Strategic Asset Management – A Framework For Consistent, Repeatable, and Transparent Decision-Making
In order to achieve your company’s objectives, you must have a clear understanding of your assets and how they work together. Strategic asset management is a process that enables transparent, consistent and repeatable decisions by analyzing the benefits, costs, and dangers of physical assets over their lifespan. Find functional interdependencies that can be prioritized for preventive maintenance and reduce unplanned downtime and costly repairs. Maximize your return on investment by determining the best combination of efficiency and cost across your entire infrastructure.
The strategic asset management process is a series of digital tools, documents, and processes that are comprehensive and precise. It is designed to align investments in physical infrastructure with the company’s strategic goals. It starts with a thorough, top-down evaluation of long-term infrastructure investment options. This involves balancing capital and operational expenditures from a total expense (TOTEX) perspective, using asset condition data, and considering current service levels and community requirements.
The process can also be used to inform staffing, resource planning, and upgrade or replacement plans using the right data. It can also be used to simplify work orders, cutting down time and increasing the efficiency of your operation team.
The process can be used to develop an action plan that maximizes asset utilization to meet sustainability goals. This can be accomplished through load shifting, asset sharing or redeployment strategies. It could also require implementing new contracts or reviewing current ones with suppliers or contractors in order to improve the performance of energy and environmental.
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