Asset-intensive organizations are facing unprecedented challenges, such as the spread of pandemics and climate change impacts on the world. It is more essential than ever before that they build resilience by implementing strategic asset planning. This requires a shift in mindset that aligns risk and value in decision-making processes, and an organized framework for asset life cycle management.

While the approach of each company to asset management strategy may differ slightly, a core set of principles are universal. These include:

Find and categorize your assets. This includes determining where each asset is located and how often it’s used and its state of. This information will help determine the best method to prioritize maintenance requests and reduce work orders. This information will also provide accurate financial estimates to each maintenance task.

Establish a clear and defined risk-based prioritization of the most important assets based on the policies and objectives of the company. This will minimize downtime and increase uptime while cutting operating costs.

Determine the best method to manage obsolescence, and this may involve resale or recycling, or simply making a commitment to dispose of funds. A CMMS solution can aid in this process, and can also assess the environmental impact of each decision.

Make sure that policies and procedures are regularly reviewed and updated to reflect the demands of the business, technological advancements, and industry Read More Here https://thekey-partners.com/strategies-for-efficiently-managing-your-real-estate-projects/ best practice. This will increase the effectiveness of the overall asset management process and maximize the benefit derived from every investment. In addition, the implementation of an asset management strategy will provide data-driven insight for more confidently budgeting into the future.