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The achievement of your organization’s goals requires an understanding of your assets and how they work together. Strategic asset management provides a structure for consistent, repeatable, and transparent decisions and actions based on a thorough assessment of the benefits, costs, and risks throughout the lifecycle of physical assets. Identify functional interdependencies to prioritize preventive maintenance and minimize the amount of downtime that is not planned and the cost of repairs. Maximize value by determining an optimal combination of performance, cost, and risk across your entire infrastructure portfolio.

The strategic asset management process is a vast and extensive set of documents, processes and digital tools that align physical infrastructure investments with overarching organizational strategic objectives. It begins with an in-depth, top-down assessment of long-term investments for physical infrastructure. This includes balancing capital and operational expenditures from a total cost (TOTEX) perspective, leveraging asset condition data, and considering the current state of service and community needs.

The process can also be used to inform the planning of resources, staffing, and plan for replacement or upgrade using the correct information. It can also be used to simplify work orders, which can help in which reduces downtime and increases the efficiency of your operations team.

The process can also be used to create a plan that maximizes asset utilization in order to achieve sustainability goals. This can be accomplished through load shifting, asset sharing or redeployment strategies. It could also mean implementing new or reevaluating existing contracts with suppliers or contractors to improve environmental and energy performance.

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