Engineering News

Wednesday, 19 July 2017

Top 9 tips for implementing an asset management program

Top 9 tips for implementing an asset management program

Does your organisation wish to protect its future against predatory class actions, politically motivated regulators and indefensible budgets savaged by internal and external financial authorities? Then asset management is the answer.

Effective management of an organisations productive assets is vitally important to the bottom line of engineering businesses, yet many companies lack a formal and compliant asset management program. 

Asset management is a formal management discipline focused on achieving organisational intent for statutory outcomes, service delivery outcomes, and financial outcomes with a known level of assurance.

James Kennedy CPEng, CFAM, and CAMA, lead advisor of the Asset Management Council and facilitator for Engineering Education Australia’s Asset Management for Engineering Teams and Asset Maintenance Requirements for Engineering Teams courses, identifies 9 key tips for implementing an effective and sustainable asset management program.

  1. Create the leadership and culture of a learning organisation to provide a future vision for asset management as a value creator and generator of organisational change to achieve that vision.
  2. Identify and understand the needs of an organisation’s stakeholders and what they have been promised as statutory, performance and financial outcomes.
  3. Clearly map those promised outcomes to the hierarchy of assets, down to the individual equipment level that deliver on those promises.
  4. Identify and manage risks to the achievement of those outcomes as either an opportunity or threat.
  5. Apply quantitative risk based decision-making methods such as failure modes, effects analysis and reliability centred maintenance sourced from international and national standards to resolve those risks and defend your organisation.
  6. Identify, sustain and improve the asset management life cycle processes, drawn from sources such as ISO/IEC 15288:2015 and IEC TS62775:2015, that comprise the process core of an organisation’s asset management system.
  7. Identify the roles, organisational structure and associated competencies necessary for the application of those processes – lack of workforce competency and engagement.
  8. Develop an information capability framework that collects and connects related information to enable compliance assessment of performance and identification of opportunities for improvement.
  9. Regularly assess the organisations asset management capabilities and continuously improve that capability at all levels, across all parts of the organisation. 

Upcoming courses for Asset Management for Engineering Teams and Asset Maintenance Requirements for Engineering Teams have been scheduled in Canberra, Sydney, Darwin, Brisbane and Melbourne.

Find out more or register for one of the courses.