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Creating Asset Management Strategy

Asset Management Strategy Example

It is really a requirement within the organization to determine the scope from the asset management system, so start small and make a method that is scalable. Asset management is definitely the systematic plus coordinated process by which a company optimally and sustainably manages resources and asset systems, performance, threats and expenditures throughout the asset lifecycle. This hierarchy presents challenges at various levels.

There are not the same levels of asset management ranging from single equipment to complex functional systems, networks, sites or diverse portfolios. A larger organization could have a diverse portfolio of asset systems with different performance challenges and risks. For example, discrete equipment items can have identifiable individual life cycles that can be optimized, while asset systems can have an indefinite horizon of required use.

You cannot control the risk to your value stream until you know how your asset portfolio contributes compared to that value stream. Priorities can also vary at different levels. Asset management objectives are crucial links between the organizational objectives and the asset plans.

Ranking risks to the impact of assets and their functional errors relative to the value stream is a technique that you prioritize assets based on impact on reputation, production, environment, safety and health. Objectives, which are performance targets, can be set for your asset management system, asset management activities, as well as the performance or current condition of asset systems or assets. These objectives are present at relevant functional levels.

When deciding on things to measure, how to monitor them, and things to analyze, it is important within the organization to understand the types of behaviors and actions it wants to achieve based on your asset management goals before implementing them. The organization should think about the monitoring, measurement, evaluation and evaluation necessary to get and also help select improvement actions. The asset management solution defines how organizational goals should be translated into asset management goals.

Asset management objectives must be aligned with organizational objectives and genuinely promote collaboration with stakeholders. This should run throughout the company. It must define exactly what the organization intends to accomplish with its asset management activities and also when.

Line of sight means that the importance of asset management is recognized at the very top, which is conveyed downwards through policy and plans. Catchball is a strategy development technique that uses a participatory decision-making method in which information and concepts are thrown and captured back and forth, down and up through the company. Asset plans must be established within the correct time horizon within the organization.

In addition, it implies that individuals who actually handle the resources have the ability to convey their ideas and actions to top leadership. Asset plans should be periodically reviewed to ensure that they are continuously aligned using the asset management objectives. There should be sufficient time horizons to meet the needs of the organization and take into account the duration of the organization’s responsibility as well as the life of their assets.

Figure 3 is a type of risk-based development, implementation and improvement of asset management plans. A risk classification process can determine which critical assets have significant potential to affect the achievement of asset management objectives. Leadership and commitment from all levels of management are important to successfully establish, process and improve asset management in the business.

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