Utilizing a strategic approach to long-term maintenance and operational planning Asset management can help align physical assets to the company’s overarching business objectives. Instead of relying on existing budgets or guessing on the future requirements strategic asset management allows decision makers to use condition data and align service level requirements with budgetary goals for sustainable facilities and infrastructure.

This method is based on a team who have a common vision. This means that the people who manage and manage your assets are a crucial element in the process as they are familiar with your equipment inside out. They can provide valuable information on how to improve processes and procedures, and have a major impact on the overall asset management plan. Involving these employees from the beginning can also help in gaining buy-in and make sure that everyone is on the same page when defining your strategy.

A well-thought-out strategic asset management plan begins with taking inventory of your assets and recording them, along with their locations and their state. This will help you determine the most important assets and prioritise their maintenance. You can use this information to implement a range of other initiatives such as simplifying work orders, increasing uptime and improving reporting.

Another vital aspect is evaluating the impact of decisions made regarding asset management on your community. This includes weighing the immediate cost against long-term benefits and savings, and evaluating the effect on the environment.

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