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An asset management maturity framework is essentially a grading matrix, which can be used to determine how well an organisation manages its assets.
ISO is the independent, non-governmental international organisation, tasked with developing internationally agreed-upon standards, for pretty much everything. They describe these standards as the “formula that describes the best way of doing something”.
ISO has standards for everything from quality assurance, environmental management to health and safety, just to name a few. These standards are derived from a meeting of experts in a particular topic to address common challenges.
The knowledge of these experts is distilled down, to create standards for how businesses operate.
In 2014, ISO published ISO55001, which specifies the requirements for an asset management system.
While ISO certification is not a necessity for many organisations, it’s important to understand the principals in the standards have been used in the creation of regulatory frameworks.
The Victorian state government AMAF framework, which was inspired by ISO55001, for example, details mandatory asset management requirements for governmental agencies.
It’s important to start with the end in mind, know why you are assessing your maturity, and know how mature it is necessary to be.
Assessments can offer a gap analysis, which allows the organisation to determine what needs to happen to get where they need to be.
Organisations pursuing excellence can use asset management maturity frameworks to determine where they sit, and from there, where they want to go.
While not all organisations are compelled to adopt the governmental frameworks, the concepts within the frameworks can provide benefits across all businesses.
At FMI, we've developed our own asset management maturity framework, to support our clients in their asset management journey. The framework, based on the principles of the most common regulatory frameworks we encounter, is brought to life by our in-house experts.
For each level, we've provided a link to a deep dive that you can reference for further information.
At level one on the maturity framework, organisations are taking the saying “ignorance is bliss” literally. At this level of maturity, there is little to no process development. Processes aren’t documented and can’t be applied with any level of consistency.
Learn all about innocence in asset management here.
At the awareness level on the asset management maturity framework, organisations have some processes in place. Organisations at this level are aware that a lack of process is exposing them to risk, however, may not have a clear picture of the level of risk.
Learn all about awareness in asset management here.
At level three on the asset management maturity framework, we start to see organisations making significant improvements to their facilities management operations. At this level, adherence to regulatory standards is vastly improved from levels one and two.
Learn all about developing in asset management here.
At the competence stage on the asset management maturity frameworks, organisations are consistently and effectively applying processes.
Learn all about competence in asset management here.
At the optimising level on the asset management maturity framework, organisations are exceeding the highest expectations of ISO auditors.
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