What Are the Four General Phases of Asset Management Strategies?
The four general phases of asset management strategies are planning, acquisition, utilization, and disposal.
The planning phase requires organizations to set targets, come up with policies, and design strategies so that assets are managed well. This requires documenting assets that are in place and defining the goals of each resource. Once that is done, it is time to purchase the asset that suits the organization’s objectives. This would entail procuring and negotiating with the vendor that has been selected. This is to ensure that you are getting value for money for your asset purchase.
Once the asset is in stock, it is time to focus on its lifecycle utilization, that is, from the time it is purchased right up until the end-of-life. Proactive maintenance and monitoring on a regular basis will ensure that the asset is utilized to its full potential, reducing its downtime while increasing its lifespan. It helps with understanding more about the equipment’s depreciation life. The final stage is when the asset is finally disposed of or retired in a cost-effective and sustainable manner. This would either require the asset to be decommissioned, resold, recycled, or disposed in a proper manner to ensure that regulatory requirements are met.
All these phases are linked to provide a continuous cycle of asset management. Hence, it ensures that the assets are able to contribute and deliver value time.
Examples of Successful Asset Management Strategies per Industry
Healthcare Sector:
The healthcare sector thrives on asset management strategy so that the assets are used efficiently in patient care while ensuring cost effectiveness. For example, a robust tracking system is used to monitor and maintain the efficiency and utilization of the medical devices that are in place. This is important to reduce the risk of downtime and to ensure that devices are replaced properly.
Manufacturing Sector:
Employing asset management strategy is crucial in the manufacturing sector because it is important that the machineries are maximized so that production levels are maintained. Hence, predictive maintenance is conducted to ensure that there are no unwanted malfunctions. To add on, inventory management systems are used to ensure that parts are always available.
Transportation Sector:
Asset management strategy is vital in the transportation section to ensure safety, reliability, and compliance on the vehicles. This is used to track and monitor the usage of vehicles, making sure it is maintained on time, and designing efficient route tracking.
These studies in various sectors showcase that asset management use cases strategies are vital in order to align the needs of the industry as well as mitigate challenges. By having proactive maintenance, proper allocation of resources, and using the right technology, organizations will be able to have efficient and robust operations.
