Saturday, 15 June 2013

Asset Management

It has being over a year now since I have started working in Infrastructure Asset Management.

Asset Classes varies across industries;

  • Real Estate and Facilities, 
  • Plant and Production, 
  • Mobile Assets, 
  • Infrastructure and Information Technology.


I am blessed with the fact that I have worked in two of these Asset Classes; Plant & Production and Infrastructure Assets.

What is unique to these two assets classes are; Reliability Centred Maintenance and Total Productive Maintenance are the focus for Plant and production. While, Infrastructure Assets focus on Asset hierarchies, compliance and data by location, depreciation and maintenance forecasting.

The emerging asset management standard PAS 55 soon to be ISO 55000, gives guidance towards leading practises on asset management and is typically relevant for all asset-intensive industries.

PAS 55 defines asset management as" systematic and coordinated activities and practises through which an organisation optimally and sustainably manages its assets and asset systems, their performance, risks and expenditures over the life-cycles for the purpose of achieving its organisational strategic plan".

The scope for achieving asset management excellence is vast for infrastructure industries with heritage assets. The demand for optimal utilisation over the life-cycle of these old and complex assets demand capable organisation, information systems, skills and careful planning.

As multi-billions organisations grow over time, the demand for optimal utilisation of these assets through the asset life-cycle will require people, processes, information, data and advanced technology couples with methods and approaches for continuous improvement.

I find myself no longer speaking in isolation about quality systems, TPM, RCM, Six Sigma, Lean, Business Change, ITIL, Project Management and Agile approaches. But, it is the demand and the utilisation of these assets that drive collectively our methods, approaches, and plans together in pursuit of Asset Management Excellence.

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