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

To reach your organization’s goals it is essential to have a clear understanding of the assets in your organization and how they interact. Strategic asset management is a system to ensure consistent, repeatable and transparent action based upon a comprehensive analysis of benefits, costs and risks throughout the lifecycle of physical assets. Recognize functional interdependencies and prioritize preventive maintenance and reduce unplanned downtime and costly repairs. Maximize value by determining an optimal balance of cost, performance, and risk across your entire infrastructure portfolio.

The strategic asset management process is a vast and detailed suite of documents, processes and digital tools that align physical infrastructure investments with overarching organizational strategic objectives. It starts with a thorough top-down evaluation of long-term physical infrastructure investment options. This includes balancing capital as well as operational expenditures from a total cost (TOTEX) perspective, leveraging data on asset condition, and taking into account the current level of service and community requirements.

The process can also be used to inform the planning of resources, staffing, and upgrade or replacement plans using the right information. It is also a great way to simplify work orders, which can help in reducing downtime and increasing the efficiency of your operation team.

In the end, the process https://thekey-partners.com/ibabs-software-review/ can be used to establish an action plan to achieve 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 require the implementation of new contracts or revising current ones with contractors or suppliers in order to improve the environmental and energy performance.