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Beca Asset Management
Transcript of Beca Asset Management
Knowing what your customers want now is good - but you also need to know what's going to happen in the future. Good asset management practices allow you to judge whether your existing assets can cope with future demands and what to do if they
Why is that important?
Levels of Service?
Remember I said
that one of the key reasons
for owning assets is to deliver a
service to your customers? Well, you can’t deliver that service if you don’t know what your customers expect.
So firstly you need to find that
And if my assets are starting to fail?
So what do we need to think about?
Levels of Service
Where do I get information regarding all that?
But you said asset management was about making informed decisions. What do I do with all this data?
Being able to record asset
information such as operational
performance, maintenance history and
overall cost of ownership is required to be able to monitor the performance of your assets and make informed decisions.
Establishing the data and
reporting requirements, and the
underlying engineering and business processes, is fundamental to getting an appropriate system to support your decisions.
You use it in your planning process.
To bring together the above considerations and prioritize capital, maintenance and operational expenditures going forward an Asset Management Plan (AMP) is put in place.
Capital, operational AND
maintenance... it's more than just maintenance management then?
Produced by Ben MacLaren, 2013
The AMP acts like a business
case for everything you plan to do with your assets. It identifies the activities and costs that will sustain the delivery of customers' and stakeholders' expectations.
Doh! Haven't you been listening?
looks to optimise decision making by finding the lowest lifecycle cost that meets customer needs.
What should capital planning address?
Typically, capital investment planning looks at...
Upgrading or renewing existing assets
Building or purchasing new assets (e.g. for expansion)
Investing in assets to be held as an investment in their own right.
The “bottom line” objective for asset management is to deliver the service levels your customers expect and are prepared to pay for - at lowest lifecycle cost.
So you could say it’s a balancing act between financial investment in assets against the value delivered by those assets over
So, to summarise...
Asset management helps me and my organisation to:
Make sound decisions about assets
Establish and maintain a “line of sight” between the day-to-day activities and our strategic vision and goals
Understand and prepare for both anticipated & unexpected events
Evaluate the current physical and financial
situation of my assets
And that's important?
You keep talking about money and spending...
As I said - there are risks to
any enterprise and you need to find out what these are. Only by knowing the risks (and how they could affect your business) will you be able to combat them. Also, you need to make sure you are dealing to the
big risks first and not wasting time
on the small ones.
By Jove! I think you've got it!
The story starts at the top table, with understanding what your stakeholders expect from your organisation and how your assets help you to meet those expectations.
It allows you to make the link between your key business considerations and the assets that will deliver them.
Come with me...
What should operational planning look at?
Can I ask about maintenance now?
Operational planning is undertaken to effectively utilise the assets to meet the expectations of their stakeholders.
Strategies to counter over or under utilisation
Balancing demand requirements
Reducing wastage through smarter scheduling
Managing customer demand by reducing demand for over-utilised assets (or vice versa)
Defining Emergency Response Plans, Contingency Plans etc.
Maintenance considerations are an important part of asset management, just not the ONLY one.
With increasing pressure to reduce maintenance spend, maintenance strategies and plans need to reduce risk and demonstrate value to the
Maintenance techniques, such as
Reliability Centred Maintenance (RCM)
and Risk Based Maintenance can help to devise the most cost-effective maintenance regimes.
Adding a risk based perspective to the condition of long-term assets further optimises the balance between maintenance actions and
risk to your business.
What can we do about this?
So, in a nutshell, what does asset management give me?
So what’s all this asset management stuff all about?
Wow, so it's more than just managing maintenance then?
Tell me more!
It’s a holistic approach to managing your assets with the aim of achieving the best bang for your buck.
Let’s face it – you own assets to deliver a service to your customers and make a profit. Asset management gives you confidence that the decisions you make will
There are risks, of course - as with any enterprise - and the disciplines within asset management will help you to control those risks.
We're going to look at how it helps you to make better informed decisions across the board.
Come with me...
For example, you need to have plans in place for:
meeting your legal obligations
dealing with failure of a critical asset
replacing assets that become obsolete
dealing with climate change effects
Understanding these lets you target spending on looking after your critical assets and taking cost effective actions to stay in business.
Yeah - understanding the costs associated with owning and operating assets is vital for whole of life decision making.
Delivering the required return on investment to your shareholders
Preparing long-term forecasts for both capital and operational expenditure
Knowing how you are going to fund capital expenditure – from revenue or borrowing?
Ensuring lowest whole-of-life costs are the drivers for investment
Allocating operating costs to assets so that you know where your money’s going
From your business and asset information systems...
It helps me understand:
What assets I own, where they are and what condition they’re in
What level of service I am expected to deliver to my stakeholders – now and in the future
What the risks to my business are
What I need to spend to manage those risks and on which assets
How I can fund that expenditure
Who should I see if I want to know more?