Asset management – What’s in it for me?

One of the basic elements or objectives of asset management is to make the strategic goals of the organization specific, transparent and understandable so that everyone can contribute to their overall success.

Yet, while some organizations use slogans and buzzwords to illustrate their strategy and identity, sometimes this is done at such a high level of abstraction that it becomes challenging for individuals to see the contribution they can make. It is for this reason that asset management often begins with the clarification of stakeholder expectations. Here, it is not just a case of defining the strategic goals of the organization but also specifying their very meaning.

When it comes to translating these strategic goals into operational and technical performance, the organization’s leadership has a significant role to play. That is because it is at this level of management that the prioritization of maintenance for various assets can be best made. But that is not always the case.

In reality, The Board often has to be challenged to sharpen its strategic organizational goals and in turn, they too must challenge the maintenance organization to convert these goals into understandable targets and directives for employees.

Success is very much dependent on striking the right balance between eagerness to translate these goals, and devolving responsibilities. This not only allows employees to play a fuller contributory role in the management of the assets, but more importantly, helps align performance, risk and costs for the organization.

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