Asset-intensive companies are facing unprecedented challenges, including the pandemics and climate change impacts on the world. It is more board management software role important than ever before that they build resilience by implementing strategic asset planning. This requires a transformational mentality that integrates risk and value in decision-making processes as well as a structured framework of asset life cycle management.

While every company’s approach to strategic asset management may differ, a basic set of guidelines is universal. These include:

Recognize and catalog your assets. This involves determining where each asset is located and how often it is used and its state of. This information will assist in determining the best way to prioritize maintenance requests and simplify work orders. This will also allow for accurate financial estimates to be made for each maintenance task.

Prioritize the assets that are most critical by their risk based on the policies and goals of your organization. This will reduce downtime and increase availability while cutting operating costs.

Find the best method to manage obsolescence, and this could include resales or recycling, or even allocating funds for disposal. A CMMS solution can aid in this process and also analyze the environmental impact of each decision.

Ensure policies and procedures are regularly reviewed and updated to reflect the current business needs, technological advancements, and industry best practice. This will improve the efficiency of the process of managing assets and increase the value of each investment. A strategic asset management plan can also provide data-driven recommendations to budget more confidently in the near future.