Strategic asset management is a way of thinking that is based on the notion that physical infrastructure assets can help achieve business goals. Asset management is a crucial capability in this holistic view that is endorsed by the BS 65000:2014 guidelines on Organizational resilience.
Effective maintenance can help you attain your goals, whether it’s to decrease downtime, reduce repair costs, improve productivity or improve equipment reliability. To do so, you need to understand the current performance of your assets and needs. That means creating a thorough and precise inventory. It is also essential to develop strategies to acquire new assets with an eye on their value over the long term as well as their alignment with the company’s goals.
Once you have a solid base, you must be ready to transition from reactive to proactive operations. This involves avoiding common pitfalls like not aligning the tasks of maintenance and strategic goals, misinterpreting data, or not regularly comparing baseline reporting.
You can avoid these mistakes by building your strategic asset management strategy into an automated maintenance management system (CMMS) that is designed to connect all the elements of your operational puzzle. You’ll then have the transparency and visibility needed to not only identify opportunities for improvement, but also help you make your case when it’s time to justify your next budget request.