What is Asset Management?
Asset Management is a business discipline that derives maximum value from your physical assets. It supports corporate strategic objectives with a balance among: performance, risk, cost and opportunity. You do this by managing the entire life cycle of physical assets – from concept through to disposal. Asset Management embraces several disciplines: engineering, demand forecasting / capital planning, operations, maintenance, finance, human resources, supply chain and information management.
Learn about Asset Management and the International Standards:
Case Studies in Asset Management
Here’s a case study describing how we helped a large mining company implement Asset Management to make itself more profitable.
International standards, ISO 55000, 55001 and 55002, raise the bar above conventional engineering, maintenance and capital planning practices. Risk management is enhanced and competency is developed. Your insurers, banks and regulators gain confidence that you are managing your assets well and exposing them to lower risks. In return, they can offer lower premiums, larger investments in capital and operational lines of credit, and better terms. Your financial managers will see the need for less capital investment because existing assets, well cared for, will last longer.
Here’s are two more case studies:
First, how we helped a major health care center improve its Asset Management practices, enhancing patient care and service levels while making the facility itself a safer place to work. Next, how we helped a retail distribution system improve its service levels.
Asset Management policy provides a framework for setting objectives and satisfying them, as well as continuous improvement. It is implemented through strategic plans and specific asset related plans that deal with all aspects of the assets’ life cycles.
Good Asset Management supports corporate strategic objectives. Your leadership ensures roles and responsibilities are defined, and accountability is clear. Asset life cycle processes are documented, managed and can be demonstrated with good record keeping. Documentation and information are shared and consistent across your organization. The whole framework is monitored and improved as strategy, objectives and your business environment change.
You may already be doing much of it, likely in separated departments. Achieving good asset management requires the stitching together of those functions, through process and sharing of information. It’s not as difficult as many would say.Asset Management