Strategic asset management is a mental model that is based on the belief that physical infrastructure assets can help achieve business goals. This holistic view, which is which is endorsed by the BS 65000:2014 Guidance on Organizational Resilience, recognizes asset management as one of the most important capabilities contributing to organizational resilience.
Effective maintenance can help you attain your goals, whether that’s to decrease downtime, reduce repair costs, improve productivity or improve equipment leveraging tech in M&A negotiation processes reliability. To do so you must be aware of the performance of your current assets and needs. This means creating a complete and thorough inventory. It is also crucial to devise strategies to acquire new assets, with an emphasis on their long-term value and their alignment with the business objectives.
Once you have a solid base, you must be ready to move from reactive to proactive operations. This means staying clear of the common pitfalls that many organisations fall into, like not aligning maintenance activities with goals for the future as well as misinterpreting data or performing regular comparisons of reports from baseline.
You can avoid these pitfalls by building your strategic asset management plan into an automated maintenance management system (CMMS) that is designed to connect the various elements of your operational puzzle. You’ll then have the visibility and transparency you need to not only spot areas to improve but also to bolster your argument when it comes time to justify your budget request.