Develop Resilience Through Strategic Asset Management

Asset-intensive organizations are facing unprecedented challenges, including the pandemics and climate change impacts on the world. It is more important than ever before that they build resilience by implementing strategic asset planning. This requires a transformational mentality that aligns risk and benefit in decision-making processes and a well-defined framework for asset life cycle management.

The approach of each company to strategic asset management may differ slightly but there are a few universal guidelines. These include:

Identify and catalog assets. This involves finding out the exact location of every asset, its use frequency and its condition. This will help determine the best way to prioritize maintenance requests and streamline work orders. This information will also provide accurate financial estimates to each maintenance task.

Prioritize the most crucial assets in relation to their risk, based on the policies and objectives of your company. This will help reduce operating costs and decrease downtime, while boosting uptime.

Find the best method of managing obsolescence. This could mean resales or recycling, or simply allocating funds to dispose of. A CMMS can help in this endeavor and also evaluate each decision’s environmental impact.

Make sure that the policies and procedures are in place as well as regularly reviewed and modified in accordance with business requirements, technological advancements, and industry best practices. This will increase the efficiency of the overall asset management process and maximize the benefits from every investment. A strategic asset management strategy can also provide data-driven insights for budgeting more accurately in the future.

Read More Here https://thekey-partners.com/strategies-for-efficiently-managing-your-real-estate-projects/