Strategic asset management is an organizational mindset built on the premise that infrastructure assets in physical form are a key enabler of business goals. This holistic approach, that is supported by the BS65000:2014 Guidance on Organizational Resilience, sees asset management as one of the essential capabilities that can help build resilience in an organization.

Effective maintenance can help you meet your goals, whether it’s to decrease downtime, reduce repair costs, boost productivity or increase the reliability of your equipment. To do so you must be aware of your current assets’ performance and requirements. This means creating an accurate and thorough inventory. It also requires developing strategies for purchasing new assets, focusing on long-term value as well as aligning with business goals – as well as for maintaining and extending the life of the existing ones.

Once you have a solid base on which to build, you’ll be able to move from a reactive to a proactive approach. This means avoiding common pitfalls, like not aligning maintenance tasks and strategic goals, not understanding the data or not regularly comparing baseline data.

Avoid these pitfalls by incorporating your asset management strategy into an automated maintenance management system (CMMS) that’s designed to connect the different pieces 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 it comes time to justify your next budget request.

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