Strategic asset management is a mindset that is based on the idea that physical infrastructure assets help achieve business goals. This holistic view, which is endorsed by the BS 65000:2014 Guidance on Organizational Ressilience, considers asset management to be one of the key capabilities that contribute to the resilience of an organization.
Effective maintenance can help you reach your goals, whether leveraging tech in M&A negotiation processes it’s to decrease downtime, reduce repair costs, boost productivity or improve equipment reliability. First, you must understand the performance and needs of your equipment. This means creating a complete and thorough inventory. It also involves establishing strategies for the acquisition of new assets, focusing on long-term value and aligning with business goals – as well as for maintaining and extending the lifespan of existing ones.
Once you have a solid foundation, you need to be ready to make the shift from reactive to proactive operations. This means avoiding common pitfalls that many organisations fall into, like not aligning maintenance activities with strategic goals, misinterpreting data or not making regular comparisons with the baseline reporting.
You can avoid these traps by incorporating your strategic asset management plan into a computerized maintenance management system (CMMS) that’s designed to connect the different pieces of your operational puzzle. You’ll gain the visibility and transparency you need to not only identify areas to improve, but also to strengthen your case when it comes time to justify your budget request.