Strategic Asset Management – A Framework For Consistent, Repeatable, and Transparent Decision-Making

Achieving your organization’s goals requires an understanding of your assets and how they function together. Strategic asset management is a system that enables transparent decisions that are consistent and repeatable based on an assessment of the benefits, costs and risks of physical assets throughout their lifespan. Find functional interdependencies that can be prioritized for preventive maintenance and decrease the amount of downtime that is not planned and the cost of repairs. Maximize your value by determining the optimal balance of cost, performance, and risk across your entire infrastructure portfolio.

The strategic asset management process is a complete and extensive set of documents, processes and digital tools that help align investments in physical infrastructure with the overarching strategic goals of the organization. It begins by conducting a thorough, top-down assessment of long-term physical infrastructure investment options. This involves balancing capital and operational expenditures from a total expense (TOTEX) standpoint, using information about the condition of assets, as well as considering the current level of service and community requirements.

By using the correct data this process can inform resource planning and staffing for the ongoing maintenance and operation of assets and upgrade or replacement plans. It can help simplify your work orders to reduce downtime, and improve the efficiency of your operation team.

The method can also be used to formulate a plan that maximizes asset utilization in order to achieve sustainability goals. This can be achieved by load balance, asset sharing, or redeployment strategies. It may also require the implementation of new contracts or revising current ones with contractors or suppliers in order to improve the efficiency of energy and environmental performance.

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