Asset and maintenance managers are increasingly required to report on performance against Key Performance Indicators (KPIs) such as asset utilization, risk and return on assets (ROA). These metrics are critical to understanding the overall health of an asset-intensive organization, and rely on a current and accurate view of all underlying asset information. These KPIs can be more simply stated as five questions you need to answer about your assets:
When pursuing better profitability, manufacturing companies can utilise analysed dependability data to support necessary decisions; data can be exploited when identifying targets for development and also when defining actions to be carried out. Unfortunately in many cases, dependability data collected over a long period of time cannot be utilised when seeking answers to concrete questions, mainly because of a lack of proper design in data structure and collection.
This article discusses the concept of Asset Management of physical assets. The most current definitions are presented, giving relevance to the work done by the IAM in the United Kingdom. The existing specifications BS PAS 55:2008, the ongoing work in international organizations (EFNMS and ESReDA) and the standardization work in progress (CEN and ISO) are discussed. Finally, it is highlighted that it is maintenance that is essential for the correct application of the concepts of Asset Management.