In these interesting times, it is all the more important to understand your asset risks and getting the best from your essential assets. We have many companies managing assets and limiting resources and access to equipment to balance asset risks vs minimising risk to staff. A key reason to understanding your assets is to understand their risks and what you have to do to maximise the potential of those assets for better ROI (return on investment). Especially where how you manage these assets and the strategy you take, can not only help solve common problems but also those that impact more seriously on the business.
There is much you can do with physical assets to maximise their financial returns on assets by implementing life cycle management plans, manage asset information, long term investment planning, manage asset risks, and building organisational capacity.
Asset hierarchy and Asset criticality are both quite fundamental to understanding and managing assets. With sufficient effort put behind both and when implemented correctly, they can greatly impact on the maintaining and managing of assets leading to the companies resources being utilised in the most efficient way.
Though methodologies exist, often an appropriate Asset hierarchy is not setup in the first place, leading to difficulties to track assets and manage maintenance. On other hand when implemented correctly it makes it easier to schedule and perform appropriate maintenance, leading to more accurate data and freeing of resources to focus on continuous improvement to deliver performance gains.
Similarly while methodologies exist, Asset Criticalities are often either not implemented, implemented correctly or criticality regularly reviewed. Yet Asset criticality can drives work priorities, justifying resources and appropriate reliability and spares strategies all fundamental to asset management and delivering on business outcomes.
To learn more, on the 24th April, SIRF is very excited to have International specialist presenter - Suzane Greenman from Greeman Asset Management Solutions Inc (GAMSINC) from Winnipeg, Manitoba, Canada present on this very important topic of Understanding Asset Risk. Suzane is a Key note speaker on this topic, the author of the “Risk-based Asset Criticality Assessment (R-b ACA©) Handbook” and a senior asset management consultant and instructor in North America. As an accomplished asset management leader with over 22 years of experience, Suzane has worked across several asset management disciplines to implement asset management strategies for cement manufacturing, power generation, wastewater treatment, and airport assets.
See the link below for more info,
Additionally, SIRF has also organised a virtual Common Interest Work Group:
This workshop will be an opportunity to learn from insights from CSR Yarraville in applying and utilising Asset hierarchy and Asset criticality. Come join your peers via Zoom conferencing to share and learn on Asset hierarchy and Asset Criticality and the valuable place they have in managing your assets. See the link below for more info,
,By Alain Le Bon