This requires a shift in approach to managing risks and benefits within decision-making processes, and a structured framework for asset life cycle management.

While every organization’s approach to strategic asset management will differ slightly, a fundamental set of principles is universal. These include:

Identify and catalog assets. This includes determining the exact location of every asset, its use frequency and the state. This information will assist in determining the best method to prioritize maintenance requests and simplify work orders. This information will also help in providing accurate estimates of the financial costs for each maintenance task.

Prioritize the assets that are most critical according to their risk based on the policies and objectives of your company. This will lower operational costs and minimize downtime, while boosting uptime.

Determine the best method for managing obsolescence. This may include resale or recycling, or simply allocating funds to dispose of. A CMMS can assist in this endeavor and also evaluate each decision’s environmental impact.

Be sure that policies and procedures are in place and regularly reviewed and amended to meet the changing needs of business technology advancements, as well as best practices in the industry. This will improve the efficiency of the process of managing assets and increase the value of each investment. In addition the implementation of a strategic asset management plan will provide information-driven https://thekey-partners.com/virtual-data-room-services-to-keep-your-files-secure/ insight to help more confidently budgeting into the future.