enhancing deal intelligence with data analytics
Asset-intensive organisations are facing unprecedented challenges, such as the spread of pandemics and global climate changes. It is more important than ever to build resilience through strategic asset planning. This involves a transformational approach to managing risks and benefits within decision-making processes, and a structured framework for asset life cycle management.
The approach of each company to strategic asset management may differ slightly however, there are some universal principles. These include:
Recognize and catalog your assets. This includes determining where each asset is located and the frequency at which it is utilized and its state of. This will help determine the best method to prioritize maintenance requests and streamline work orders. This information will also allow precise financial estimates for each maintenance task.
Create a clear and distinct prioritization based on risk of the most important assets based on policies and objectives of the company. This will help reduce downtime and increase the amount of time available for uptime, while cutting operational costs.
Find the best method to manage obsolescence, and this could mean resale recycling, allocating funds for disposal. A CMMS solution can assist in this process and also analyze the environmental impact of each choice.
Ensure policies and procedures are regularly reviewed and updated to reflect technology advancements, business requirements and best practices in the industry. This will increase the efficiency of the asset management process and maximize the return on each investment. A strategic asset management plan will also provide data-driven information to budget more confidently in the near future.