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Strategies to Mitigate Risks from Aging Organizational Assets

By Nikhil Sonawane - April 28, 2023 6 Mins Read

Strategies to Mitigate Risks from Aging Organizational AssetsStrategies to Mitigate Risks from Aging Organizational Assets

All asset owners, operators, or service providers aim to extend the life of their aging infrastructures in the organization. Businesses today need to minimize costs to manage costs considering uncertain economic conditions.

Many businesses might consider upgrading their production lines to overcome potential bottlenecks, disruptions, supply chain fluctuations, and demand volatility. However, organizations must manage their existing equipment and assets in their enterprise tech stack. Many businesses find designing and implementing asset management strategies difficult while yielding the best production from older machinery.

One crucial aspect that asset owners need to consider while managing different phases of the asset life cycle is how to improve the assets’ life or manage the aging assets without compromising quality and performance. Modern enterprises need efficient asset management strategies to improve the asset lifecycle to ensure higher ROI and operational efficiency.

Following are a few strategies that asset owners can consider to extend their asset lifecycles:

Efficient Asset Management Strategies:

IT teams must define an asset management strategy to increase and secure organizational asset ecosystem. There are various practices that IT decision-makers can consider to ensure successful asset management and mitigate risks from aging asset risk. The asset management team must design a strategy based on their asset discovery needs.

“Organizations can manage their assets by performing regular maintenance and upgrades and tracking asset use. A regular maintenance schedule is key as it can help business leaders identify and address issues before they become major problems. Not only does this help avoid unexpected downtime, but it also extends the asset lifespan.

Organizations should also look into leveraging data and analytics to adopt predictive maintenance. By using real-time information to identify potential issues before they occur, businesses can avoid lengthy and unexpected downtime,” says Kevin Miller, CTO at IFS.

Also Read: Top Supply Chain Best Practices to Adopt in 2023

Moreover, businesses need accurate IT asset management (ITAM) data to execute and reimagine preventative maintenance tasks that could reduce spending, minimize downtime, and close security vulnerabilities.

“Performing upgrades or retrofitting assets can also help extend their lifespan and improve performance. This can include adding new components or features, updating software or firmware, or replacing aging components. Finally, organizations need to comprehensively track their asset use.

By implementing asset tracking and inventory management systems, business leaders can gain better visibility into their assets and optimize their usage. They should also deploy sensors to monitor performance and detect anomalies. By monitoring asset usage, they can prevent overuse or underuse of assets and help identify opportunities to extend their lifespan,” adds Kevin.

Organizations can even embrace automation to execute recurring risk assessments to help the IT teams to implement more proactive maintenance measures to mitigate disruptions or compromised services for employees once predictive maintenance teams have access to the asset’s incident history with additional data like an expiring warranty or the lack of antivirus software.

They can effectively determine and mitigate potential security threats. Organizations that automate risk detection can notify the relevant teams well in advance to ensure the implementation of more proactive maintenance measures. This approach will help enterprises to mitigate disruptions due to machine downtime.

Design an Effective Asset Discovery Approach

Every organization will have its own needs to manage and maintain their assets. Following are the different asset discovery strategies that business leaders can consider based on their needs.

Agent-based discovery enables organizations to automatically gather data points around implemented software, hardware ownership, service reports, and others.

Agentless discovery helps to expand asset tracking capabilities because this approach empowers IT teams to scan the agency’s network to gather a complete registry of their IP-connected devices.

How businesses track their inventory and configure, items will define its impact on workforce productivity and enterprise initiatives.

Integrate Enterprise Asset Management (EAM) Systems

EAM solutions are omnipresent in modern production lines and manufacturing units. These tools help organizations to manage the asset’s lifespan by tracking efficiency-related costs that influence profitability.

It is crucial to align various business units such as manufacturing, engineering, maintenance, procurement, and inventory to offer better visibility of equipment across plant locations.Enterprises that successfully leverage enterprise asset management strategies will ensure they make the most out of the equipment and minimize the operational costs associated with production.

Enterprise asset management (EAM) is a process of physical asset management and maintenance of company-owned assets throughout the entire lifecycle. While managing assets, businesses need effective strategies for funding, procurement, implementation, performance, maintenance, adherence, and risk management to dispose of those assets.

Asset Performance Management (APM)

Organizations will be unable to manage what they cannot measure. Integrating an interconnected APM platform, ingested with clean data and personalized to report actionable insightful metrics, to improve reliability.

It is one of the most effective strategies to support new asset investments. Asset owners cannot overlook the current assets in the tech stack that can benefit from tracking the potential disruptions and maintenance requirements. The Industrial Internet of Things (IIoT) provides an ever-expanding solution and lowers the data-gathering costs needed for integration.

Also Read: Smart Contracts in Blockchain

Obsolescence Management

Enterprises can deal with obsolescence in multiple ways. There will be a point where shelf inventory no longer suits the production lines, or there is the availability of low/no turn inventory that locks up capital. Businesses can scrap or dispose of the stock or instantly recover through sales. Organizations must look for vendors needing obsolete technology and products.

Embrace ITAM for Preventative Maintenance

Collating asset management data into the ITSM tools help IT teams to proactively plan and execute ongoing maintenance, constructing a way to consider previous services, incidents, or current challenges of those devices. Gaining better visibility into the health of all assets across the enterprise tech stack helps IT teams to get reports on versioning and utilization, which can help them to have proactive maintenance operations.

Gathering this data will identify if there is any unauthorized software installed that can potentially compromise the security of the entire operational technology. Adopting and implementing these preventative asset management strategies will help businesses make the most out of aging assets without compromising quality.

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Nikhil Sonawane

Nikhil Sonawane is a Tech Journalist with OnDot Media. He has 4+ years of technical expertise in drafting content strategies for Blockchain, Supply Chain Management, Artificial Intelligence, and IoT. His Commitment to ongoing learning and improvement helps him to deliver thought-provoking insights and analysis on complex technologies and tools that are revolutionizing modern enterprises. He brings his eye for editorial detail and keen sense of language skills to every article he writes. If he is not working, he will be found on treks, walking in forests, or swimming in the ocean.

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