When mapping out an asset management system, developing strategies to highlight each action item for your assets is crucial. Clear-cut asset management plans are the core of asset management.
Setting these strategies can help asset managers boost the value and performance of tangible and intangible assets throughout the asset lifecycle. With that in mind, here’s how to develop an asset management plan for your business.
What is an asset management plan?
An asset management plan is one of the most critical aspects of an asset management system. This plan tackles an organisation’s infrastructure and assets and aligns them with an agreed-upon standard of service.
Asset management plans are often multidisciplinary in an asset’s life cycle management. Effective asset management is the pillar of a prosperous business.
A comprehensive asset management plan will often cover the current performance, standard of service, costs and benefits, planned actions, and potential advancements in the future.
What is ISO 55001?
The ISO 55001 standard and certification offer companies policies to set, maintain, and enhance their asset management system. According to ISO 55001, a strategic asset management plan (SAMP) helps you develop asset management plans.
A SAMP also delivers ways to use an asset management system to achieve asset management goals. While ISO 55001 is not an asset management plan alone, this certification offers a universal standard for organisations to follow.
What are the steps to developing an asset management plan?
There are five primary actions to creating a good asset management plan. From completing an asset inventory to executing long-term financial planning, here are the steps to take:
1. Accomplish an asset inventory
You can’t conduct effective asset management without knowing the assets that your business possesses.
Before creating asset management plans, you must investigate your assets by conducting a thorough asset inventory. This checklist will serve as an outline for your strategy.
In this case, your asset inventory must have the following:
• Your assets list
• Their location
• Their value
• Their date of establishment
• Their predicted lifecycles
2. Compute lifecycle expenses
For the accuracy of your asset management plans, you must calculate your asset’s total lifecycle cost. This step doesn’t only mean computing the asset’s initial value but looking into possible repair and maintenance costs that can arise throughout the asset’s lifecycle. Remember that asset management plans are only as precise as the lifecycle expenses!
3. Establish levels of service
You can use levels of service to highlight the quality, capacity, function, and safety of the services your assets offer. The demands of maintaining the quality of service will shape the operation and maintenance activities in the future.
For you to establish levels of service, take the following into account:
• The current service you’re providing
• Predictions on how that level of service can change
• The annual fee of the service
• If there are sufficient funds to aid in any change in service
• If your current level of service meets the needs and expectations of users
4. Implement cost-effective management
Taking a proactive approach to your asset management plans can be the more cost-effective option in the long run. For example, when faulty plumbing badly impairs your office space, repairing the damages can be more expensive than routinely maintaining the plumbing to ensure it remains in good condition. You can implement cost-effective management when you conduct cost-effective maintenance.
5. Enforce long-term financial planning
Your asset management plan must lead to long-term financial planning. A long-term financial strategy can help outline feasible goals, set priorities, and continue to maintain vital assets.
You can seek an expert team providing comprehensive asset management services to create more effective asset management plans. With this guide, we hope this becomes a head start on improving your asset management efforts.
