An asset strategy is a structured plan that outlines how to manage the maintenance and operation of physical asset, such as machinery or equipment, to ensure optimal performance, reduce downtime, and prevent failures. It focuses on balancing cost, risk, and performance to extend the life of assets while maintaining safety and efficiency. Asset Strategies can be as simple or as complex as you want them to be depending on the complexity of the system or risk. The end goal is to ensure the failure modes of an asset are properly defined and consequences of each failure are understood. These risks are then mitigated with the most cost effective methods either through operations controls, condition monitoring, preventative maintenance, proactive replacement, spare parts or in some cases run to failure.
Asset strategy programs can take various forms, and there is no one-size-fits-all solution for every business or project. Each organization faces distinct operational challenges, asset types, and risk profiles, making it essential to design a program tailored to these unique needs. Our approach is to create a fit-for-purpose strategy that accurately documents and manages asset risks without unnecessary analysis. As companies grow in their reliability programs or experience significant market shifts, asset strategies should naturally evolve. Rather than driving this evolution, the strategy should serve as the framework through which it is tracked and managed. Often in projects, we can start with a very templated approach using industry knowledge, and customize those strategies only where the greatest risks, or maintenance spend is observed. This serves as a great starting point in the journey which can then go through a continuous improvement process as specific lessons are learned.
By incorporating the Reliability-Centered Maintenance (RCM) philosophy alongside lean maintenance techniques, we establish a robust foundation for structuring and optimizing reliability initiatives. RCM helps identify the most effective risk mitigation actions by focusing on asset criticality and operational risk, while lean maintenance emphasizes efficiency and waste reduction. This combined approach allows you to optimize both asset performance and maintenance costs simultaneously.
The value earned from well-developed asset strategies lies in their ability to maximize asset performance, minimize unplanned downtime, and reduce overall maintenance costs. Asset strategies also enhance operational efficiency by aligning maintenance efforts with actual asset needs, rather than relying on generic, time-based schedules. This leads to better resource allocation, longer asset lifespans, and improved safety and reliability. Ultimately, a strategic, risk based asset management program supports business continuity and provides a solid return on investment through optimized performance and reduced total cost of ownership.
