To reach your organization’s goals, you need to have a clear understanding of the assets in your organization and how they interact. Strategic asset management is a framework that allows for transparent and consistent decision-making by analyzing the costs, benefits and the risks associated with physical assets throughout their life span. Find functional dependencies that can be prioritized for scheduled and preventive maintenance, and reduce unplanned downtime. Maximize your ROI by determining the optimal combination of performance and cost across your entire infrastructure.
The process of strategic asset management is a vast and extensive set of documents, processes and digital tools that align investments in physical infrastructure in line with the overall goals of the company’s strategic plan. It starts with a thorough top-down review of the long-term potential for physical infrastructure investment options. This includes balancing capital expenditures and operational expenses from a TOTEX standpoint using asset condition data and taking current service levels and local requirements into account.
If you have the right data, the process can also aid in resource planning and staffing for ongoing maintenance and operation of assets, as well as upgrade and replacement plans. It can be used to reduce the time spent on work orders, reduce downtime and increase the efficiency of your operation team.
The process can be used to create the strategy for achieving sustainability goals by maximising the utilization of assets. This can be achieved by implementing strategies such as load balancing or asset sharing. It could also require implementing new contracts or reevaluating current ones with suppliers or contractors in order to enhance energy and environment performance.
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