As asset-intensive organisations face unprecedented challenges – such as the pandemic and the global climate change – it’s more important than ever to build resilience through strategic asset management. This requires a new approach that integrates risk and benefits within decision-making processes, and a structured framework for managing the lifecycle of an asset.

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

Find and catalog assets. This involves determining the exact location of each asset, its usage frequency, and its state. This information will allow you to decide on the best way to prioritize maintenance requests and simplifying work orders. This information can also provide accurate financial estimates for each maintenance task.

Prioritize the most crucial assets by their risk based on the policies and objectives of your company. This will help reduce downtime and increase uptime while board portal efficiency in executive meetings decreasing operational costs.

Find the best method of managing obsolescence. This could mean resales or recycling or simply distributing funds to dispose of. A CMMS solution can aid in this process, and also analyze the environmental impact of each choice.

Ensure policies and procedures are regularly reviewed and updated to reflect the current business needs, technological advancements and industry best practice. This will increase the efficiency of the overall asset management process, and maximize the benefits from every investment. Additionally the implementation of a strategic asset management plan will provide information-driven insight to help more confidently budgeting long into the future.