asset management
Asset management has grown in significance as businesses expand globally and diversify their portfolios. Keeping track of assets, knowing where they are put to use, and where they are located are key to good business practice, helping firms both to identify and manage risks. The aim of this group is to provide a space for members of the global asset management community to come together and share knowledge, provide interesting industry insights, and discuss its key challenges. With the intention of reflecting the diversity of asset management-related challenges, the central question of this group is to identify what is thematically important to each member of the asset management community, thereby stimulating an environment for thought-provoking conversation.
The Global Forum on Maintenance and Asset Management (GFMAM)
With growing Corporate support and recognition of the role that Asset Management (AM) plays in delivering services to customers, asset owners and operators are continuing to move towards systematic approaches to AM.
Similarly, there is a conscious move from ‘Managing Assets’ to ‘Asset Management’, as asset rich organisations come to realisation that application of ‘Management Systems’ approaches in designing and developing their Asset Management System, is key to sustainment of their service delivery models.
The Global Forum on Maintenance and Asset Management (GFMAM), has established an AM Landscape (link:), which aims to sharing collaboratively advancements, knowledge and standards in AM globally. Asset owners and operators can map/compare their Asset Management Framework, to establish where their ‘knowledge and practices’ align with the AM Landscape. The AM Landscape 6 Subjects are; AM Strategy and Planning, Asset Management Decision Making, Asset Lifecycle Delivery, Asset Knowledge Enablers, Organisation and People Enablers, Risk Review and Continual Improvement
Asset Management and COVID19
As the current Pandemic continues to impact multiple aspects of life around the world, with even longer lasting effects than originally envisaged, Asset Owners and Operators are continuing to face multiple challenges, including labour and resourcing challenges across the asset lifecycle – whether its planning, building, operating, maintaining and or repurposing assets.
See here the latest news, thoughts and discussions surrounding the challenges and innovations of asset management in the current global coronavirus pandemic, outline by the Institute of Asset Management (IAM).
Additionally, if you are facing COVID related AM challenges and issues, and you like to share scenarios and or learnings, on how they may have been overcome, or still need investigation, please feel free to share these with your global AM community.
Asset Management Benchmarking
More and more organisations around the world are seeking to learn about their own asset management performance and those of others, as pressure mounts on ‘doing more with less’, and ‘continually improving customer value’ through better service delivery.
With the sporadic nature of Asset Management Frameworks across the Water sector, and a reasonable degree of variability in maturity and alignment with any form of global standards, the task of objectively comparing, and meaningfully developing AM benchmarks, is complex in nature.
However, there are also some great initiatives globally, which help in this space. For instance, the Water Services Association of Australia (WSAA), has continually aimed at developing and delivering Civil Maintenance, Customer Service, Mechanical and Electrical Performance Benchmarking, and Asset Management benchmarking programs for the Water Sector, which has attracted global participation, since the early 2000’s.
Currently, WSAA is running an Asset Management Customer Value (AMCV) 2020 program, which aims to improve the standard of Asset Management across the Water sector, by seeking to:
Assess Asset Management maturity (AM Level),
Identified industry leading practices across the asset lifecycle,
Provide ample opportunity for knowledge share and collaboration across the sector
Develop individual participating utility roadmaps, and outline themes of challenges and learnings at an industry level.
The WSAA AMCV program uses a Global Forum on Maintenance and Asset Management (GFMAM) based assessment framework for the first time in 2020, which makes this program and its outcomes highly valuable and relevant to any organisation.
For more information, please click here or contact Farshad Ibrahimi, Consultant Program Leader, WSAA AMCV 2020 Program Leader, Isle Utilities