In order to achieve your company’s objectives, you must have an understanding of your assets and how they work together. Strategic asset management provides a framework that allows for consistent, repeatable and transparent action based upon a comprehensive analysis of costs, benefits, and risks throughout the lifecycle of physical assets. Determine functional dependencies to prioritize scheduled and preventive maintenance, and reduce the amount of unplanned downtime. Maximize the value of your investment by determining the optimal combination of performance and costs across your entire infrastructure.
The strategic asset management program is a set of digital tools, documents, and processes that are thorough and detailed. It is designed to align investments in physical infrastructure with the organization’s strategic objectives. It starts with a thorough, top-down analysis of long-term physical infrastructure investment options. This includes balancing capital as well as operational expenses from a total cost (TOTEX) perspective, leveraging information about the condition of assets, as well as considering the current levels of service and community requirements.
If you have the right data it can help in planning staffing and resource management to ensure ongoing maintenance and operation of assets, and upgrade or replacement plans. It can also be used to streamline your work orders which will reduce downtime and improve the efficiency of your team.
In the end, the process can be used to create an action plan to achieve sustainability goals by maximizing asset utilization. This can be achieved through strategies like load balancing or sharing assets. It could also mean the implementation of new or reevaluating contracts with contractors or suppliers to improve energy and environmental performance.