To achieve your company’s goals, you need a clear understanding of your assets and how they work together. Strategic asset management provides a structure for consistent, repeatable, and transparent decision-making and actions based on a thorough assessment of benefits, costs and risks throughout the lifecycle of physical assets. Determine functional dependencies to prioritize scheduled and preventive maintenance, and decrease unplanned downtime. Maximize your value by determining the optimal balance of performance, cost and risk across your entire infrastructure portfolio.

The process of strategic asset management is a comprehensive and progressively elaborate set of documents processes, and digital tools which align physical infrastructure investments in line with the overall goals of the company’s strategic plan. It begins with a thorough top-down evaluation of long-term physical infrastructure investment possibilities. This includes balancing capital expenses and operational expenses from a TOTEX perspective, leveraging asset conditions data, and taking the current level of service and local needs into account.

The process can also be used to inform the planning of resource resources, staffing and upgrade or replacement plans with the correct data. It can also be used to simplify your work order processes to reduce downtime, and improve the efficiency of your team.

The method can also be used to create a plan that maximizes asset utilization in order to achieve sustainability goals. This can be achieved by implementing strategies such as load balancing or asset sharing. It could also mean the implementation of new or reevaluating existing contracts with contractors or suppliers to improve energy and environmental performance.

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