Strategic asset management is a way of thinking that is based on that physical infrastructure assets can help achieve business goals. Asset management is an essential capability in this holistic approach that is endorsed by the BS 65000 guidelines for Organizational resilience.

Effective maintenance can help you reach your goals, whether it’s to reduce downtime, lower repair costs, increase productivity, or improve the reliability of equipment. You must first understand the performance and needs of your equipment. This requires you to create a thorough and accurate inventory. It also requires developing strategies for the acquisition of new assets, focusing on long-term benefits and alignment with business goals and also for maintaining and extending the life of existing assets.

Once you have a solid base on which to build, you’ll be able to transition from a reactive approach to a proactive one. That means avoiding the common mistakes that many companies are caught in, such as failing to align maintenance tasks with goals for the future as well as misinterpreting data or conducting regular comparisons with reports from baseline.

You can avoid these mistakes by building your strategic asset management strategy into an automated maintenance management system (CMMS) that’s designed to connect all the pieces of your operational puzzle. You’ll then have the visibility and transparency required to not only find opportunities for improvement but also to strengthen your argument when you need to justify your next budget request.

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