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To achieve your company’s goals, you need an understanding of your assets and how they work together. Strategic asset management is a process that allows for transparent, consistent and repeatable decisions that is based on an analysis of the benefits, costs, and the risks associated with physical assets throughout their life cycle. Identify functional interdependencies to prioritize preventive maintenance and minimize unplanned downtime and costly repairs. Maximize the value of your investment by determining your optimal combination of efficiency and cost across your entire infrastructure.
The strategic asset management process is a comprehensive and extensive set of documents, processes, and digital tools that align investments in physical infrastructure with the overall strategic goals of the organization. It starts with a thorough review from top-down of long-term investments for physical infrastructure. This includes balancing capital and operational expenses from a total expense (TOTEX) perspective, leveraging information about the condition of assets, as well as taking into account the current state of service and community needs.
The process can also be used to inform the planning of resource resources, staffing and upgrades or replacement plans by using the right information. It can be used to reduce the time spent on work orders as well as reduce downtime and boost the efficiency of your team.
The method can be used to develop an action plan to achieve sustainability goals through maximising asset utilization. This can be accomplished through load balance, asset sharing, or redeployment strategies. It may also require the implementation of new contracts or revising current ones with suppliers or contractors in order to improve the efficiency of energy and environmental performance.
