Develop Resilience Through Strategic Asset Management
As organizations that rely on assets face unprecedented challenges – including the pandemic and the global climate change – it’s more important than ever to build resilience through strategic https://thekey-partners.com/virtual-data-room-services-to-keep-your-files-secure/ asset management. This requires a change in mindset that aligns risks and benefits within decision-making processes, and a structured framework for asset life cycle management.
While the approach of every organization to strategic asset management may differ however, there are some common principles. These include:
Recognize and catalog your assets. This includes finding out the exact location of each asset, its use frequency, and its state. This information will assist in determining the best method to prioritize maintenance requests and streamline work orders. This information will also allow accurate financial estimates to each maintenance task.
Prioritize the most critical assets according to their risk, based on the goals and policies of your company. This will minimize downtime and increase uptime while cutting operating costs.
Determine the best way to deal with obsolescence. this may involve resale or recycling, or simply making a commitment to dispose of funds. A CMMS solution can help in this process, and also assess the environmental impacts of each decision.
Make sure that procedures and policies are regularly reviewed and updated to reflect the business needs, technological advances, and industry best practice. This will increase the efficiency of the process of managing assets and increase the value of each investment. A strategic asset management strategy can also provide data-driven recommendations for budgeting more accurately in the near future.
