Develop Resilience Through Strategic Asset Management

As organizations that depend on assets face new issues – including the pandemic and global climate change and climate change – it’s more essential than ever to develop resilience through strategic asset management. This requires a transformational mentality that aligns risk and benefit in decision-making and an organized framework for asset life cycle management.

While the approach of every company to strategic asset management may differ however, there are some common guidelines. These include:

Find and categorize your assets. This involves determining where each asset is located and the frequency at which it is used and its state of. This information will help determine the best method to prioritize maintenance requests and make work orders more efficient. This information will also help in providing accurate financial estimates for each maintenance task.

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

Determine the best method to deal with obsolescence. this may involve resale or recycling, or simply earmarking funds for disposal. A CMMS can help in this process and https://agecheckstandard.com fortifying network security in the digital economy also assess each decision’s environmental impact.

Make sure that the policies and procedures are regularly reviewed and updated to reflect technology advancements, business requirements and industry best practice. This will increase the effectiveness of the overall asset management process, and maximize the benefit derived from every investment. Additionally, the implementation of an asset management strategy will provide data-driven insight for more confidently planning budgets for the future.