To achieve your company’s goals, you need a clear understanding of your assets and how they work together. Strategic asset management is a process that enables transparent decisions that are consistent and repeatable based on an assessment of the benefits, costs, and the risks associated with physical assets throughout their life cycle. Identify functional dependencies to prioritize maintenance that is scheduled and preventive, and reduce the amount of unplanned downtime. Maximize the value of your investment by determining an optimal combination of performance, cost and risk across your entire infrastructure portfolio.

The strategic asset management process is a comprehensive and thorough set of documents, processes, and digital tools that help align investments in physical infrastructure with overarching organizational strategic objectives. It starts with a thorough, top-down analysis of long-term infrastructure investment options. This includes balancing capital and operational expenditures from a total cost (TOTEX) standpoint, using information about the condition of assets, as well as considering the current levels of service and community needs.

The process can also be used to inform the planning of resource resources, staffing and upgrade or replacement plans with the correct data. It can be used to streamline your work orders as well as reduce downtime and boost the efficiency of your operation team.

The process can be used to develop the strategy for achieving sustainability goals by optimizing the utilization of assets. This can be accomplished through load balance, asset sharing, or redeployment strategies. It could also require implementing new contracts or reviewing current ones with contractors or suppliers to improve the efficiency of energy and environmental performance.