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Assets can be a costly source for companies. The right practices for managing assets can help minimize these costs. A well-designed system will help reduce the cost of assets by optimizing their usage and extending their life span and minimizing maintenance costs. It can also increase productivity and improve efficiency.
The process of strategic asset management involves aligning investments in physical infrastructure with an organization’s overall business strategy. This involves determining which assets to purchase and when to replace them and how to allocate and dispose of surplus or non-useful assets.
A key element of a strategic asset management program is the collection and analysis of data. It can be a difficult task, but with the aid of technology that is advanced, like an asset management software it is made easier. It is able to track the performance of assets in monitoring service requests and work orders as well as analyze energy consumption, and provide other useful details about assets.
Once the data has been collected and analyzed, a strategic asset management plan can be developed. This should include a specific production goal that is realistic, stretchable and achievable over a 3 to five-year period. The plan should also define what the company’s needs to change in order to achieve its goals. Additionally, it should define expectations for costs and production in light of the changes to be made.
A well-crafted strategic asset management plan should be concise and clear with the most important aspects of the document. It should be written at a level that allows managers at a higher level to examine its conclusions without navigating through the details. It must also clearly define the scope of the plan and describe the areas affected and the time frame — in years — to which it applies.