Asset-intensive organisations are facing unprecedented problems, including pandemics and climate change impacts on the world. It is more important than ever before that they build resilience through strategic asset planning. This requires a change-oriented mindset that combines risk and value in decision-making processes as well as an organized framework for asset life cycle management.

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

Make a list of 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 allow you to decide on the best way of prioritizing maintenance requests, and simplifying work orders. This will also allow accurate financial estimates to be calculated for each maintenance task.

Prioritize the most important assets by their risk based on the policies and goals of your organization. This will reduce operational costs and minimize downtime, while increasing uptime.

Determine the best method for managing obsolescence. This could include resales or recycling or simply allocating funds for disposal. A CMMS solution can aid in this process and also evaluate the environmental impact of each decision.

Make sure that procedures and policies are regularly reviewed and updated to reflect technology advancements, business requirements and industry best practices. This will increase the efficiency of the overall asset management process, and maximize the value from every investment. Additionally the implementation of a strategic asset management plan will provide information-driven insight to help more confidently planning budgets for the future.

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