Firstly, before we get overwhelmed with the ins and outs of asset management, let’s start with understanding what it is.
A useful definition is provided in the BS ISO 55000:2014 - Asset Management Standard;
“Asset Management is the coordinated activity of an organisation to realise value from its assets. Where an asset is an item, thing or entity that has potential or actual value to an organisation.”
Starting ‘to do’ asset management may feel overwhelming, but whether you realise it or not, you are probably already undertaking some form of asset management to keep your existing assets functioning and your businesses performing. More good news is that you don’t necessarily need to look at everything at once – the cleverest way to approach asset management is to focus your efforts, doing the right things to the right assets to get the right results!
Whilst financials are always a key driver in business, asset management has a range of benefits including
Improved financial performance
Informed asset investment decisions
Improved services and outputs
Demonstrated social responsibility
Improved organisational sustainability
Improved efficiency and effectiveness
Asset management is based on four fundamental topics: Value, Alignment, Leadership and Assurance.
Value – Understanding the value of your assets is key to understanding the criticality of them in relation to your business.
Alignment – If your asset management strategy is not aligned with your organisational strategy, then there will likely be inefficiencies.
Leadership – Leadership and ownership are key to driving a healthy asset management culture.
Assurance – Reassurance your asset management system is delivering what it was designed to do.
This is all great in theory, but what does it mean to my business, and how can Finch help me?
Put simply, a well designed and implemented Asset Management System (AMS) ensures that your assets are maintained so that they look after your business and enable it to achieve your business objectives.
Understanding the criticality of your assets, ensuring activities are aligned to business goals, and that everyone is moving in the right direction sounds like a corporate utopia, but it is possible, and Finch can help you get there.
This may consist of a full AMS implementation or delivery of a selection of key components from the Asset Management toolbox to help you deliver benefits important to your business.
We can scale the solution to suit your business needs.
Free Asset Management Health Check
Invite us to do an Asset Management health check over a coffee to see how you’re performing and use our expertise to help you improve. Using the BS ISO 55000 Asset Management standard as guidance we’ll produce an ‘easy to interpret’ report which identifies hot spots for focus and improvement.
We also have the experience and knowledge to support you throughout the full lifecycle of an asset from cradle to grave.
Asset condition surveys
Life extension proposal assessment
Asset mothballing, decommissioning and recommissioning