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In order to achieve your company’s objectives, you must have an understanding of your assets and how they work together. Strategic asset management provides a structure for consistent, repeatable and transparent decision-making and actions based on a thorough analysis of costs, benefits, and risk throughout the life cycle of physical assets. Determine functional interdependencies to prioritize preventive maintenance and decrease the amount of downtime that is not planned and the cost of repairs. Maximize the value of your investment by determining your optimal combination of performance and cost across your entire infrastructure.
The process of strategic asset management is a complete and detailed suite of documents, processes, and digital tools that help align investments in physical infrastructure with overarching organizational strategic objectives. It begins with a thorough review of the top-down investment options for physical infrastructure. This involves balancing capital expenditures and operational expenses from a TOTEX perspective, leveraging asset conditions data, and taking the current level of service and local needs into consideration.
By using the correct data it can help in planning staffing and resource management for ongoing maintenance and operation of assets in addition to upgrade or replacement plans. It can also be used to simplify work orders, which can help in cutting down time and increasing the efficiency of your operation team.
The method can also be used to create an action plan that maximizes asset utilization to meet sustainability goals. This can be achieved by implementing strategies such as load balancing or asset sharing. It could also involve creating new or reviewing existing contracts with suppliers or contractors to improve environmental and energy performance.
