A Guide to Develop Strategic Asset Management Plans and Maximize the Lifetime Value of Physical Assets
The task of maximizing and sustaining the value of physical assets to the organization poses challenges to all stakeholders responsible for planning, deploying, using, and managing those assets across the enterprise.
This document provides guidance to key stakeholders who seek to overcome these challenges and bring the benefits of Enterprise Asset Management (EAM) to their organizations.
The guide is useful for:
Any organization that seeks to transition from basic asset management, typically during O&M on a limited set of assets, to EAM with a diverse set of assets serving a large number of enterprise-wide stakeholders.
Any organization that currently implements some form of EAM, but seeks to improve the quality of its asset portfolio data and increase the benefits derived from its EAM system.
Senior leaders will learn to recognize typical operational indicators that prompt the need for EAM. They will learn how a lack of holistic information about the asset portfolio can inhibit and delay strategic business decisions, result in missed investment opportunities, increase capital and operational costs, and directly impact mission success. Senior leaders will learn how to guide strategic planners as they work towards achieving two key milestones on the EAM path, namely developing the Strategic Asset Management Plan (SAMP) and the EAM Strategic Technology Plan.
Asset managers and facilities managers will learn about the role they play and the inputs they provide in the development of the SAMP, the EAM Strategic Technology Plan, and the organization’s EAM system. They will learn how the workflow automation, computational automation, and outputs from the EAM system help them gain control over inventory, better manage asset lifecycles, improve asset optimization, and produce more efficient processes. Most importantly, they will learn how to transition from managing a small portfolio of assets isolated in an individual facility, to managing a portfolio of diverse assets that serve the needs of stakeholders across the enterprise.
Department and project managers and their teams are typical users of assets. While not actively involved in the development of the EAM system, they are important contributors to its success or failure. They will learn about their role in encouraging adoption of the EAM system by their teams, and the importance of reporting improvements or deficiencies resulting from the implementation of the EAM system. This feedback is essential towards continually improving the EAM system to deliver the expected benefits and is also used as input to the next iteration of the SAMP.
Finally, all stakeholders will learn how to evaluate if EAM is really working for their own organizations. With the benefit of the knowledge gained from this document and with the use of examples, stakeholders will observe how the EAM system mitigates or eliminates the adverse indicators that prompted the need for EAM in the first place.