What Is SAMP in Asset Management

In asset management, a Strategic Asset Management Plan (SAMP) is a concise document that outlines the role of the asset management system in facilitating the accomplishment of business goals and requirements. The asset management objectives covered in your SAMP need to be consistent and aligned with your organisational objectives.

The asset management strategy also specifies an organisation’s approach to conform to the identified asset management objectives. Read on to discover more details about strategic management plans and how they can help you achieve your organisational goals.

SAMP Model & ISO 55001

A good place to start is always the requirements or guidance. ISO 55001: Asset Management standard provides the key requirements for the details of a SAMP. ISO 55002 asset management system outlines the specifications for the application of ISO 55001.

A properly designed SAMP should help readers understand the following:

  • What the organisation’s asset management objectives are, and how to identify them. This is usually backed up by the company’s context, priorities, goals, and values.
  • How to align asset management strategies with organisational objectives and attain consistency.
  • The general principles of developing asset management plans (SAMPs).
  • Provides ways the asset management system will transform your strategic plan into improvement activities, delivery plans, and resourcing.

Typical SAMP Content

  • Scope: Gives an overview of the assets an organisation is involved with.
  • Setting: The kind of setting the company operates in and how it impacts asset management. This can be environmental, political, economic, social, or technical.
  • Stakeholders’ needs, requirements, and expectations regarding the operational and financial performance of the asset management system
  • Asset management policy should be integrated with related management policies to provide an accurate framework for the asset management objectives.
  • Changes: The SAMP plan highlights potential changes and how they may affect asset management. Some of these changes can include the setting, environment, or stakeholders.
  • Asset status: This involves an in-depth evaluation of the current performance, risk, and cost of assets. This helps determine how the existing asset management strategy relates to the overall asset management objectives.
  • Performance management: Provides documented information on how the asset management strategy will be monitored and modified for continual improvement. 
  • Asset management strategy: This shows the efforts of an organisation to make sure the asset management objectives are accomplished, considering the possible changes and trade-offs made during the creation of the strategy.
  • Asset management system: Provides the typical model for asset management planning and components required, including communication, information management, roles and responsibilities, internal audit, resources, change management, risk and opportunity management, outsourcing, and more.
  • Evaluation: This answers the question of who, how, and when to evaluate your SAMP.
What Is SAMP in Asset Management | Best Practice Blog

Contact Best Practice for Help

If your current approach to asset management does not deliver results according to your business expectations and you need help developing a systematic solution, we can help you at Best Practice Biz. Our team will work with you to create an asset management system aligned with your organisational objectives. Contact us today to get started.

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