Asset-intensive companies are facing unprecedented issues, including the spread of diseases and climate change impacts on the world. It is more crucial than ever before that they build resilience by implementing strategic asset planning. This requires a shift in mindset that integrates risk and value in decision-making processes and an organized framework for asset life cycle management.
While each organisation’s approach to strategic asset management might differ slightly, a core set of principles is universal. These include:
Recognize and catalog your assets. This includes determining where each asset is located and the frequency at which it is used and its condition. This information will allow you to determine the most effective method to prioritize maintenance requests and streamlining work orders. This will also allow for accurate financial estimates to be made for each maintenance task.
Prioritize the most critical assets according to their risk, based on the policies and objectives of your organization. This will lower operational costs and reduce downtime, while also increasing uptime.
Find the most effective method of managing obsolescence. This may include resale or recycling or simply distributing funds for disposal. A CMMS solution can assist in this process and also assess the environmental impact of each decision.
Make sure that the guidelines and procedures are set as well as regularly reviewed and modified to meet the changing needs of business technology advancements, as well as best practices in the industry. This will increase the effectiveness of the overall asset management process and maximize the value from every investment. In addition the implementation of an asset management strategy will provide information-driven insight to help more confidently Read More Here https://thekey-partners.com/strategies-for-efficiently-managing-your-real-estate-projects/ budgeting long into the future.