As companies that are heavily dependent on assets face unprecedented problems – including the pandemic as well as global climate change – it’s more important than ever to build resilience through strategic asset management. This requires a transformational mentality that aligns risk and value in decision-making processes as well as a structured framework of asset life cycle management.

While the approach of every company to strategic asset management may differ There are a few universal guidelines. These include:

Make a list of your assets. This includes determining the exact location of each asset, their use frequency and state. This will help determine the best method to prioritize maintenance requests and reduce work orders. This will also allow accurate financial estimates to be created for each maintenance task.

Prioritize the most critical assets in relation to their risk, based on the goals and policies of your organization. This will reduce operational costs and minimize downtime, while increasing uptime.

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

Make sure that the policies and top board portal providers procedures are regularly reviewed and updated to reflect current business needs, technological advancements and best practices in the industry. This will enhance the efficiency of the overall asset management process and maximize the return from each investment. Additionally, the implementation of a strategic asset management plan will provide data-driven insight for more confidently budgeting long into the future.