STEPS TO DEVELOP AN ASSET MANAGEMENT PLAN
INTRODUCTION The asset management system is all about boosting the assets of the company to attain better returns to stakeholders. An asset management plan works as the foundation for an efficient asset management process in a company. These plans offer a guideline for businesses and companies to know objectives and durable asset management tactics. The upcoming slides will talk about key steps to build a strategic asset management plan.
HAVE AN ASSET INVENTORY One cannot manage their assets if they are not familiar with what assets they have. You need to take a look at all your assets by having an absolute asset inventory. Make sure the inventory includes assets names, their values, their expected life cycle and whether they were built or purchased.
EVALUATE LIFE-CYCLE EXPENSES You must estimate your assets’ complete life-cycle expenses to make a correct asset management plan. In a regular asset’s life, there are several chances for extra costs such as maintenance, performance modeling, condition, and capital. You must keep in mind that your asset management preparation is as correct as of the life-cycle costs.
USE LONG-TERM FINANCIAL PLANNING Remember, your asset management should automatically change into long-standing financial planning. A continuing financial chart will help you decide which of your ideas are feasible and which can sustain your priority assets for the long term.
In addition, you should set the levels of service to summarize the competence, overall quality, function and security of the various services your assets offer. The aforementioned steps will help you to build an effective asset management plan for your company. Choosing one of the most professional asset management companies in the UAE or any other country will help you to find asset management services at the best prices.