Asset-intensive organisations are facing unprecedented challenges, including the pandemics as well as global climate changes. It is more essential than ever to develop resilience through strategic asset planning. This involves a transformational mentality that aligns risks and value within decision-making processes and a structured framework for managing the lifecycle of assets.
The approach of each organisation to strategic asset cloud hosting vs on premise hosting management might differ however, there are some universal guidelines. These include:
Find and categorize your assets. This involves finding out the exact location of each asset, its use frequency and state. This information can help determine the best method 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 assets that are most critical according to their risk, based on the policies and goals of your organization. This will help reduce downtime and improve uptime while decreasing operational costs.
Determine the best way of managing obsolescence. This could include resales or recycling, or simply allocating funds for disposal. A CMMS can assist in this process, and also evaluate each decision’s environmental impact.
Make sure that policies and procedures are regularly reviewed and updated to reflect the business needs, technological advances and industry best practices. This will improve the efficiency of the process of asset management and increase the return on every investment. Additionally, the implementation of an asset management strategy will provide data-driven insight for better planning your budget for the future.