As organizations that rely on assets face unprecedented challenges – such as the https://thekey-partners.com/cloud-hosting-vs-on-premise-hosting/ pandemic as well as global climate change the need is greater than ever before to build resilience through strategic asset management. This requires a shift in mindset that combines risk and value in decision-making processes and a well-defined framework for asset life cycle management.
While every organization’s approach to strategic asset management will differ, a common set of guidelines is universal. These include:
Recognize and catalog your assets. This includes determining where each item is located, how often it is used and its condition. This information will help determine the best method to prioritize maintenance requests and streamline work orders. This information will also provide accurate estimates of the financial costs for each maintenance task.
Prioritize the most crucial assets by their risk based on the policies and goals of your organization. This will reduce downtime and improve uptime while reducing operating costs.
Determine the best method to manage obsolescence, and this may involve resale, recycling or simply the allocation of funds for disposal. A CMMS solution can assist in this process, and also analyze the environmental impact of each decision.
Ensure that policies and procedures are in place as well as regularly reviewed and modified in accordance with business requirements and technological advancements as well as industry best practices. This will increase the efficiency of the overall asset management process, and maximize the benefits from every investment. In addition the implementation of an asset management strategy will provide data-driven insights for more confidently budgeting into the future.