Achieving your organization’s goals requires an understanding of your assets and how they work together. Strategic asset management is a process that allows for transparent and consistent decision-making based on an assessment of the benefits, costs, and risks of physical assets throughout their life cycle. Identify functional interdependencies to prioritize preventive maintenance and decrease unplanned downtime and costly repairs. Maximize value by determining the optimal blend of cost, performance, and risk across your entire infrastructure portfolio.

The strategic asset management process is a series of digital tools, documents, and processes that are comprehensive and detailed. It ensures that investments in infrastructure are aligned with the strategic goals of the organization. It starts with a thorough top-down assessment of long-term physical infrastructure investment options. This involves balancing capital expenditures and operational expenses from a TOTEX perspective, leveraging asset conditions data, and taking the current level of service and local needs into account.

Using the right data this process can inform staffing and resource planning to ensure ongoing maintenance and operation of assets as well as upgrade and replacement plans. It can be used to simplify your work orders, reduce downtime and increase the efficiency of your operation team.

Finally, the method can be used to create the strategy for achieving sustainability goals through maximising asset utilization. This can be accomplished through load shifting, asset sharing or redeployment strategies. It could also require implementing new contracts or revising current ones with contractors or suppliers to improve the environmental and energy performance.

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