Asset intensive organizations from all worldwide industries are now coming to the same two inevitable conclusions:
- Silo-ed asset management behaviour of individual departments can no longer successfully support business objectives
- Implementing a transparent, whole life-cycle asset management solution is yielding tangible and sustainable results across the entire enterprise
As organizations around the world are coming under increasing pressure to deliver more for less, it is imperative that the following questions can be answered with a high degree of confidence:
- Do you understand the risk profile associated with your asset portfolio and how this willchange over time?
- Do you understand the business consequences of reducing your capital investment ormaintenance budgets by 10% over the next five years?
- Can you justify your planned asset expenditures to external stakeholders?
- Can you easily identify which investment projects to defer when there are funding or cashflow concerns?
- Do you have the appropriate asset data to support your Asset Management decisionmaking?
- Do you know if your people have the right competencies and capabilities to manage yourassets?
- Do you know which Asset Management activities to outsource?
Organizations that have developed their Asset Management capabilities to arelatively high level of maturity through alignment to good practice standards(PAS 55 and now ISO 55000) can answer these questions confidently.
Those that have not are experiencing critical business issues including:
- Poor Data quality – Multiple data repositories yielding inconsistent and inaccurate performance indicators.
- Reduced Visibility – Stakeholders unable confidently to identify reliability, availability and even location of strategic assets.
- Increased Risk – Poor data quality increasing enterprise risk and regulatory compliance non-conformance.
- Increased Cost – Asset maintenance costs increasing at a faster rate than asset management budgets.