PHYSICAL ASSET MANAGEMENT - AN ORGANIZATIONAL CHALLENGE
A holistic approach to managing physical assets has become a top priority for organizations both in the public and private sectors. For years to come considerable amount of funds is being committed to invest in physical assets and asset management practitioners are honing their skills to be part of the huge undertaking.
But there is one key oversight: how will organizations cope with the implementation of a holistic physical asset management approach? In many organizations there exists a lack of collaboration and alignment to achieve organizational strategic goals. Why? Organizational silos, the very silos that must be major contributors for the successful implementation of the holistic physical asset management approach.
Physical Asset Management — An Organizational Challenge explores how the physical asset management philosophy fits within an organization, details the challenges it faces, and reviews the different functional areas dealing with physical assets. Existing gaps and overlaps are uncovered, exposing those that hinder collaboration and alignment. Written with asset management practitioners in mind, as well as everyone involved with physical assets, Physical Asset Management-An Organizational Challenge and its case studies will aid organizations to be better prepared when they embark on the journey of holistic physical asset management.
What people are saying...
An easy to read informative text that should help many organizations that are struggling to grasp the nuances of what might be involved to embrace a holistic approach on how to better manage physical assets. This is particularly in light of the many prompts now current from documentation such as the ISO 55000 suite of Asset Management System Standards and my own Institute’s International Infrastructure Management Manual. I applaud the call to organizations to change their culture by seeking to break down silos and work more collaboratively and holistically. This is always easier said than done but the text contains some good case studies and examples.
February 09, 2017
Peter Way PSM | Chair NAMS.AU | IPWEA Australasia
5.0 out of 5 stars Excellent, comprehensive view of Physical Asset Management
By Amazon Customer on Jan. 2 2017
An Excellent resource for a comprehensive view of Physical Asset Management. This book goes beyond the typical introductory notions of Physical Asset Management and into the intricacies, challenges and pitfalls of integrating a new process within an organization's existing strategic and operational environment. The case studies and practical examples will resonate with the reader and the simple, jargon-free writing style will make this book easy to read. Links to Project Management, Procurement and Financial Planning processes provide novel insights into a truly holistic view into Asset Management implementation.
ORGANIZATION-WIDE PHYSICAL ASSET MANAGEMENT-A SYSTEMS APPROACH
Managing physical assets is a cooperative and cross-functional discipline that demands a solid governance structure, strong leadership, and well-coordinated policies and practices to meet organizational objectives and requirements in the context of their operations. Most current physical asset management systems tend to be silo-based in that they have been developed by a particular section or function for use only in that function. The effects of the isolated function-specific asset management systems are widespread and have significant implications, creating gaps and overlaps in business processes or impeding the decision-making processes.
Organizations are investing lots of money and resources in building their physical asset management systems. However, for far too long the problem is that the focus has been mostly on the tools and methodologies. These companies need to undergo a paradigm shift focused towards creating a system of organization-wide physical asset management and moving away from the silo approach. This transformational approach will provide:
• an improvement in communication.
• the ability to assess physical assets across the organization.
• an alignment of all functional areas within an organization to help reach company objectives.
This book will benefit practitioners and students enrolled in asset management programs, helping to change the way they think and implement physical asset management to a more organization-wide, systems approach that will improve all functional areas of the company.