How to Implement an Asset Management Plan

An asset management plan (AMP) entails documented information detailing a tactical strategy for an effective asset management system. The most recent version of ISO 55000 (2014) family of standards for asset management provides a clear roadmap for asset management, its principles, and importance. Typically, asset management plans provide a guideline for obtaining value from tangible assets by optimising performance, risk, and cost across the entire asset lifecycle.

An AMP will involve more than one asset and usually deploys a systematic approach. This is particularly possible where the assets are interdependent and are expected to work together to deliver an intended service.

The AMP implementation process isn’t complicated as long as you hire the right team. At Best Practice, we can help implement an effective asset management system to help manage your organisation’s infrastructure. Below is a step by step guide on how to implement a quality asset management plan.

4 Steps of Implementing an Asset Management Plan

Asset management plans specify three significant aspects required in an asset system to attain the company’s asset management goals and objectives. These include activities, resources and timescales. According to ISO 55001, an AMP should cover the following four stages:

1. Planning

The first essential step is to plan the asset life cycle, which involves establishing and verifying assets’ requirements. This is often based on the assessment of the current assets and their ability to meet service delivery expectations.
Moreover, identification of management procedures is required to help analyse the asset needs. While planning, you should ensure that the ongoing changes add value to the organisation.

2. Procurement

Once you define the cost and other requirements of an asset, the next step is procurement planning. This phase covers every activity involved in acquiring a new asset to optimise procurement costs.
Typically, procurement planning consists of designing and purchasing assets that can offer the highest level of service delivery. You can choose to build or buy the asset based on your ability. Then, create a realistic budget for the asset procurement and estimate the time frame for the acquisition.

How to Implement an Asset Management Plan | Best Practice Blog

3. Operation and Maintenances

The operation and maintenance phase defines how you will use and take care of the asset with the ultimate goal of delivering reliable services. An organisation needs to develop an asset management strategy and evaluate the preventive maintenance of all assets.

Furthermore, the asset management plan should focus on common maintenance problems. So, throughout the ongoing application, the asset should be subjected to appropriate monitoring and maintenance to ensure it meets operational requirements.

4. Disposal

Once an asset reaches the end of its productive life, it is considered an underperforming asset, which means it can be treated as a surplus or otherwise disposed of. However, the disposal process should be conducted according to the service deliverables. Before disposing of an asset, you should perform a thorough check to ensure it does not harm anyone or negatively affect the environment.

Need Help Creating and Implementing an Effective Asset Management Plan? Contact us Now

If you’re planning to create an asset management plan but are unsure how to navigate the process, professionals from Best Practice Biz can help you. Get in touch with us online or call us at 1300 402 602 to see how we can help improve your business.

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