Strategic Asset Management
Assets can be a source of significant expense for businesses and the most effective practices for managing assets can help reduce the costs. A well-designed system can help reduce the cost of assets by optimizing their use, extending their lifespan, and reducing maintenance costs. It can also increase productivity and increase operational efficiency.
The strategic asset management process involves coordinating the investments in physical infrastructure with the company’s overall business strategy. This means determining what assets to purchase, when to replace them and how to distribute and dispose of surplus or inactive assets.
The collection and analysis data is a crucial aspect of strategic asset management. This can be a daunting task, but it can be made easier with the help of advanced technology such as an asset ibabs software advantages overivew management software solution. It can be used to track asset performance, monitor work orders and service requests and collect and analyze energy consumption, and provide other useful information regarding assets.
After data has been gathered and analyzed, a strategic asset management plan can be developed. This should include a clear production goal that is realistic, stretch, and achievable over a three – to five-year period. The plan should also outline the broad practices the company must alter to achieve this goal. In addition, it should outline the expectations for production and costs dependent on the improvements which will be made.
A well-crafted strategic asset management strategy should be concise and clear with the most important points of the document. It should be written in such a manner that senior managers are able to examine the findings without having to go through the details. It should also clearly define its scope, listing the affected regions and the time frame in years- that it applies.
