Basic Description
Asset Strategy is a systematic approach to developing strategies that use criticality analysis to distinguish which assets will be best suited for procedures.
An asset strategy is a structured approach to managing physical assets—such as equipment, systems, or infrastructure—to ensure they deliver optimal performance, reliability, and value over their lifecycle. At the core of a strong asset strategy is criticality analysis, which assesses each asset based on its impact on safety, production, quality, cost, etc. This helps prioritize resources and attention on the most essential equipment, ensuring that the highest-risk failures are identified and mitigated proactively.
Once critical assets are identified, an Equipment Maintenance Plan (EMP) is developed, outlining the specific preventive, predictive, and corrective maintenance tasks needed to preserve asset function and reliability. These plans are tailored to the asset's risk level, failure modes, and operating context, ensuring efficient use of time and resources.
To sustain and enhance performance, continuous improvement principles are integrated into the asset strategy. This includes regularly reviewing equipment performance, failure history, and work execution data to identify trends, eliminate root causes of recurring issues, and adapt strategies over time. Through this dynamic, data-driven approach, an asset strategy becomes a living framework that evolves with operational demands, driving long-term reliability, cost-effectiveness, and maintenance excellence.