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If you’re an energy company working with renewable energy, or an insurance company managing investments, your business needs the best practices to keep assets performing efficiently towards organisational strategic objectives and purpose. This will allow you to achieve steady results while minimizing risk. There are a lot of challenges without a proper asset management system, such as inefficiency in operations, loss of production or customers due to the system’s downtime, higher costs, unplanned investment, and other issues that affect your business over the long term.

Assets that are both intangible and tangible, are essential to the day-today operation of any business, as well as its ability to provide products or services to the market. These assets have a limited life span and require most efficient management to reduce expenses, increase productivity and maintain acceptable levels of performance. Without a solid management system, you can encounter a variety of risks related to assets such as lack of efficiency and a rise in operating costs, production losses and frustrated employees.

The first step to the process of identifying all assets in your company is to determine them. You must then evaluate the risks that are associated with those assets and threats that could harm or destroy them and their impact on your company. Then, you should create and implement strategies to minimize those risks. This can include security measures, insurance and maintenance of the program.

It is also important to vet vendors and implement failsafe processes to stop them from accessing assets. For instance, some companies withhold payment until they have vetted a vendor, while others prohibit any equipment or software during the contract stage.