Strategic asset management is a way of thinking that is based on the belief that physical infrastructure assets can help achieve business goals. This holistic approach, which is endorsed by the BS 65000:2014 Guidance for Organizational Resilience sees asset management as one of the main capabilities contributing to organizational resilience.
If you want to reduce downtime, cut repair costs, increase efficiency or increase the reliability of your equipment you can accomplish all of these by implementing effective maintenance. It is important to understand the performance and needs of your assets. This requires creating a comprehensive and precise inventory. It also requires developing strategies for the acquisition of new assets – focusing on the long-term value and aligning to the business’s goals – as well as for sustaining and extending the lifespan of existing assets.
Once you have an established base, you must be ready to transition from reactive to proactive operations. This means avoiding the typical mistakes that many organizations are caught in, such as not aligning maintenance tasks with goals for the future or misinterpreting data or making regular comparisons with the baseline reporting.
Avoid these pitfalls by building your strategic asset management plan into an automated maintenance management system (CMMS) that is designed to connect all the pieces of your operational puzzle. You’ll have the visibility and transparency you need to not only pinpoint areas to improve but also to bolster your case when it comes time to justify your budget request.
