Asset-intensive organisations are facing unprecedented challenges, including the pandemics and global climate changes. It is more important than ever that they develop resilience through strategic asset planning. This requires a change in approach that integrates risk and value in decision-making processes and a structured framework to manage the life cycle of assets.

While the approach of each organization to strategic asset management may differ however, there are some common guidelines. These include:

Identify and catalog your assets. This includes determining where each asset is located and the frequency at which it is utilized and its state of. This information will assist in determining the best way to prioritize maintenance requests and make work orders more efficient. This information will also help in providing accurate financial estimates to each maintenance task.

Prioritize the most crucial assets according to their risk based on the policies and goals of your company. This will help minimize downtime and increase uptime while cutting operational costs.

Find the most effective method of managing obsolescence. This could involve resales or recycling, or simply allocating funds for disposal. A CMMS solution can help in this process, and also assess the environmental impact of each choice.

Make sure that the policies and procedures are established and regularly reviewed and revised to meet the changing needs of business as well as technological advances and industry best practices. This will improve the effectiveness of the overall asset management process, and maximize the value from every investment. A strategic asset management plan can also provide data-driven recommendations to help budget more effectively in the future.

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