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In addition, the six-point maturity scale of the Institute of Asset Management (IAM) has proved useful for helping asset-dependent organizations.
Pitfalls of enterprise asset management systems iso#
This includes the 2014 publication of the international standard for asset management systems, ISO 55001, which has acted as a major catalyst for the rising interest in self-assessments, gap analyses and improvement roadmaps. Most organizations assess themselves as not meeting the ISO standardĪs customers, stakeholders and regulators put increasing pressure on asset-dependent organizations to improve performance without impacting risk or cost profiles, the discipline of asset management has seen a proliferation of supporting standards, frameworks and learning materials to help improve maturity. While it is to be expected that technology and data would feature high on the priority list for asset managers (considering that technology increasingly drives all business activities, from the control of mission-critical equipment to the resourcing of maintenance crews), it appears that asset managers attach equal importance to the risks and opportunities stemming from climate change and sustainability concerns. The provision of safe and reliable services is often a central objective for asset owners and one can safely assume this has become an even greater area of concern for asset-intensive organizations since COVID-19’s arrival.įollowing reliability and safety, rising environmental pressures and intensifying digital agendas are seen jointly as the next most important trends influencing asset management activities. In looking at the top trends shaping asset management activities within organizations today, 53% of the survey respondents voted reliability and safety as being most important.
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This will ensure a more robust level of preparedness going forward. This can be conducted at both the functional level (within the asset management function) and the organizational level (including all business functions). Business resilience and capabilityĪs COVID-19 continues to impact all facets of daily life, asset-intensive organizations should consider if a business resilience and capability assessment has formally captured the successes, lessons and improvement areas learned thus far. Successful asset management plans must include the response required for restoring physical assets as well as the organization’s support capability. In the case of a pandemic, the asset management function must also be equipped to determine the impact on its ability to manage the assets - in other words, evaluate the condition of human assets and their ability to effect management controls for business response and recovery. When an unplanned event impacts an organization’s physical assets, the asset management function is responsible for determining the impact on the assets and how production or service delivery is affected. This should all be articulated in asset management plans and programs so that there is minimal room for error on how these controls are applied. The key to this is a common business understanding of what the risks are, what mitigating actions are needed and who is responsible for them. This is done through optimization of organizational resources to get the right work done in the right way at the right time. People and their competences are fundamental to any successful asset management system and COVID-19 has been a catalyst for many asset-intensive organizations to rethink their approach to how effective leadership and decision-making can continue during periods of temporary or permanent employee attrition.Īt its core, asset management is about putting in place the right controls to ensure assets can provide a predictable, cost-effective and safe level of service. In contrast to events such as natural disasters or terror attacks, where infrastructure and physical assets are impacted, a pandemic affects the organization’s human assets. One asset management theme that has emerged from the pandemic has been the importance of restoring “human” assets as well as “physical” assets. They also have a clearer picture on what controls, policies and training are needed to ensure future unknown events can be met with improved resilience and responsiveness. Asset management professionals now have a greater understanding of whether organizational capabilities, plans and processes provide the strategic and tactical direction necessary to respond well to crises. For many asset-intensive organizations, the pandemic has laid bare both the strengths and deficiencies of current asset management approaches, plans and programs.