April 10, 2013 // By Kevin Price
The evolution of asset management is gathering pace. Once restricted primarily to maintenance management and the repair of faulty equipment, modern day asset management is proactive and focused on achieving cost savings, improved profitability, better service levels and customer satisfaction, improved health, safety and environmental performance; and adherence with corporate and social responsibility (CSR) initiatives.
With vast benefits there for the taking, effective asset management is a win-win. So with this in mind, why isnt everyone doing it?
First and foremost is that it is not straightforward. Described as Systematic and coordinated activities through which an organisation optimally and sustainably manages its assets and asset systems, their associated performance, risks and expenditures over their lifecycles for the purpose of achieving its organisational strategic plan (Institute of Asset Management / British Standards Institute PAS 55: 2008), it is a potentially complex discipline which requires buy-in from senior management, different stakeholders, departments and requires a variety of skillsets and expertise.
In fact many organisations struggle to establish a benchmark from which to build an asset management strategy on the basis that basic information, in asset management terms, is difficult to source. Such information might include:
- -do we have a register of assets down to a significant level?
- -do we know the physical location of these assets?
-do we know what condition?
-do we know, or are we able to report in the future, the life cycle costs?
-have we assessed and determined a risk profile for these assets?
One of the key reasons organisations fail at providing this basic information is that many of the people responsible for contributing information are not fully bought-in to the agenda and as a result, dont see the value in it.
In order to overcome this, a number of standards and guidelines have been developed to help organisations establish a framework to achieve buy-in from all those who need to be involved, establish a business case and approach asset management in a structured, proven manner.
Dark clouds over lighting business: Osram announces massive job cuts
July 30, 2014
Amidst the decline of conventional illuminants like incandescent bulbs and fluorescent tubes, lighting manufacturer Osram ...
Trillion Sensor Summit program set for Munich
IoT: sensor fusion or confusion?
Next-gen HiFi competition takes place in the car
Rohde & Schwarz acquires IT security company
Pure lithium anode promises more efficient rechargeable batteries
July 29, 2014
Researchers at Stanford University claim to have designed a pure lithium anode that could lead to the prospect of smaller, ...
Is a room temperature superconductor possible?
High-temperature superconductivity discovery paves way for energy superhighways
BMW invoke fast battery chargers to spark EV sales
- Testing GPS with a Simulator
- DSM presents: Select the best plastic for DDR4
- Dual 13A μModule Regulator with Digital Interface for Remote Monitoring & Control of Power
- Exploring the Business Model Evolution of High-Tech Equipment Manufacturers
InterviewCEO interview: China, not Apple, is way to go, says mCube CEO
Ben Lee, CEO of MEMS startup mCube, explains why he wants to spend $37 million on being a supplier of sensors to Chinese ODMs and avoiding a design win with Apple or Samsung.
Filter WizardCheck out the Filter Wizard Series of articles by Filter Guru Kendall Castor-Perry which provide invaluable practical Analog Design guidelines.
Linear video channel
READER OFFERRead more
This month, Altium Ltd is offering EETimes Europe's readers the chance to win one TASKING VX-Toolset for ARM Cortex-M Premium Edition, normally licensed for 2.395 Euros, for ultra-rapid prototyping and code development around ARM Cortex-M based microcontrollers.
The VX-toolset for ARM is the first TASKING compiler suite to receive the Software Platform technology, which is seamlessly...Read more
December 15, 2011 | Texas instruments | 222901974
Unique Ser/Des technology supports encrypted video and audio content with full duplex bi-directional control channel over a single wire interface.