Strategic asset management is an organizational mindset built on the premise that physical infrastructure assets serve as a catalyst for business goals. Asset management is a crucial capability in this holistic view and is supported by BS 65000:2014 Guidelines on Organizational resilience.
Effective maintenance can help you reach your goals, whether that’s to reduce downtime, repair costs, improve productivity or increase the reliability of your equipment. To achieve this you must be aware of the performance of your current assets and needs. That means creating a thorough and precise inventory. It is also necessary to develop strategies for the acquisition of new assets, focusing on long-term benefits and aligning to the business’s goals – as well as for sustaining and extending the life of the existing ones.
Once you have established a solid base, you must be ready to transition from reactive to proactive operations. This means avoiding common pitfalls, for instance, failing to align maintenance tasks with strategic goals, interpreting incorrectly the data, or not regularly comparing baseline data.
You can avoid these pitfalls by incorporating your strategic asset management strategy 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 necessary to not only see opportunities for improvement, but also make your case stronger when you need to justify your next budget request.