Develop Resilience Through Strategic Asset Management

Asset-intensive organisations are facing unprecedented problems, including pandemics and global climate changes. It is more crucial than ever to build resilience through strategic asset planning. This requires a mindset of transformation that combines risk and value in decision-making processes, and an organized framework for asset life cycle management.

The approach of each organization to strategic asset management might differ but there are a few Real Estate Project common guidelines. These include:

Catalog and identify assets. This includes finding out the exact location of each asset, their use frequency and state. This will help determine the best way to prioritize maintenance requests and simplify work orders. This will also allow for accurate financial estimates to be calculated for each maintenance task.

Prioritize the most important assets in relation to their risk, based on the policies and objectives of your company. This will help reduce operational costs and help reduce downtime while increasing the uptime.

Determine the best way to manage obsolescence, and this could include resales or recycling, or even allocating funds for disposal. A CMMS can assist in this process and also assess each decision’s environmental impact.

Make sure that policies and procedures are established and are regularly reviewed and updated to reflect the needs of business, technological advancements, and industry best practices. This will enhance the efficiency of the overall asset management process, and maximize the return from every investment. A strategic asset management plan can also provide data-driven insight to help budget more effectively in the future.