By implementing a strategic approach for long-term maintenance and operation planning Asset management can help align physical assets to the company’s overarching business objectives. Strategic asset management enables decision makers to reconcile budgetary goals with the needs of service level for sustainable infrastructure and facilities, instead of relying solely on budgets.

This approach relies on a team that has a shared vision. This means that the people who manage and maintain your assets are a crucial element in the process as they know your equipment inside out. They can provide valuable insight into how you can improve procedures and processes and make a significant impact on your asset management program. Having these employees involved from the beginning can help in gaining buy-in and make sure that everyone is on the same page when developing your strategy.

A well-thought-out strategic asset management plan begins with the identification of all your assets and documenting them, including their location and state. This will help you identify the most important assets in your inventory and determine the priority of their maintenance. This information can be used to implement other initiatives like streamlining work orders and maximising uptime.

Examining the impact of asset management decisions on your community is an vital aspect. This requires weighing immediate costs against the long-term benefits and savings, and evaluating the effect on the environment.

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