How Asset Planning Can Improve Your Bottom Line
How does this process benefit you and your facility? Let’s align the six areas to facility management functions – Strategy & Planning, Decision Making, Life Cycle Delivery, Asset Information, Organizations & People, and Risk & Review.
First, consider Strategy & Planning. Your organization’s asset management activities should align with all overarching facility objectives. They should provide clarity to organizational priorities and goals as well as clear direction on ways to achieve them. This process is critical to any organization, and it lays the foundation for future plans, staffing, and funding. Within this element are sub-elements, including your organization’s asset management policy, objectives, and asset management planning. All play an important part in facility assets, their management, and the stakeholders.
Next comes Decision Making. This element formalizes and documents your decision-making process. It includes detailing capital investments and how decisions are made by considering total life cycle value, the way operations and maintenance take place, and resourcing. Once you achieve this step, it will help you make better decisions by balancing costs, risks, opportunities, and performance.
The element of Life Cycle Delivery is the formal process of evaluating the total associated costs of an asset. This element includes everything from design to final decommissioning. It summarizes the way the assets are managed and operated at the agreed-upon service level while optimizing the total cost of ownership at an appropriate level of risk. The sub-elements in this area include risk management, operating plans, maintenance plans, capital planning, and strategies and decommissioning plans.
Now, on to Asset Information. This element describes the way asset information supports the delivery of your asset management strategies and objectives. It includes developing standards that ensure a consistent approach to capturing accurate information. Asset data gives you the assurance that records are fit for purpose and consistent with the asset information standards.
The element of Organizations & People involves the people responsible for executing your strategies. It is incumbent on leadership and management teams to assure your organization’s structure, competence, and culture achieve the asset plan’s objectives.
Finally comes Risk & Review. Risk management has become an integral aspect of good asset management strategies. Most U.S. facilities have integrated risk management into their asset management plans fully, or at least partially. The best-performing operations recognize the importance of risk, and they consider it part of their continuous improvement process. Measuring, reviewing, and improving are critical factors in success.
Hunton Services offers custom-tailored, detailed asset management plans for your building systems. Your own dedicated account manager will work with you to create a program that will not only improve the lifecycle value of your assets, but also create an environment conducive to long-term business growth. We provide flexible financial solutions and work with you every step of the way to ensure your building systems are fully optimized. Contact us today to learn more! 713-643-8336