Asset-intensive organisations are facing unprecedented issues, including the spread of diseases as well as global climate changes. It is more important than ever before that they build resilience through strategic asset planning. This requires a shift in mindset that aligns risk and value in decision-making processes, and an organized framework for asset life cycle management.

While the approach of each company to asset management strategy may differ, a basic set of guidelines is universal. These include:

Identify and catalog assets. This involves determining the exact location of each asset, its usage frequency and state. This information will allow you to identify the best way to prioritize maintenance requests and streamlining work orders. This will also enable accurate financial estimates to be calculated for each maintenance task.

Create a clear and distinct prioritization based on risk of the most crucial board collaboration vdr online assets, based on the policies and objectives of the company. This will help minimize downtime and improve uptime while reducing operational costs.

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

Ensure that policies and procedures are in place as well as regularly reviewed and modified to meet the changing needs of business, technological advancements, and industry best practices. This will increase the efficiency of the process of asset management and increase the return on each investment. Additionally the implementation of a strategic asset management plan will provide data-driven insights for more confidently planning budgets for the future.