Strategic asset management is a mindset that is based on the notion that physical infrastructure assets enable business goals. This holistic view, which is that is supported by the BS65000:2014 Guidance for Organizational Resilience sees asset management as one of the essential capabilities that contribute to the resilience of an organization.

Whether your goal is to reduce downtime, decrease repair costs, boost efficiency or increase the reliability of your equipment You can achieve all of this through efficient maintenance. It is essential to first comprehend the performance and needs of your equipment. This means creating a complete and precise inventory. Also, it is necessary to devise strategies for the acquisition of new assets – with an emphasis on long-term benefits and alignment to business goals – as well as for sustaining and extending the life of existing ones.

Once you have a solid base, you must be prepared to make the transition from reactive to proactive operations. This means avoiding the typical pitfalls that many organisations fall into, like failing to align maintenance tasks with strategic goals as well as misinterpreting data or making regular comparisons with reports from baseline.

You can avoid these pitfalls by integrating your strategic asset management into an automated Maintenance Management System (CMMS) that is designed to connect all the pieces of your operation puzzle. You’ll then have the transparency virtual data rooms for strategic document control and visibility required to not only find areas for improvement, but also to strengthen your argument when you need to justify your next budget request.