Learning About Asset Management

My personal insights on Asset Management

NOTE: This post will be a little different from my normal posts.  Instead of discussing a specific topic, I will be covering my journey in understanding Asset Management and some key takeaways from the journey.

My Journey in Asset Management

I first heard about asset management when I came across PAS55, a Public Available Standard from the UK.   I was trying to find some information on a cross-functional maintenance program.  As I briefly read about it, I was intrigued and started to read about more asset management.   It was exactly what I was looking for.

I have to admit, I was a bit overwhelmed at first.  Covering terms such as assets, risks, financial terms, it was definitely quite a bit.  PAS55 covered a vast amount of information and topics.  How could I possibly learn more about it?

Over the next year, I continued to learn more about Asset Management through books, articles, and some great webinars.  This is also the time that ISO 55000 was coming out.  So many more resources were becoming available, many good, a few not so good.  Once the Global Forum on Maintenance and Asset Management (GFMAM) released their asset management landscape, it allowed me to truly refine my learning.

The landscape covered all the major subjects in asset management with links to the various industry standards related to the subjects.  This allowed further research into the individual topics such as systems engineering, configuration management, risk management, etc.

After extensive study, I decided to test my knowledge by seeking the Certified Asset Management Assessor certification.  After doing a quick google search and reaching out to a few linked in groups, I found that there is not much known or shared about the exam.  I was trying to find out if it was experience based like the CMRP exam, or was it strictly on book knowledge?

I successfully passed the exam, but it highlighted some gaps in my knowledge and understand of asset management.  During an interview on my podcast (Rooted in Reliability), an industry leader stated “that you can never and will never understand all that there is in asset management.  The topic is too wide with too much specialization”.  This 100% true, but that is a good thing.  You can never stop learning, or increasing your knowledge in asset management.

I still continue to learn about asset management every day.  Reading articles, standards, or case studies.  Every time I read something new, I take away something new about asset management.  That is one of the amazing things about asset management, but also a frustrating and overwhelming part of it as well (especially for those new to it).  There is always more to learn.

Where To Learn More About Asset Management

For those new to, or for those looking to further their understanding in Asset Management, I have compiled my most referenced resources.  Some of these resources are free, others need to be purchased.  However, if you are learning about this, chances are your organization can purchase some of these for you.

• Asset Management: An Anatomy by the IAM (Free) 
• Asset Management Landscape by GFMAM (Free) 
• Framework for Asset Management by Asset Management Council (Free) 
• The Asset Management Handbook
• ISO 55000 Series
• Canadian Network of Asset Managers

I know of a few additional resources, which I have yet to purchase or review, but look very promising;

• International Case Studies in Asset Management
• Asset Management – Whole Life Management of Physical Assets
• Strategic Asset Management: The Quest for Utility Excellence
• Asset Management Decision Making: the SALVO Process
• IAM Subject Specific Guidelines

If I missed a great resource, please let me know (info@eruditio.com) and I will update this post to include it (and give you credit for suggesting it).

A Few Key Takeaways from Asset Management

While not all encompassing, here are a few tips and key points I have learned along the way.

• ISO 55000 is about a management system, not assets
• An asset management system must be organization specific.  It is not a one size fits all.
• Understand and use the 3 key documents.  The Asset Management Policy, The Strategic Asset Management Plan, and the Asset Management Plan
• Asset management is about the value achieved from the asset, not the activities behind it.
• Asset management is about people.  Learn how to manage change and how to manage…
• Stakeholders, Stakeholders, Stakeholders.  Learn how to identify and manage stakeholders
• Data and information are paramount.  Be sure to have standards for data and develop the information library
• Asset management is about balancing cost, risk and performance of the asset(s) to achieve the most value from it.
• Asset management is all encompassing and cross-functional.  It can not be achieved by maintenance, or engineering or procurement along.  It must be company wide
• Asset management must be lead from the top down (from the most senior leaders to the shop floor).
• Learn to speak Finance.  This will allow you to communicate effectively with the senior leaders and gain their buy-in, support, and confidence.
• Never stop learning (see resources above).

As with the resources mentioned about, please let me know if you think I missed anything that should be included.

I would like to thank you for allowing me to share my journey in asset management with you.   I would also like to thank you for sharing your resources and key takeaways with everyone.

Remember, to find success, you must first solve the problem, then achieve the implementation of the solution, and finally sustain winning results.

I’m James Kovacevic
Eruditio, LLC
Where Education Meets Application

Need help understanding how Asset Management can help your organization?  What to benchmark your Asset Management system?  Eruditio, LLC has Certified Asset Management Assessors on staff to support your journey into asset management.  Click here to book a free 1-hour consultation to see how we can help you achieve your goals.  

References:

• Asset Management: An Anatomy by the IAM (Free) 
• Asset Management Landscape by GFMAM (Free) 
• Framework for Asset Management by Asset Management Council (Free) 
• The Asset Management Handbook
• ISO 55000 Series
• Canadian Network of Asset Managers
• International Case Studies in Asset Management
• Asset Management – Whole Life Management of Physical Assets
• Strategic Asset Management: The Quest for Utility Excellence
• Asset Management Decision Making: the SALVO Process
• IAM Subject Specific Guidelines
• World Partners in Asset Management (WPiAM)
• Institute of Asset Management (IAM)
• Global Forum on Maintenance & Asset Management (GFMAM)