DEVELOPING AND COMMUNICATING THE ASSET MANAGEMENT FRAMEWORK
This is Phase 1 of 6 focused on raising awareness of asset management through the development of a fit-for-purpose Asset Management Framework including supporting Manuals and Guidelines.
Asset Management is not a well understood field with its own widely agreed language. To fill this gap, most companies will develop an Asset Management Framework which is an essential step to raise awareness and to build knowledge.
Each Asset Management Framework looks different with varying elements. Commonly though the elements typically cover foundational work, strategic work, tactical work, and improvement work. Each layer enables the next in order to deliver safe, reliable and effective assets. The other essential and complementary component of the Framework is the change elements including vision, urgency, leadership, road map, resources, and momentum.
Even though companies may not need or want to achieve accreditation to the international standard ISO 55000 or alignment to the Institute of Asset Management’s 39 steps, we always ensure that the Asset Management Framework meets or exceeds globally recognized standards while providing flexibility and scalability to meet the needs of their company. The Framework needs to also be supported by artefacts including an Asset Management Policy, Manuals/Guidelines, and an Evaluation Process which provides the measurement and evolution of practice maturity.
The Framework is the vehicle to build capability in people, processes and physical assets, creating a strategic pathway from Operational Stability to Operational Excellence, to ultimately being an Industry Leader.
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If you want to know more about this insight or would like to discuss anything relating to Asset Management including Engineering Governance, Operational Readiness, Maintenance, and Reliability Improvement, don’t hesitate to talk to us!