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 method that allows for transparent, consistent and repeatable decisions by analyzing the costs, benefits and risks of physical assets throughout their life span. Prioritize functional dependencies in order to plan regular and preventive maintenance and minimize unplanned downtime. Maximize your value by determining the optimal combination of cost, performance, and risk across your entire infrastructure portfolio.
The process of strategic asset management is a comprehensive and progressively thorough set of documents, processes, and digital tools which align physical infrastructure investments with the overall strategic goals leveraging tech in M&A negotiation processes of the organization. It starts with a thorough, top-down evaluation of long-term infrastructure investment options. This includes balancing capital expenditures and operational expenses from a TOTEX viewpoint and leveraging data on asset conditions and taking current service levels and local demands into consideration.
The process can also be used to inform the planning of resource resources, staffing and upgrade or replacement plans with the right data. It is also a great way to streamline work orders, reducing downtime and increasing the efficiency of your operations team.
The method can also be used to formulate plans that maximize asset utilization in order to achieve sustainability goals. This can be achieved through strategies like load balancing or asset sharing. It could also involve making changes to existing or revising contracts with suppliers or contractors to improve energy and environmental performance.