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Embarking on the journey of developing and executing a strategic asset management plan (SAMP) provides a meticulous insight into the current and prospective value of physical assets, along with the associated maintenance or disposal costs. These blueprints are often integral components of a broader disaster management strategy, encompassing intangible assets such as reputation, brand equity, and intellectual property. Let us guide you through the planning phase, empowering you to efficiently manage your company's assets and align them with your organizational objectives.
Key Steps
Formulating Strategic Asset Management Blueprints
Discover the Impact of Strategic Asset Management Plans. Asset management serves as the cornerstone for how companies strategize, make decisions, and manage, utilize, and disseminate information. Crafting a strategic asset management plan enables your organization to optimize service delivery. By evaluating the portfolio of assets, their significance, and projected costs and values, your organization can maximize asset value.
- Gain insights into the efficiency of asset utilization through strategic asset management plans.
- Plan and anticipate the lifecycle value of assets.
- Dispose of redundant assets to unlock capital and streamline operations.
Gather Asset Information. Before crafting a strategic asset management plan, gather pertinent information about the assets under consideration. This inquiry aims to assess how effectively assets serve your organization's needs. Subsequently, you can identify assets requiring attention and those requiring disposal.
- Collect data on current organizational assets, accessible via company financial records. Validate records through physical audits of tangible assets.
- Evaluate asset alignment with organizational goals, both short-term and long-term, to gauge their efficacy.
- Consider projected costs for each asset to inform immediate action.
Prioritize Assets. Following asset evaluation based on importance and effectiveness, prioritize them accordingly. Develop category lists based on importance and frequency of use. For instance, prioritize critical yet infrequently used assets, considering short-term rentals as alternatives.
- Some assets may necessitate upgrades.
- Identify non-essential assets that may be divested without impacting operations.
- For example, assess the value-to-cost ratio of manufacturing plants or leased buildings. Segment assets within structures based on cost, contribution, usage frequency, and importance, collaborating with other departments as necessary.
Strategize Asset Management. With a clear understanding of asset focus and priority, devise a strategic asset management plan. This plan optimizes asset value and mitigates associated risks over time. A comprehensive plan typically includes six phases:
- Acquisitions (including leases or rentals).
- Operations.
- Maintenance.
- Disposal.
- Funding.
- Risk assessment and management.
Crafting Asset Strategies
Evaluate Essential Acquisitions. The acquisition phase determines necessary asset procurement and financial planning. Consider funding availability and sourcing for acquisitions.
- Include replacement asset considerations in this phase.
- Conduct cost-to-benefit analyses before acquiring or leasing assets.
- Acquire assets deemed essential based on prior evaluation.
- For instance, expansion plans may entail acquiring new facilities.
Strategize Asset Operations. The operational phase of your strategic asset management plan involves assessing existing assets and their roles within your organization. This phase provides insights into asset functions, security, accountability, and performance.
- Consider operational costs during this phase.
- Incorporate any necessary training into the strategy.
- For instance, assess the long-term operational costs of an industrial water filter to inform strategic management decisions.
Plan Asset Maintenance. All assets require maintenance to sustain optimal performance over time. This phase of your strategic asset management plan entails planning for future asset maintenance, determining maintenance levels, and assigning responsibility.
- Recognize the importance of all company assets in executing the strategic plan.
- Detail planned maintenance operations for future reference.
- Project maintenance costs over time.
- For example, anticipate rising maintenance costs for older facilities and factor them into organizational decisions.
Prepare for Asset Disposal. Not all assets warrant retention. This phase of your strategic asset management plan addresses disposal of obsolete assets and associated tax implications. Include disposal details such as methods and costs.
- Provide rationale for disposal.
- List disposal methods.
- If selling assets, specify potential value.
- Establish disposal timelines for all assets.
- For instance, plan the retirement of a new shipping vessel based on projected costs and operational importance.
Detail Funding Information. Asset holding, maintenance, and disposal require funding. This phase of your strategic asset management plan outlines funding sources, allocations, specific usage, and recurring nature.
- Consider lifetime costs of assets.
- Account for disposal costs and proceeds from asset sales.
Manage Risks. The risk management phase of your strategic asset management plan identifies potential threats to assets and assesses their priority to the organization. Develop risk management plans detailing potential risks, likelihood, and response strategies.
- Recognize diverse risks associated with physical, financial, human, information, and intangible assets.
- Allocate funds for emergency asset replacement.
- Include plans for swift asset acquisition in emergencies.
- For example, implement maintenance plans to minimize the risk of generator failure and mitigate potential losses.
Understanding ISO 55000
Grasp the Essence of ISO 55000. ISO 55000 outlines an efficient system for crafting strategic asset management plans. This standard aids organizations in tailoring plans to their unique requirements.
- ISO 55000 guides you through creating your asset management plan comprehensively.
- It helps meet regulatory obligations imposed on organizations.
- ISO 55000 adheres to international standards, including those of ANSI and ASTM International.
- It's increasingly essential when engaging with clients, insurers, or investors.
Explore ISO 55000's Treatment of Assets. ISO 55000 employs precise terminology to effectively define assets. Understanding these definitions enhances comprehension of the standard.
- Assets refer to valuable possessions owned or under a company's responsibility.
- Asset systems encompass interconnected asset groups.
Gain Insight into ISO 55000's Process. ISO 55000 delineates asset management concepts, terminology, and requirements for a management system. By breaking down the process into stages and concepts, it offers a structured approach to developing a strategic asset management plan.
- Begin with a mission statement and introduction.
- Detail organizational information, client needs, and asset portfolio status.
- Outline the planning process for your asset management plan.
- Set objectives for the asset management program.
- Develop strategic plans with clear targets, timeframes, priorities, and responsibilities.
- Conclude with risk assessment and a summary.
Recognize Characteristics of a Solid Strategic Asset Management Plan. ISO 55000 offers guidelines for crafting effective strategic asset management plans. Key points include:
- Back your planning process with tailored strategies.
- Include both individual assets and asset systems.
- Present objectives clearly and concisely.
Useful Tips
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Arrange plans based on asset priority.
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Breaking down plans into smaller departmental ones enhances effectiveness.
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Each asset should have a six-part plan.
