19. Asset Management Journey for Realising Value from Assets

Assets in line with ISO55000 standard for asset management are items, things and entities which have value or potential value to the organisation. Asset management is for what we do with those assets. The journey begins with understanding the needs of the organisation in line with business objectives to deliver goods and services in a reliable, safe, timely and cost-effective manner. Realising value from assets is a holistic approach addressing complexities of expectations of stakeholder and providing competitive advantage to the business. It starts from the concept of the asset and continues to the design, manufacturing/construction, operations, maintenance and disposal of the asset known as asset life cycle. Focus is on reduced risks, enhanced performance including safety of the operation, environment and the wider communities and achieving reduced Life Cycle Costs. Systematic approach in asset management helps in improving reliability, availability, maintainability, safety and security. Leadership, good organisation culture, alignment with other systems and assurance that assets will perform when needed contributes significantly to the success of any organisation. This chapter covers how to balance cost, risk and performance in informed decision-making for maintaining value of and realising value from assets.