Asset Management Success

Asset Management Success

What Is Asset Management Success?

Typically, your company’s assets are just as important to the success of its employees as they are to the company’s owners or shareholders.

To ensure long‑term employment for workers and asset longevity without causing financial strain, a comprehensive set of asset management objectives must be implemented.

These objectives should encompass governance, safety, security, maintenance, budgeting, operational excellence and sustainability.

The following 20 asset management plan goals can help ensure that you and your company get the most out of your assets for as long as possible while keeping costs under control:

  1. Establish a dedicated governing group within your company to oversee the management and operation of your assets.
  2. Implement strict access controls and security protocols to prevent unauthorised access or tampering.
  3. Develop comprehensive maintenance and inspection programs to ensure your assets reach and sustain optimal performance and longevity.
  4. Create a robust training program for all personnel involved in the operation and maintenance of your assets.
  5. Mandate the use of specialised handling equipment and procedures to minimise the risk of damage during transportation or relocation.
  6. Implement redundancy measures, such as backup systems and failsafe mechanisms, to prevent complete failure or data loss associated with asset operating systems.
  7. Establish a rigorous quality control process for all materials used in corrective repairs and preventive maintenance.
  8. Develop a detailed disaster recovery plan to address natural disasters, accidents, or cyber threats that could render your assets inoperable.
  9. Mandate the use of environmentally controlled facilities for assets vulnerable to environmental conditions, ensuring they remain within optimal operating parameters.
  10. Implement strict inventory management protocols for all spare parts, consumables and tools required for maintenance and repair.
  11. Establish secure storage facilities to ensure the availability of critical spare parts and components.
  12. Develop a comprehensive data management and storage strategy to safeguard intellectual property and operational data associated with your assets.
  13. Implement a robust cybersecurity program to protect your assets and their operating systems from cyber threats and unauthorised access.
  14. Establish an approved network of specialised repair and maintenance facilities to service your rotable and repairable items, minimising downtime and ensuring timely repairs.
  15. Mandate the use of advanced monitoring and diagnostic systems to detect potential issues before they become critical.
  16. Develop a sustainable budgeting model to guarantee long‑term operation and maintenance without overburdening any single department or the company as a whole.
  17. Implement a transparent and equitable cost‑sharing model to distribute operational and maintenance expenses across departments.
  18. Establish a research and development program to continually improve asset capability and efficiency.
  19. Mandate the use of environmentally sustainable practices in the operation and maintenance of your assets to reduce ecological impact.
  20. Develop comprehensive decommissioning and disposal plans for end‑of‑life assets, ensuring safe, economical and responsible handling of fragile, hazardous, valuable, or recyclable materials.

By implementing these asset management plan goals, your company can ensure asset longevity, safety, compliance, reliability and financial performance, maximising their contribution to your organisation’s bottom line.

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