By implementing a strategic approach for long-term maintenance and planning for operations asset management can better align physical assets with the organization’s broad business goals. Instead of relying on existing budgets or guessing on future needs, strategic asset management enables decision makers to draw on information about condition and balance service level requirements with budgetary goals to ensure sustainable infrastructure and facilities.
The most important element in this approach is a strong team with a shared vision. This means that the people who operate and maintain your assets are a critical element in the process as they are familiar with your equipment inside out. They can provide valuable insights into how you can improve your procedures and processes, which can have an important contribution to your asset management plan. Engaging these employees from the beginning will help with buy-in and ensure that everyone is on the same page in developing your strategy.
A sound strategic asset management plan starts by identifying and cataloguing all your assets along with their locations and conditions. This will help you determine your most important assets and prioritize their maintenance. You can use this information to carry out a variety of other initiatives, including streamlining work orders, maximising uptime and improving the quality of reporting.
Analyzing the impact of asset-management decisions on your community is another essential component. This includes weighing the immediate cost against the benefits and savings over the long term and assessing the impact on the environment.
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