How Asset Management Strengthens Organizational Resilience
*Sponsored by Movilitas*
When thinking about core asset management processes, the focus is usually 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” when you need it most.
The real world is dynamic. Yet organizations adopt predictable patterns over time. These routines are usually flexible enough to handle any changes. However, larger disturbances strain normal systems. The pandemic is a recent and ongoing example of a disruptive event that has affected all regions of the world. Other external factors can affect your organization at any time, such as supply chain disruptions, natural disasters, or political instability. Resilience is becoming an important factor in remaining competitive.
Proper asset management processes and practices not only optimize costs and reduce risk, but also strengthen your business so you can withstand unexpected shocks. Promote appropriate levels of asset management leadership and maturity throughout your organization. Make sure you have stable and efficient systems in place. Develop your contingency plans for common scenarios that disrupt production and supply – remember to update them regularly.
This on-demand presentation will highlight the key elements of good asset management that contribute to organizational resilience.
Key points to remember
- Asset Management Best Practices
- Resilience contributions use case (a natural disaster and an economic downturn)
- Understand how to prepare your organization
- Business Case for Resilience Program Support
Learn more by watching Graham Heiner’s 30-minute session from the Institute of Asset Management’s North American Conference.