Strategic Asset Management

Asset management, which employs an approach to long-term maintenance planning as well as operational planning, can help to bring physical assets into line with an organization’s overall business objectives. Strategic asset management enables decision makers to reconcile budgetary goals with the service level requirements to ensure sustainable facilities and infrastructure, rather than relying solely on budgets.

This method is based on a team with a common vision. This means that the people who operate and maintain your assets are a critical part of the process because they are familiar with your equipment inside out. They can provide valuable advice on how to improve processes and procedures and can have a significant effect on the asset management program. This can help to ensure that everyone is on board, and that everyone is involved in creating your strategy.

A well-thought-out strategic asset management plan begins with identifying all your assets and listing them, including their location and their condition. This will allow you to identify your most important assets, and prioritize their maintenance. This information can be used to implement other initiatives, such as streamlining work orders and maximising uptime.

The impact of asset management decisions on your community is another essential component. This involves weighing immediate costs against the long-term savings and benefits, and evaluating the effect on the environment.

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