As organizations that rely on assets face unprecedented issues – including the pandemic and the global climate change and climate change – it’s more essential than ever to improve resilience through strategic asset management. This requires a new approach that integrates risk and value in decision-making processes, and a structured framework for managing the lifecycle of an asset.

The approach of each organisation to strategic asset management might differ but there are a few common guidelines. These include:

Catalog and identify assets. This includes determining the exact location of every asset, its use frequency, and its condition. This information will assist in determining the best method to prioritize maintenance requests and streamline work orders. This will also enable accurate financial estimates to be created for each maintenance task.

Prioritize the most critical assets in relation to their risk, based on the policies and objectives of your company. This will lower operational costs and minimize downtime, while boosting uptime.

Determine the best way to deal with obsolescence. this could include resales or recycling, or even allocating funds for disposal. A CMMS solution can help in this process, and can also analyze the environmental impact of https://agecheckstandard.com fortifying network security in the digital economy each decision.

Make sure that procedures and policies are regularly reviewed and updated to reflect the demands of the business, technological advancements and industry best practices. This will improve the efficiency of the asset management process and boost the return on every investment. In addition, the implementation of a strategic asset management plan will provide data-driven insights for more confidently budgeting into the future.