The achievement of your organization’s goals requires an understanding of your assets and how they work together. Strategic asset management is a system to ensure consistent, repeatable and transparent action based on a thorough assessment of costs, benefits, and risks throughout the life cycle of physical assets. Determine functional interdependencies to prioritize preventive maintenance and minimize the amount of downtime that is not planned and the cost of repairs. Maximize value by determining the optimal balance of performance, cost and risk across your entire infrastructure portfolio.
The process of strategic asset management https://thekey-partners.com/strategies-for-efficiently-managing-your-real-estate-projects/ is a comprehensive and elaborate set of documents processes, and digital tools that align investments in physical infrastructure in line with the overall goals of the company’s strategic plan. It starts with a thorough and top-down evaluation of long-term infrastructure investment options. This includes balancing capital expenses and operational expenses from a TOTEX viewpoint and leveraging data on asset conditions, and taking current service levels and local demands into consideration.
With the right information the process can aid in resource planning and staffing for ongoing maintenance and operation of assets in addition to upgrade or replacement plans. It can be used to streamline your work orders to reduce downtime, and improve the efficiency of your team.
The method can also be used to formulate an action plan that maximizes asset utilization in order to achieve sustainability goals. This can be achieved by load balancing, asset sharing or redeployment strategies. It may also include implementing new or reevaluating contracts with suppliers or contractors to improve energy and environmental performance.