In order to achieve your company's objectives, you must have a clear understanding of your assets and how they work together. Strategic asset management provides a framework to ensure consistent, repeatable and transparent decision-making and actions that are based on a thorough assessment of benefits, costs, and risks throughout the lifecycle of physical assets. Find functional dependencies that can be prioritized for preventive and scheduled maintenance, and minimize unplanned downtime. Maximize the value of your investment by determining an optimal combination of performance, cost leveraging tech in M&A negotiation processes and risk across your entire infrastructure portfolio.
The process of strategic asset management is a comprehensive and thorough set of documents, processes, and digital tools that align physical infrastructure investments with the overarching strategic goals of the organization. It starts with a thorough review from top-down of long-term investments for physical infrastructure. This involves balancing capital and operational expenditures from a total expense (TOTEX) perspective, using data on asset condition, and considering the current levels of service and community requirements.
By using the correct data the process can help in planning staffing and resource management for ongoing maintenance and operation of assets, as well as upgrade and replacement plans. It is also a great way to simplify work orders, which can help in reducing downtime and increasing the efficiency of your operation team.
The method can also be used to create a plan that maximizes asset utilization to meet sustainability goals. This can be achieved by load balance, asset sharing, or redeployment strategies. It could also involve creating new or reviewing contracts with suppliers or contractors to improve environmental and energy performance.