Strategic Asset Management

Asset management, that takes an approach that is strategic in long-term maintenance plans and operational planning can help bring physical assets into line with the company’s overall goals. Strategic asset management enables decision-makers to balance budgetary objectives with the service level requirements to ensure long-term sustainability of facilities and infrastructure rather than relying solely on budgets.

This method relies on a team that has a shared vision. The people who maintain and operate your assets are an essential part of the process as they are familiar with the equipment inside out. They can provide valuable insight into the ways to improve procedures and processes, which can have significant improvements to your asset management program. Having these employees involved from the beginning can help in gaining buy-in and make sure that everyone is on the same page when it comes to developing your strategy.

A strong strategic asset management plan begins by identifying and cataloguing every asset you own, together with their locations, and their conditions. This helps you determine your most valuable assets and make a list of the maintenance priorities. This information can be used to plan other initiatives, such as streamlining work orders, and maximizing uptime.

Examining the impact of asset management decisions on your community is another crucial aspect. This includes weighing the immediate cost against the long-term benefits and savings and assessing the impact on the environment.

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