23rd July 2020

How to manage your assets to adapt and succeed during crisis

Even the most organised and forward-thinking business could not have realistically planned for the global pandemic we’re battling. 2020 has caused us to face unexpected challenges on a colossal level, and businesses have had to adapt their ways of working in order to provide the critical functions the country needs, or simply to survive the crisis.

Asset management has proven an incredible tool through which businesses have responded efficiently and successfully to the Covid-19 pandemic. Without clear asset management for processes, policies and people, businesses lack the resilience they need at a critical time. Therefore, now is the optimal point to consider how you could be managing your assets more efficiently to support you and your business as you tackle these uncertain times.

Managing assets to build your business’ resilience

Successful asset management enables you to establish control and reduce risk in order to deliver your services efficiently, effectively and safely. To do that, you need to understand what you are trying to control, how you are trying to do it, and who will have responsibility for each stage.

To mitigate and manage risk, you need to develop controls that work with clear management plans. With the ongoing impact and the future of Covid-19 largely unknown, it makes sense to act now to ensure your business is prepared. This response may require a new way of managing your assets. Consider how you are managing your asset activities, from customer communication and retention through to strategic planning and financial forecasts. Can you review your training and the systems you provide? Are you taking a resilient approach to your supply chain and external and internal management to prepare for the potential impact of a second wave? Ask yourself these questions honestly and see what asset management issues you may need to address.

Supporting your greatest asset – your staff

One of the most valued assets to any business, its staff, has had to be managed differently (in most cases, this is now remotely). To do that effectively, businesses are increasingly understanding the importance of a team that are knowledgeable and skilled in managing the business’ assets in order to make the virtual working process as efficient as possible.

Supporting their learning is also key. At turbulent times, many businesses are welcoming an opportunity to expand in their knowledge to give them the competitive advantage as the pandemic causes us to continually adapt. One way to do this is through Asset Wisdom’s asset management training, which can all be accessed remotely and on any device at a time to suit the user, with a broad spectrum of asset management topics to be studied.

In turn, supporting your staff with training and enhancing their knowledge boosts a more productive, more content and thus better retained workforce. For your business to succeed, this is even more important than ever.

Preparing for the future with asset management

Evaluating the changes you made to the way you manage assets during the pandemic so far must be carefully analysed to ensure you’re prepared for whatever the future holds. It is clear all business must adapt to the ways of life imposed by the impact of Covid-19, and making sure your asset management approach is resilient, thorough and adaptable places your business in the best place to thrive.

To discuss how to access the correct knowledge, support and training for asset management, get in touch with one of the members of the Asset Wisdom team.

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