When thinking of core asset management processes, the focus is typically on common day-to-day challenges that make operations more effective and efficient, such as asset performance, safety, environment, budget, customers, suppliers, data and analysis. However, asset management also provides an additional layer of organizational resilience. Your asset strategy and processes are like insurance that “pays out” when you need it the most.
The real world is dynamic. Still, organizations adopt predictable patterns over time. These routines are typically flexible enough to handle any changes. However, larger disruptions stress normal systems. The pandemic is one recent and ongoing example of a disruptive event that has touched every part of the world. There are other outside factors that can affect your organization at any time, such as supply chain disruptions, natural disasters, or political instability. Resilience becomes an important factor in staying competitive.
Appropriate asset management processes and practices not only optimize the costs and reduce risk but also strengthen your company so you can weather unforeseen shocks. Promote the appropriate levels of asset management leadership and maturity throughout your organization. Make sure you have stable and effective systems in place. Build your contingency plans for common scenarios that disrupt production and supply - remember to update them on a regular schedule.
This on-demand presentation will highlight the key components of good asset management that contribute to organizational resilience.
- Asset management best practices
- Use cases of contributions to resilience (a natural disaster and an economic downturn)
- Understanding how to prepare your organization
- Business case for resilience program support
Learn more by watching the Movilitas session from the 2021 Institute of Asset Management North America Conference.