Strategy Development

Responsible departments:

Maintenance, Reliability, Operations

Maintenance strategies are developed for an asset based on manufacturer recommendations & organisational needs. Strategies trigger maintenance tasks to be created & actioned at strategic intervals, taking a proactive approach to maintenance work. This minimised unplanned downtime & capital spending.

Asset strategies establish the framework for managing risk, reliability, performance and lifecycle costs. Maintenance tactics may include preventive, predictive, condition-based or run-to-failure approaches depending on the asset's criticality and operational importance. Effective strategy development ensures maintenance activities align with business objectives while maximising asset performance and service life.

  • Define maintenance approaches for critical assets.
  • Review manufacturer recommendations and failure history.
  • Establish preventive and predictive maintenance programs.
  • Align maintenance strategies with risk and business objectives.

Inputs

Manufacturer recommendations, risk assessments, asset criticality, operational requirements

Outputs

Maintenance strategies, maintenance plans, scheduled maintenance tasks

Benefits

Improved reliability, reduced downtime, optimised lifecycle costs

Demand Planning & Forecasting (AM)

Effective demand planning and forecasting is critical to aligning asset acquisition with operational needs. The procurement of a new asset should always align with the organisations long term strategic plan and should align with operational and financial goals and targets. 

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Criticality & Risk Assessment

Asset criticality analysis is the process used to assign a criticality rating to assets based on potential risk the business and drives decision making when asset is in service. All new assets should be fit-for-purpose and should be formally risk assessed to ensure it is capable of meeting business objectives safely and efficiently.

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Capital Investment Decision Making

Capital investment decision making ensures new assets are delivered in budget, on time, and meet business objectives. OPEX (Operating expenditure) and CAPEX (Capital expenditure) should be determined for new assets to ensure cost effectiveness.

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Strategic Sourcing & Contracts (AM)

Strategic sourcing sets the foundation for parts availability and cost control by aligning supplier selection and contract terms with operational needs. 

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Procurement & Vendor Management (AM)

Effective procurement ensures timely acquisition of goods and services that meet quality, cost, and schedule requirements. Operations and Maintenance provide demand forecasts and specifications, Supply Chain executes purchase orders and manages vendor relationships, while Finance oversees financial controls and payment processes. 

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Strategy Development

Effective procurement ensures timely acquisition of goods and services that meet quality, cost, and schedule requirements. Operations and Maintenance provide demand forecasts and specifications, Supply Chain executes purchase orders and manages vendor relationships, while Finance oversees financial controls and payment processes. 

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Spare Parts for Assets (AM)

Once the planning for a new asset has been completed, the organisation can proceed with how they will procure the asset (via a tender/contract, or purchase order etc).A critical spares analysis should be carried out to determine risk of extended downtime in the event of an unplanned failure & inventory holdings should be adjusted accordingly.

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Asset Master Data

Maintenance activities should be managed within an organisation’s computer system. This ensures historical maintenance data is captured consistently with relevant costs linked to assets. Data captured can be used to analyse performance, allowing decision makers to implement improved maintenance strategies and cost saving initiatives.

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Operate

Commissioning an asset once it has been delivered ensures that it is operating as designed. A handover checklist should be completed prior to operations taking ownership of the asset. Training packages should be developed and operators deemed competent before operating any asset. Operators should also know how to properly conduct a "pre-start" on the equipment.

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Maintain

Work management defines the process of ensuring maintenance work is identified, prioritised, planned and executed in a safe, efficient and cost-effective manner. Maintenance works should be scheduled in the ERP following a planning and scheduling process.

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Overhaul Management

Overhaul management ensures that major repairs or refurbishments are strategically planned, cost-effective, and aligned with the asset’s operational life. Overhaul management involves making informed decisions on replacement versus refurbishment.

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Decommission, Repurpose or Write Off

Once an asset is deemed no longer required, the decommissioning and disposal process will commence, bring the asset to the end of its life. An aspect of disposing a tangible asset involves ensuring the computer systems are updated to avoid confusion and data errors. 

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Continuous Improvement (AM)

Continuous improvement ensures assets, maintenance practices and management systems evolve to maximise reliability, performance, safety and value throughout the asset lifecycle.

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Cost Control (AM)

Cost control maximises value from assets by balancing acquisition, maintenance, operating and disposal costs across the entire asset lifecycle.

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Analyse Performance (AM)

Asset performance should be analysed through regular KPI and reliability reporting. These insights enable organisations to make informed decisions regarding asset strategies, maintenance investments and lifecycle management.

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Asset Management Framework

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"Asset management is the coordinated activity of an organisation to realise value from its assets. It is the systematic and analytical process of acquiring, operating, maintaining, and disposing of assets in the most effective manner - including all costs, risks, and performance attributes."