The Asset Journal

The Asset Journal, Volume 19, Issue 3

When we started talking now nearly 30 years ago about Asset Management (that is the lifecycle management of Assets) as a method to optimise Asset usage, risk and cost management and how to deliver better production systems, we all had ideas that we tried to articulate. We drew many maps that originated at brainstorming sessions and realised that we all had similar but still different ideas. But ideas alone cannot provide a valid roadmap to success. Eventually models emerged that allowed the decisive identification of what Asset Management could and should look like or at least show what is involved.

Over the years, a range of asset management models have been developed by many, each intending to give a comprehensive view on the complexities of Asset Management Systems and to identify their essential components. Whether through the interconnected models of the Asset Management Council, the Institute of Asset Management’s framework comprising six core elements, the Institute of Public Works Asset Management models, or various other contemporary methodologies found in the digital domain, the primary and common aim is to deliver clarity and structured insight. These models enable us to visualise the entirety of an asset system, thereby facilitating the identification of critical elements necessary for robust and effective asset management.

From these base models, we can systematically identify critical parts required for an effective Asset Management System. From there we develop appropriate process maps, responsibility allocation and develop the detailed procedures that enable the effective operation of the Asset Management System. My own experience is that the more rigorously defined the selected model is, the easier it becomes to create the transition plans from the current state to the desired future state and create the change management strategies and plans.

Guiding clients through the complexities of an Asset Management System and its constituent components can be a significant challenge. When I used models that not only showed the building blocks but identified how strategic plans, tactical plans and enabling systems come together to provide a complete system, the understanding of the scale of the changes required often accelerated and created additional and specific ideas how to tailor the System to an Organisation’s strategic intent.

I would therefore summarise the value of Asset Management models as critical communication tools, enabling accelerated understanding of complex systems and interdependencies, providing clarity on requirements and enable effective planning. My experience tells me that without such Asset Management models, we cannot effectively engage with Stakeholders and across an organisation to achieve the objectives of Asset Management. What is your experience?

We value your feedback and hope that you find inspiration in this volume of “The Asset” where there is more to be found about Asset Management models and their value.

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