By implementing a strategic approach for long-term maintenance and planning for operations Asset management can help align physical assets to an organization’s overall business goals. Strategic asset management enables decision makers to reconcile budgetary goals with the needs of service level for long-term sustainability of facilities and infrastructure instead of relying on budgets.
The main ingredient in this approach is a strong team with a united vision. This means that the people who operate and maintain your assets are a crucial component of the process because they know your equipment inside out. They can offer valuable insight into how you can improve procedures and processes and make a significant impact on your asset management plan. This will help ensure buy-in, and that everyone is involved in developing your strategy.
A sound strategic asset management plan begins by identifying and storing all your assets together with their locations and their condition. This will help you identify your most important assets and determine the priority of their maintenance. You can use this information to plan a number of other initiatives, including streamlining work orders, maximising the uptime of your equipment and improving your reporting.
Another important aspect is evaluating the impact of decisions made regarding asset management on your community. This includes weighing immediate costs and benefits against the long-term savings and benefits, as well as considering the impact they have on the environment.