As organizations that depend on assets face new issues – including the pandemic and global climate changes It is more crucial than ever before to build resilience through strategic asset management. This requires a new mindset that aligns risks and value in decision-making and a well-defined framework to manage the life cycle of assets.
While the approach of each company to strategic asset management will differ, a basic set of principles is universal. These include:
Catalog and identify assets. This involves determining the exact location of every asset, its use frequency and condition. This information will assist in determining the best way to prioritize maintenance requests and streamline work orders. This information will also provide precise financial estimates for each maintenance task.
Establish a clear and defined prioritization based on risk of the most important assets based on policies and objectives of the leveraging tech in M&A negotiation processes company. This will reduce operating costs and decrease downtime, while increasing uptime.
Determine the best way of managing obsolescence. This could include resales or recycling or simply allocating funds for disposal. A CMMS can aid in this process, and also evaluate each choice’s environmental impact.
Make sure that the policies and procedures are regularly reviewed and updated to reflect the current business needs, technological advancements, and industry best practice. 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 insight to help budget more effectively in the near future.