Strategic asset management is an organizational mindset which is based on the notion that infrastructure assets in physical form serve as a catalyst for business goals. This holistic view, which is supported by the BS 65000 Guidance on Organizational Ressilience, recognizes asset management as one of the essential capabilities contributing to organizational resilience.

Whether your goal is to reduce downtime, cut repair costs, improve productivity, or improve the reliability of your equipment it is possible to achieve all of these through effective maintenance. You must first understand the performance and requirements of your equipment. This requires creating a precise and thorough inventory. It also requires developing strategies for the acquisition of new assets – with an emphasis on long-term benefits and alignment to business goals – as well as strategies for maintaining and extending the life of the existing ones.

Once you have a solid base that is solid, you are now ready to transition from a reactive to a proactive approach. That means avoiding the common mistakes that many organizations fall into, like not aligning maintenance tasks with goals for the future board software for streamlined corporate resolutions as well as misinterpreting data or making regular comparisons with baseline reporting.

Avoid these traps by integrating your strategy for asset management into a computerized Maintenance Management System (CMMS) that is designed to connect all the pieces of your puzzle. You’ll then have the visibility and transparency you require to not only pinpoint areas to improve but also to bolster your argument when it comes time to justify your budget request.