Strategic asset management is a way of thinking that is based on the idea that physical infrastructure assets can help achieve business goals. This holistic view, as which is endorsed by the BS 65000:2014 Guidance for Organizational Resilience sees asset management as one of the key capabilities contributing to organizational resilience.

If your goal is to reduce downtime, lower repair costs, boost efficiency or increase the reliability of your equipment you can accomplish all of this through efficient maintenance. To achieve this you must be aware of the performance of your current assets and needs. This means creating an accurate and complete inventory. It also involves establishing strategies for acquiring new assets – focusing on long-term value and aligning to the business’s goals – and also for maintaining and extending the life digital platforms revolutionizing M&A document management of existing ones.

Once you have an established foundation, you need to be ready to move from reactive to proactive operations. This is about avoiding common pitfalls for example, not coordinating maintenance tasks and strategic goals, interpreting incorrectly the data, or not regularly comparing baseline reports.

Avoid these pitfalls by incorporating your asset management strategy into an automated maintenance management system (CMMS) that’s designed to connect the different elements of your operational puzzle. You’ll then have the transparency and visibility needed to not only identify areas for improvement, but also make your case stronger when it’s time to justify your next budget request.