To accomplish the goals of your organization, you need to be aware of the assets in your organization and how they interact. Strategic asset management provides a framework to ensure consistent, repeatable and transparent decisions and actions based on a thorough analysis of benefits, costs and risks throughout the life cycle of physical assets. Find functional interdependencies that can be prioritized for preventive maintenance and minimize unplanned downtime and costly repairs. Maximize your ROI by determining the most effective combination of performance and costs across your entire infrastructure.
The strategic asset management process is a vast and detailed suite of documents, processes, and digital tools that align physical infrastructure investments with the overarching strategic goals of the organization. It starts with a thorough, top-down evaluation of long-term infrastructure investment options. This enhancing M&A due diligence with digital tools includes balancing capital expenses and operational expenses from a TOTEX perspective using asset condition data and taking the current levels of service and local demands into consideration.
The process can also be used to inform the planning of resource resources, staffing and plan for replacement or upgrade using the correct data. It can be used to simplify your work orders which will reduce downtime and improve the efficiency of your operation team.
The method can be used to develop the strategy for achieving sustainability goals while optimizing the utilization of assets. This can be accomplished by implementing strategies such as load balancing or asset sharing. It may also involve implementing new contracts or reevaluating current ones with contractors or suppliers in order to enhance energy and environment performance.