In order to achieve your company’s objectives, you must have an understanding of your assets and how they work together. Strategic asset management is a process that allows transparent, consistent and repeatable decisions based on an assessment of the benefits, costs, and the risks associated with physical assets throughout their life-cycle. Find functional interdependencies that can be prioritized for preventive maintenance and reduce the amount of downtime that is not planned and the cost of repairs. Maximize your return on investment by determining the most effective combination of performance and cost across your entire infrastructure.
The process of strategic asset management is a vast and elaborate set of documents processes, and digital tools that align investments in physical infrastructure with the overall strategic goals of the organization. It begins with an in-depth analysis of top-down investment options for physical infrastructure. This includes balancing capital and operational expenditures from a total expense (TOTEX) standpoint, using asset condition data, and considering the current level of service and community requirements.
With the right information, the process can also aid in resource planning and staffing to ensure ongoing maintenance and operation of assets, and upgrade or replacement plans. It is also a great way to reduce work orders, thus which reduces downtime and increases the efficiency of your operations team.
Finally, the process can be used to create strategies for achieving sustainability goals while maximising the utilization of assets. This can be accomplished by implementing strategies such as load balancing and asset sharing. It could also require implementing new contracts, or reevaluating existing ones with suppliers or contractors in order to enhance the environmental and energy performance.
