As organizations that rely on assets face unprecedented challenges - such as the pandemic and global climate change the need is greater than ever before to build resilience through strategic asset management. This involves a transformational mentality that aligns risks and value in decision-making and a well-defined framework to manage the life cycle of assets.

The approach of each organization to the strategic management of assets may differ slightly, there are a few common principles. These include:

Identify and catalog assets. This involves determining the exact location of each asset, their use frequency, and its state. This information will help determine the best method to prioritize maintenance requests and simplify work orders. This will also allow accurate financial estimations to be made for each maintenance task.

Set up a clear and precise prioritization based on risk of the most vital assets based on the policies and goals of the organization. This will help reduce operational costs and minimize downtime while increasing the uptime.

Determine the best way to deal with obsolescence. this could mean resale or recycling, or even earmarking funds for disposal. A CMMS can assist in this process and can also assess each decision's environmental impact.

Make sure that the policies and procedures are regularly reviewed and updated to reflect the business needs, technological advances and industry best practice. This will increase the efficiency of the asset management process and maximize the value of each investment. A strategic asset management plan can also provide data-driven insight for budgeting more confidently in the future.