Asset Management Policy and Framework Development
Asset management policies and frameworks are often overlooked by businesses that just want to “get on with the job” of maintaining their assets. They’re seen as airy-fairy, words on a page that don’t mean anything in the real world, or just something listed in ISO55000, which is too big and complex to waste time on. But consider this: how many of those businesses are struggling to achieve good performance from their assets? How many of their teams are disjointed, focussing on the wrong goals (or conflicting goals)? How many are performing core processes badly, or not at all?
It’s true, policies and frameworks don’t add value on their own. They must be turned into clear strategies that are executed with quality and discipline by a skilled and engaged workforce. But in Bluefield’s experience, the value from asset management (AM) policies and frameworks is in making sure an organization is aligned at every level, with everyone focussed on the same goals and the activities that are important for success. It’s the conversation and agreement, rather than the documents, that drives value.
An asset management policy is the first requirement listed by ISO55000 in developing an asset management system. An AM policy is simply a brief statement of how a business intends to manage its assets so they realise the value they’re looking for. Policies are about stating what’s important and therefore need the full support and approval of senior leaders. They don’t have to be lengthy – a good policy should clearly and simply state:
- The main goals the business has for its assets (performance, cost and/or risk);
- The principles the business will follow in managing its assets;
- How the business will prioritise, make decisions about and allocate resources for managing its assets;
- The obligations the business must meet to its workforce, regulators, the community, and other important stakeholders; and
- A commitment to continually improving its asset management practices and performance.
Once an AM policy is in place, it is enacted through an asset management framework (also called a system). Frameworks lay out all the elements of asset management in the business – the strategies, processes, people, tools & computer systems, and the assets themselves. Good frameworks achieve two things; firstly, that the business isn’t overlooking an important element of asset management, and secondly that all the elements connect nicely together and align in support of the business’ goals.
Like everything we do, Bluefield’s approach to asset management policies and frameworks is about giving clients simple, practical documents that will add value. We can help you navigate through ISO55000 and focus your team on having the important conversations to set your business up for long-term success. If a business has an idea of where to start, or wants to start with a blank sheet of paper, we can step you through team workshops to arrive at the final versions of the documents. Alternatively, we’ve built up a library of our own material that can help focus your discussions and streamline the process.
Most of Bluefield’s specialists have spent many years working in a variety of industries, so we understand what’s truly important in operational business. In addition to our technical expertise, we’re experienced in facilitating workshops and conferences with asset management teams, as well as communicating and implementing the final products.
If you’re looking for a partner to help set your business up to get more from assets over the long term, please contact our team today.