The strategy focuses on effective asset management in facilities to boost efficiency, cut costs, and prolong asset lifespan. It involves conducting a comprehensive asset audit, which includes listing and documenting each asset's condition, using technology for tracking, and creating a digital database. For example, RFID can streamline asset tracking. Identifying underutilized assets and comparing current practices to industry standards are also crucial steps.
Another key aspect is developing a proactive maintenance schedule. This includes determining maintenance needs, training staff, and integrating schedules into a central system. Regular inspections, tracking history, and data analytics aid in predicting maintenance, ensuring timely interventions, and extending asset lifespan.
Enhancing asset utilization efficiency is vital. This involves monitoring usage, reallocating assets, and implementing tracking systems. Staff training and feedback loops help adjust allocation in real-time. This ensures optimal asset usage, aligns with best practices, and improves inter-departmental communication, fostering better resource management.
The strategies
⛳️ Strategy 1: Conduct a comprehensive asset audit
- List all current physical assets within the facility
- Document the condition and lifecycle stage of each asset
- Identify assets nearing the end of their life that need replacement
- Utilise RFID or barcoding technology for efficient tracking
- Create a digital database for asset management
- Identify underutilised or redundant assets
- Calculate the total cost of ownership for key assets
- Set benchmarks for asset performance
- Compare the current asset management process to industry standards
- Gather input from staff who interact with the assets regularly
⛳️ Strategy 2: Develop a proactive maintenance schedule
- Determine maintenance needs and intervals for each asset
- Integrate maintenance schedules into a centralised management system
- Train staff on preventive maintenance protocols
- Schedule regular inspections and assessments of critical assets
- Track maintenance history and outcomes for each asset
- Develop a procedure for quick response to urgent maintenance needs
- Use data analytics to predict maintenance requirements
- Collaborate with suppliers for timely availability of parts
- Review and adjust maintenance schedules regularly
- Measure and analyse the impact of maintenance activities on asset lifespan
⛳️ Strategy 3: Enhance asset utilisation efficiency
- Monitor usage patterns and identify inefficiencies
- Reallocate underutilised assets where they are needed
- Implement a system for tracking asset utilisation metrics
- Develop guidelines for optimal asset usage
- Conduct training sessions for staff on effective asset use
- Incorporate feedback loops to adjust asset allocation in real-time
- Set performance targets for asset utilisation
- Compare facility asset usage to best practices
- Regularly review and optimise asset allocation
- Enhance communication between departments regarding asset needs and availability
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
