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Achieving your organization’s goals requires an understanding of your assets and how they work together. Strategic asset management is a system for consistent, repeatable, and transparent decisions and actions based upon a comprehensive analysis of benefits, costs and risks throughout the life cycle of physical assets. Find functional dependencies that can be prioritized for maintenance that is scheduled and preventive, and reduce the amount of unplanned downtime. Maximize your return on investment by determining the best combination of performance and cost across your entire infrastructure.

The process of strategic asset management is a comprehensive and detailed suite of documents, processes and digital tools that align investments in physical infrastructure with the overall strategic goals of the organization. It starts with a thorough and top-down assessment of long-term physical infrastructure investment options. This involves balancing capital expenditures and operational expenses from a TOTEX viewpoint using asset condition data, and taking the current level of service and local needs into consideration.

The process can also be used to inform the planning of resources, staffing, and upgrade or replacement plans using the right data. It is also a great way to streamline work orders, cutting down time and increasing the efficiency of your operations team.

Finally, the process can be used to establish a plan for achieving sustainable goals by maximising the utilization of assets. This is accomplished by load balancing, asset sharing or redeployment strategies. It may also require the implementation of new contracts, or reevaluating existing ones with contractors or suppliers in order to enhance the performance of energy and environmental.