An Executive's Guide: How to Begin Your Organization's Asset Management Journey

An exciting aspect of disciplined asset management is its foundation on universal principles, concepts, and understandings.? This versatility allows asset management to be adapted to various management perspectives.? While many professional organizations such as the IAM, AMC, IPWEA, and the GFMAM publish valuable guidance focusing on the interdependency between asset and maintenance management, executives in organizations often have different asset management needs.

Executives require responsible, sustaining plans for assets that can adaptively respond to future organizational needs.? This asset management perspective does not focus solely on assets but on the value assets can deliver to an organization.

Disciplined asset management is a continual improvement journey.? It is disciplined by conforming with ISO 55000 standards, because only the highest performing systems are designed to the best standards.? Doing so necessitates the use of an enterprise Asset Management (AM) Framework to systematically manage performance, risk, and change across the organization. The means to achieve this is through an AM Framework that focuses on resource and investment decision-making, as these decisions set actions into motion.?

To support organizations interested in an executive-led asset management journey, AMP has published the following Asset Management Framework (AMF) Journal entries on how to get started:?

• Asset Management Maturity Assessment Playbook – Part 1
• Asset Management Maturity Assessment Playbook – Part 2
• Playbook on How to Engineer and Organization’s Asset Management Culture

?These playbooks detail specific steps on how to evaluate an organization’s asset management capabilities and generate a road map / navigation chart / flight plan that focuses on leading change from the front.? This approach is based on a specific, ISO 55000/1 conforming AM Framework chronicled throughout the AMP Newsletter . ?This approach is different from others in that it focuses on how an executive thinks about assets and asset management in the context of organizational change to include digital transformation.? The benefits to be realized in doing so include:

• ?Increased productive use of assets,
• Increased productivity through streamlined policy and processes,
• Better risk mitigation and compliance,
• Optimized use of limited resources, and
• Continual improvement.