Develop Resilience Through Strategic Asset Management
- August 28, 2024
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As companies that are heavily dependent on assets face unprecedented issues – including the pandemic and global climate change and climate change – it’s more essential than ever to improve resilience through strategic asset management. This requires a change-oriented mindset that aligns risk and benefit in decision-making processes as well as a structured framework of asset life cycle management.
The approach of each organisation to strategic asset management might differ There are a few universal principles. These include:
Identify and catalog your assets. This includes determining the exact location of each asset, their use frequency and its state. This will help you to determine the most effective method to prioritize maintenance requests and streamlining work orders. This will also allow for accurate financial estimates to be calculated for each maintenance task.
Create a clear and distinct risk-based prioritization of the most vital assets based on the policies and goals of the organization. This will help reduce downtime and improve uptime while reducing operational costs.
Find the best method to manage obsolescence, and this could mean resale, recycling or simply the allocation of funds for disposal. A CMMS can assist in this endeavor and also assess each decision’s environmental impact.
Make sure that policies and procedures are regularly reviewed and updated to reflect current business needs, technological advancements and industry best practice. This will increase the effectiveness of the overall asset management process, and maximize the return from every investment. In addition, the implementation of an asset management strategy will provide data-driven insight for more confidently planning budgets for the future.
https://thekey-partners.com/strategies-for-efficiently-managing-your-real-estate-projects/
