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Assets can result in significant expense for businesses, and the right strategic strategies for managing assets can cut down the costs. A well-designed asset management system can reduce the cost of assets by making them more efficient, extending their lifespan, and reducing maintenance costs. It also improves efficiency in operations and increase productivity.

The strategic asset management process involves aligning investments in infrastructure that are physical to the company’s business plan. This includes deciding which assets to purchase and when to replace them and the best way to allocate and dispose of excess or non-useful assets.

A key element of strategic asset management is the collection and analysis of data. It’s a tough task but with the help of modern technology such as an asset management system, it becomes easier. This software is able to track the performance of assets, track service requests, analyze energy consumption and other relevant information.

Once the data has been collected, a strategic asset management plan can be developed. This should include a clear production goal that is realistic, stretch, and achievable over a 3 to five year period. The plan should also outline what the company needs to change in order to achieve its goals. In addition, it should outline expectations for production and costs based on the improvements that will be made.

A great strategic asset management strategy should be clear and concise that focuses on the main aspects of the document. It should be written in a way that allows senior managers to review the findings without having to delve into the details. It should also clearly define scope of the plan and describe the areas that are affected and the time frame — in years that it is applicable.