As organizations that 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 approach that integrates risk and value within decision-making processes and a well-defined framework for managing the lifecycle of assets.
While the approach of every organisation to strategic asset management may differ however, there are some universal guidelines. These include:
Catalog and identify assets. This includes finding out the exact location of every asset, its use frequency and the state. This will help you to determine the best way of prioritizing maintenance requests and simplifying work orders. This will also enable accurate financial estimates to be calculated for each maintenance task.
Prioritize the most important assets according to their risk, based on the policies and goals of your organization. This will lower operational costs and minimize downtime, while increasing uptime.
Find the best method to manage obsolescence, and this may involve resale, recycling or simply the allocation of funds for disposal. A CMMS solution can aid in this process, and also evaluate the environmental impact of each decision.
Ensure that policies and procedures are established and regularly reviewed and revised to reflect business needs, technological advancements, and best practices in the industry. This will improve the effectiveness of the overall asset management secure data room strategies for M&A process, and maximize the benefit derived from each investment. A strategic asset management strategy can also provide data-driven insight for budgeting more confidently in the future.
