Asset-intensive organisations are facing unprecedented problems, including pandemics as well as global climate changes. It is more crucial than ever that they develop resilience by implementing strategic asset planning. This requires a mindset of transformation that aligns risk and benefit in decision-making processes and a well-defined framework for asset life cycle management.

While the approach of each organisation to strategic asset management may differ slightly however, there are some universal guidelines. These include:

Find and catalog assets. This involves determining where each asset is located and how often it is used and its state of. This information will help determine the best method of prioritizing maintenance requests and make work orders more efficient. This will also enable accurate financial estimates to be made for each maintenance task.

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

Find the best method to manage obsolescence, and this could involve resales or recycling, or even making a commitment to dispose of funds. A CMMS solution can aid in this process and also analyze the environmental impact of each decision.

Be sure that guidelines and procedures are set as well as regularly reviewed and modified in accordance with business requirements as well as technological advances and best practices in the industry. This will improve the efficiency of the asset management process and maximize the return on every investment. Additionally, the implementation of an asset management strategy will provide insight based on data for better planning your budget for auditing the entire process of your deal with a virtual dataroom the future.