Asset Management Requirements

When trying to effectively manage your assets, 30 key asset management requirements need to be in play and are listed below:
i. Capturing all physical assets with unique identifiers in the asset register.
ii. Recording key asset information (e.g. make, model, serial no, dimensions, weight etc, ).
iii. Implement & maintain a CMMS for effective maintenance management.
iv. Capital Project planning and procurement.
v. Shutdown Planning & Execution.
vi. Installation and commissioning of new assets.
vii. General operation and maintenance.
viii. Asset Performance monitoring, analysis and improvements.
ix. Decommissioning and disposal of retired assets.
x. Maintenance Strategy Development
xi. Managing Preventive Maintenance Requirements.
xii. Predictive maintenance using condition monitoring.
xiii. Prompt and Efficient Corrective maintenance.
xiv. Maintenance work order management (Initiate, Plan, Schedule, Execute, Complete).
xv. Performance Monitoring and Analysis & Optimisation.
xvi. Defect Elimination Management.
xvii. Conducting risk assessments for critical assets.
xviii. Implementing risk mitigation strategies.
xix. Ensuring compliance with safety and environmental regulations.
xx. Forecasting capital expenditures for asset renewal, upgrades and replacements.
xxi. Budgeting for ongoing maintenance under operational costs.
xxii. Analyzing lifecycle costs to inform decision-making.
xxiii. Training staff on asset management principles and practices.
xxiv. Assigning roles and responsibilities for asset-related tasks.
xxv. Managing contractors for specialized maintenance
xxvi. Organising supplementary labour for busy periods and leave coverage.
xxvii. Integrate all site systems for seamless data flow and reporting.
xxviii. Setting performance benchmarks and KPIs.
xxix. Conduct periodic audits of asset management processes.
xxx. Implementing lessons learned and industry best practices.

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