To accomplish the goals of your organization, you need to be aware of the assets within your organization and how they interact. Strategic asset management offers a framework to ensure consistent, repeatable and transparent decision-making and actions based on a thorough analysis of benefits, costs, and risks throughout the life cycle of physical assets. Identify functional interdependencies to prioritize preventive maintenance and decrease unplanned downtime and costly repairs. Maximize your value by determining the best combination of performance and costs across your entire infrastructure.

The strategic asset management program is a set of digital tools, documents and processes that are thorough and precise. It aligns physical infrastructure investments to the company’s strategic goals. 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 and leveraging data on asset conditions, and taking the virtual data rooms for strategic document control current levels of service and local needs into consideration.

Using the right data it can help in planning staffing and resource management for the ongoing maintenance and operation of assets, and upgrade or replacement plans. It can also be used to reduce the time spent on work orders which will reduce downtime and improve the efficiency of your team.

The method can be used to develop plans that maximize asset utilization to meet sustainability goals. This can be achieved by load balancing, asset sharing or redeployment strategies. It could also involve making changes to existing or revising existing contracts with suppliers or contractors to improve environmental and energy performance.