In short, Asset Strategy Management means that:
- The best strategies, developed by your best subject matter experts, are in place; and
- They are deployed to all your assets all the time; and
- They continually evolve based on real data and an effective review process
It unlocks value currently being left on the table through ineffective strategies and the inability to deploy the best tactics to all assets in moments.
What is Asset Strategy Management?
Most organizations have attempted, at least in part, to standardize Master Data and even strategies for common equipment. It makes logical sense to consolidate and deploy common data wherever relevant.
Yet there are two common problems holding organizations back:
- Creating and deploying generic content cannot be done effectively within a CMMS or ERP system. These systems are designed to support the execution of work; not the management of strategy decisions. By their very nature, they cannot truly utilize generic content in a continuously deployable and connected way.
- While there may be a sound, defined work management process in place to drive consistent execution of work, there is limited or no process in place to manage the review and evolution of strategies and content. Quite simply, parameters associated with the strategy can be changed on a whim with no requirement for subject matter involvement or approval.
Essentially, most organizations have not separated work management and strategy management – yet they are entirely different processes with completely different objectives.
Work Management = managing execution of work
Strategy Management = managing the strategy that will be executed