Develop Resilience Through Strategic Asset Management - Daddy Tv

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Asset-intensive organisations are facing unprecedented issues, including the spread of diseases and climate change impacts on the world. It is more vital than ever to build resilience through strategic asset planning. This requires a transformational mentality that combines risk and value in decision-making processes as well as a structured framework of asset life cycle management.

While the approach of each organization to strategic asset management may differ slightly but there are a few universal principles. These include:

Find and catalog assets. This includes determining the exact location of each asset, their use frequency and the state. This information will assist in determining the best way to prioritize maintenance requests and simplify work orders. This will also allow for accurate financial estimates to be created for each maintenance task.

Set up a clear and precise risk-based priority system for the most important assets based on policies and objectives of the company. This will cut operating costs and decrease downtime, while also increasing uptime.

Determine the best way to deal with obsolescence. this could mean resale recycling, earmarking funds for disposal. A CMMS can aid in this process, and also evaluate each decision’s environmental impact.

Make sure that policies and procedures are in place and regularly reviewed and revised in accordance with business requirements, technological advancements, and industry best practices. This will increase the effectiveness of the asset management process and boost the return on each investment. A strategic asset management strategy can also provide data-driven insights to help budget more effectively in the near future.