Assets can result in significant expenses for businesses and the most effective methods of managing assets can reduce the amount of money spent. A well-designed asset management system will reduce the cost of assets through making them more efficient, extending their lifespan, and reducing maintenance costs. It also improves productivity and efficiency.
The strategic asset management process involves aligning investments in physical infrastructure with an organization’s business strategy. This involves determining which assets to purchase, when to replace them and how to allocate and dispose of excess or non-useful assets.
One of the most important aspects of asset management that is strategic is the collection and analysis of data. It can be a difficult task, but with the aid of modern technology, such as an asset management software, it becomes much easier. It is able to track asset performance in monitoring service requests and work orders, collect and analyze energy consumption, and also provide useful details about assets.
Once data is collected after which a strategic asset-management plan can be developed. It should include a clear production target that is achievable, stretchable, and achievable over a three to five year period. The plan should also detail what the company will need to change to achieve its goal. In addition, it should outline expectations for production and costs based on the improvements that will be made.
A well-crafted strategic asset management plan must be concise and clear that focuses on the main elements of the document. It should be written at a level that allows top managers to review the findings without having to go through the details. It must also clearly define its scope, listing the affected regions and the time frame — in years — that it applies.
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