Competence in Asset Management

Key indicators

At the competence stage on the asset management maturity frameworks, organisations are consistently and effectively applying processes. 
Organisations at this level undergo continuous improvement, and exceed the minimum standards for regulatory compliance. 

Insights into risk exposure afford a greater level of control when it comes to risk management. 

Asset lifecycles and ROI

Organisations who progress to this level create a better return on their investment in assets. With drastically improved visibility, organisations at the competence level are able to make more informed decisions with respect to asset investment.

Asset lifecycles are extended, thanks to optimised decision making. Visibility provided through dedicated software means the benefits are able to be quantified, and reported up to the board level. 

By investing more strategically in assets, the businesses delivery of services is continually improved, directly contributing to the bottom line. 

At the competence level, businesses can optimise their asset lifecycle strategy, with the ability to forecast the requirements into the future. Allowing predictions for future asset performance. 

Processes and visibility

At the competence level, organisations have a good degree of visibility over their assets, and the status of those assets. The level of visibility achieved at this stage allows organisations to engage in a comprehensive preventive maintenance programme. 

Processes are comprehensively documented, systematically improved, and consistently applied with a high degree of effectiveness. The competence level of the framework starts to consider efficiency of processes beyond what has previously been possible.

Generally, at this level there is a high degree of capability to leverage emerging technologies create new opportunities for improved performance. 

How organisations get here

Organisations achieving the competence level have made significant investment into process improvement. They might be working towards certification, or have a strong desire to ensure complete adherence to compliance requirements. 

This could be in pursuit of attaining funding from a central source, a shift in the industry, or due to new technologies. 

As technology continues to develop and become more affordable, so too does advancing on the asset management maturity framework. Technology, while only one part of asset management, presents the opportunity to create more efficient processes. 

How to move forward

Organisations at level four on the asset management maturity framework have already attained a high degree of proficiency in their operations.

To achieve the highest level, significant investment must be made into improving processes. This usually goes hand in hand with investments in knowledgeable people and new technologies. 

Very few organisations make the step from level four to level five, unless specific risks or financial structures demand it. 

Working example

For our working example, consider an aged care provider who is up against competitors for a share of government funding. The provider has recognised that ISO certification will provide them a competitive advantage in securing the lions share of that shared pool. 

Current state

Processes are stored securely in a cloud-based application, accessible by all staff, but editable only by the facilities team. These processes detail steps to take, to resolve known and potential scenarios, ensuring the business is prepared to react quickly in a number of different scenarios. 

Within every process is a review of the process itself, each time it is acted upon. The process details this review process and the necessary approval workflows to ratify proposed changes. 

Moment of change

Leveraging cloud software, any member of the facilities team can view in-progress work orders, across any of the facilities. An up to date asset register means they are able to see what assets they have, and the conditions of those, on demand, with confidence, knowing the data is likely to be accurate.

Moment of truth

Using advanced software, the aged care provider can see up to 30 years’ worth of asset lifecycle information and can identify points of intervention.

Using this data, they build out an advanced asset renewal and preventive maintenance programme, minimising service disruption. This then offers the provider the opportunity to engage earlier with suppliers, giving better certainty to the marketplace, and creating the opportunity for competitive pricing. 

Outcomes

Their ability to provide this predictive plan this far into the future satisfies regulators that assets are in safe hands. In turn, ensuring the aged care provider secures the funds over competitors.