A NEW APPROACH TO UNIFIED
The problem of asset management
Effective asset management is about building a strong foundation to manage risk and support an organisation’s entire operation. Make the right decisions about asset management and investment and an organisation positions itself for success. Make the wrong decisions and an organisation compromises safety and reliability and may even imperil its very well-being.
Many organisations manage a diverse collection of assets. Data from different assets can vary in terms of quality and volume. Some assets may have advanced sensors monitoring their condition, whereas the health of other assets may have to be assessed by an engineer. An organisation may not know the true condition of some of its assets, nor understand how those assets are degrading over time. Diversity of assets and gaps in an organisation’s knowledge can make it a challenge to create a unified plan for asset management and maintenance.
Too often asset maintenance budgets are based on the historic record of how different assets have been invested in over the years. Planning is frequently done for each asset class in isolation of the entire asset population because historically it was easier to manage the interventions and budget this way. Planning may also be quite ad hoc, based on the subjective opinions of engineers assessing the current condition of the assets. This is far from the best approach. What’s needed is an overarching view that is both critical and accurate, and which supports a modern organisation seeking tight control of its infrastructure and budgets.