Asset-intensive organisations are facing unprecedented problems, including pandemics and global climate changes. It is more crucial https://thekey-partners.com/ibabs-software-review/ than ever that they develop resilience by implementing strategic asset planning. This involves a transformational approach to managing risks and benefits within decision-making processes and a structured framework for managing the lifecycle of an asset.

While every company’s approach to strategic asset management will differ, a basic set of principles are universal. These include:

Find and catalog assets. This involves finding out the exact location of every asset, its use frequency and its condition. This will help you to identify the best way of prioritizing maintenance requests, and simplifying work orders. This will also allow accurate financial estimates to be created for each maintenance task.

Prioritize the most crucial assets according to their risk, based on the goals and policies of your organization. This will lower operational costs and help reduce downtime, while boosting uptime.

Find the best method of managing obsolescence. This could mean resales or recycling or simply allocating funds to dispose of. A CMMS can assist in this endeavor and also evaluate each decision’s environmental impact.

Ensure that guidelines and procedures are set as well as regularly reviewed and modified to reflect the needs of business technology advancements, as well as industry best practices. This will increase the efficiency of the overall asset management process and maximize the return from each investment. Additionally the implementation of an asset management strategy will provide data-driven insight for more confidently budgeting long into the future.