As organizations that depend on assets face new challenges – such as the pandemic and global climate changes It is more crucial than ever to improve resilience through strategic asset management. This requires a change in approach that integrates risk and value within decision-making processes and a standardized framework for managing the lifecycle of assets.

While the approach of each company to strategic asset management might differ There are a few common guidelines. These include:

Recognize and catalog assets. This includes determining where each item is located and how often it is used, and the state of. This will help you to determine the most effective way to prioritize maintenance requests and simplifying work orders. This information can also provide precise financial estimates for each maintenance task.

Prioritize the most crucial assets according to their risk based on the policies and objectives of your organization. This will help reduce operational costs and reduce downtime, while also increasing uptime.

Determine the best cloud hosting vs on premise hosting way of managing obsolescence. This could include resales or recycling or simply distributing funds for disposal. A CMMS solution can assist in this process, and can also assess the environmental impacts of each choice.

Make sure that procedures and policies are regularly reviewed and updated to reflect the demands of the business, technological advancements 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 insight based on data for better planning your budget for the future.