Strategic asset management is a mindset that is based on the belief that physical infrastructure assets enable business goals. This holistic perspective, which is endorsed by the BS 65000:2014 Guidance on Organizational Resilience, sees asset management as one of the essential capabilities contributing to organizational resilience.
If you want to reduce downtime, lower repair costs, boost productivity or increase equipment reliability, you can achieve all of these through effective maintenance. To do so you must be aware of the current performance of your assets and needs. This involves creating a precise and thorough inventory. It is also crucial to come up with strategies to acquire new assets, putting an emphasis on their long-term value as well as their alignment with the business objectives.
Once you have an established foundation, you need to be prepared to make the transition from reactive to proactive operations. This involves avoiding common mistakes, like not aligning maintenance tasks with strategic goals, misinterpreting data, or not regularly comparing baseline data.
You can avoid these pitfalls by incorporating your asset management plan into an automated maintenance management system (CMMS) that’s designed to connect the various pieces of your operational puzzle. Then, you’ll have the transparency and visibility required to not only spot opportunities for improvement but also make your case stronger when it’s time to justify your next budget request.