Asset-intensive organizations are facing unprecedented challenges, such as the pioneering advanced data mining techniques for business insights in thekey-partners.com post spread of pandemics and climate change impacts on the world. It is more crucial than ever to develop resilience by implementing strategic asset planning. This involves a transformational approach that integrates risk and value in decision-making processes and a standardized framework for managing the lifecycle of an asset.

While every company’s approach to strategic asset management might differ slightly, a fundamental set of guidelines is universal. These include:

Catalog and identify assets. This includes determining where each asset is located, how often it is used, and the condition. This information will help determine the best way to prioritize maintenance requests and make work orders more efficient. This will also enable accurate financial estimates to be calculated for each maintenance task.

Create a clear and clearly defined prioritization based on risk of the most critical assets based upon the policies and goals of the organization. This will help reduce downtime and increase uptime while reducing operational costs.

Determine the best method for managing obsolescence. This could involve resales or recycling, or simply allocating funds to dispose of. A CMMS can assist in this process and can analyze each decision’s environmental impact.

Ensure policies and procedures are regularly reviewed and updated to reflect demands of the business, technological advancements and industry best practices. This will improve the effectiveness of the asset management process and boost the return on every investment. A strategic asset management plan will also provide data-driven information for budgeting more confidently in the future.