What is Asset Management?
Asset Management Video
Infrastructure Asset Management
Is the combination of management, financial, economic, engineering, and other practices applied to physical assets, with the objective of providing the best value level of service versus the costs involved.
Is the combination of management, financial, economic, engineering, and other practices applied to physical assets, with the objective of providing the best value level of service versus the costs involved.
Is the combination of management, financial, economic, engineering, and other practices applied to physical assets, with the objective of providing the best value level of service versus the costs involved.
Impacts and mitigation strategies are taken into account during assessment and help focus tactical or strategic planning, as well as continuous improvement programs.
Asset Management – Context of Infrastructure?
Tactical & Strategic Asset Management Plans Include;
- Asset registers (inventory of assets)
- Digital maintenance management systems (standardised, systematic & compliance-based approach, focusing on critical or prioritised assets)
- Standardised data for users to share information in an effective manner
- Communication strategies
- Critical asset assessments
- Continuous improvement
- Reporting and monitoring
Survey Time
Questions On Survey To Focus On The Following
- Your asset registers
Need Work, Don’t Have One, Good, Exceptional - Communication strategies
I Know My Comms Strategy And Why. Don’t Have One, Don’t Know Its With The Coms Team - Critical asset assessments
Need To Be Developed, Are Effective, Statutory Compliance Focused Only, Very Good. - Continuous improvement
No Program, Only For Safety, Very Good - Reporting and monitoring
As Required, Standardised To Meet Business Goals, Siloed In Each Functional Group
Intellectual & Non-physical Asset Management
Increasingly Both Consumers & Organizations Use Non-physical Assets, Including:
Software
Media
e-Books
Training Materials
Asset Management – ISO 55000
ISO 55000 is an international standard covering the management of assets of any kind.
Three standards have been published:
- ISO 55000:2014 Asset management – Overview, principles, and terminology
- ISO 55001:2014 Asset management – Management Systems – Requirements
- ISO 55002:2018 Guidelines for the application of ISO 55001
Fundamentals of asset management are stated as Value, Alignment, Leadership & Assurance:
- The concept of “value” in asset management
- The scope of the Asset Management System
- The Strategic Asset Management Plan
- Asset management decision-making
- Risk management in the context of asset management
- Finance in asset management
- Scalability of ISO 55001 to organizations
The Role & Context Of The Asset Management System In Supporting The Delivery Of The Organisation’s Objectives
Asset Management
- Asset Management is the coordinated activity of the organisation to realise the required value from its assets.
- It is necessary to define the scope (in terms of activities and assets) of the formal management system that will be implemented to deliver the required objectives (this may require full or only partial compliance with ISO 55001)
Assets Management System
- A fit-for-purpose management system, establishing an Asset Management Policy, Asset Management Objectives, and the necessary processes to achieve these objectives
- The management system should “work for” the organization, not vice versa.
So How Should This System Operate & What Key Challenges Is It Designed To Address?
Tactical/Strategic Asset Management Plan
Let’s understand the approach and critical components to successful asset management planning and its delivery
Planning & Your Framework
- Your Values
- Your Organisation
- Your Customers
- & Goals
Talking Tactics & Strategy
How Do We Start A Plan?
- Define program objectives
- Focus on framework development
- Understanding continual improvement is vital to success. Ideas and changes in approaches are natural and even beneficial
- Get the c of system data input right from the beginning.
- Supporting a systematic and consistent approach to asset management decision-making. Take one step at a time.
- Communication should be targeted to stakeholder requirements at every level, specific asset functions and understanding business/operational risks to the greatest extent possible.
Who Needs To Know What?
Reporting To Improve:
Reporting requirements, formats, content, and structure change throughout programs and asset life cycle. Framework development and planning stages should consider reporting requirements. This includes how reporting requirements may change as project milestones are met, or as you progress through the program.
- As you improve systems and processes more information will become available to you and your teams
- This information can help make risk and enterprise-based decisions in the future:
- Cost based maintenance
- Wins and opportunity’s
- Functional group performance
- Cost benefits of asset management
- Area compliance maturity
Not Just Another Methodology, TAIM Builds A Program & Integrates With Other Applications
Step 1
Framework development, planning, asset compliance requirements, governance, organisational objectives
Step 2
Program delivery, risk, safety & compliance assurance
Step 3
Applying processes, training and organisational change
Each step has its own clearly outlined objectives. These steps could be designed inhouse or be implemented as a proven product or system
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