"This is a landmark improvement to support NSW growth and prosperity” - Simon Smith, Cheif Executive, Office of Finance and Services, NSW Government 

The New South Wales Government recently announced the launch of their new asset management model in a Press Release. The NSW Government Standard Enterprise Asset Management (EAM) Business Process is a comprehensive set of end-to-end business processes which were developed in consultation with Industry through the Asset Management Council and align with the new International Asset Management Standards (ISO 55000) series. 

NSW Gov

Previously, the NSW Government, like most businesses, had their focus predominantly on the acquisition and maintenance stages of asset management, yet with $260 billion in physical assets, the NSW Government needed to change their processes to a more whole-of-life approach. Their solution came, in part, from the Capability Delivery Model – a systematic approach to asset management produced by the Asset Management Body of Knowledge (AMBoK). 

Through AMBoK’s Capability Delivery Model, the NSW Government can continuously and simultaneously monitor the acquisition, maintenance, planning and renewal stages of their assets, ensuring the entire life cycle is efficient and cost-effective.

The Office of Finance and Services’ Chief Executive, Simon Smith, said, “These new standard business processes will provide government agencies with the means to reduce waste and improve return on investment”. He continued, “By adopting these standard processes, agencies will be better placed to manage their assets in line with pre-determined cost, risk and performance criteria while meeting industry best practice standards and satisfying all of their policy obligations… This is a landmark improvement to support NSW growth and prosperity”.

For more information on the Capability Delivery Model, as well as other asset management frameworks, please contact The Asset Management Council, or access the Asset Management Body of Knowledge, here.