Tangible Asset Management Strategy
It is to establish an Action Plan that can be pursued over the next decade or so in order to address the necessities associated with Infrastructure Management and Plant Maintenance.
The compilation of a Tangible Asset Management Strategy relies on a team working in concert to draft the plans for the future.
At a certain stage, the team tasked with drafting the Strategy need to be expanded to include those who would be tasked to implement this same Strategy to ensure buy in for its smooth implementation.
Tangible Asset Management is thus an approach to develop and maintain organization’s infrastructure and plant assets to ensure that:
- Asset requirements and asset management strategies are driven by defined service levels and performance standards.
- Scarce financial resources are properly allocated and managed to optimize investment in infrastructure.
- A long-term (life-cycle) approach is taken when determining asset operations, maintenance and renewal and the development of appropriate strategies.
Since a top-notch Enterprise Asset Management (EAM) system is aimed at improving every aspect of maintenance, ranging from core functionalities such as basic asset management and preventive maintenance to professional services such as training, it is important to choose the right mixture of people to implement your company’s Tangible Asset Management Strategy and to better manage your maintenance processes.
1. Executive Management
- To act as stewards for infrastructure and plant assets.
- To approve organization’s Tangible Asset Management Strategy and Long-Term Plans and monitor its outcomes.
- To set corporate Asset Management policy and vision.
- To set levels of service, risk and cost standards.
- To approve the annual plan and Best Value Program in accordance with organization’s policy.
- To ensure appropriate resources and funding for Asset Management activities are made available to integrate Asset Management Policies, Strategies and Asset Management Plans into the Corporate Governance Framework.
- Promote and raise awareness of Asset Management to the entire Organization.
2. Chief Executive Officer & Directors of Finance & Technical Services
- To continue to refine the “overarching” Asset Management Policy with linkage to the Organization’s Plan
- To implement the corporate Asset Management Strategy within agreed resources
- To monitor and review performance of organization’s staff in achieving the Asset Management Strategy
- To ensure that accurate and reliable information is presented to the Organization’s Board for decision-making
- To foster and support the multi discipline Asset Management Task Team
- To ensure that clients and key stakeholders inputs are integrated into the Asset Management Plan
- Promote and raise awareness of asset management to the Board, Staff, Users and Clients
- Provide recommendation to the Board on levels of service, risk and cost standards and to ensure assets are managed to the approved levels
3. Asset Management Steering Committee
- To develop Asset Management plans for individual asset groups.
- To implement improvement plans for individual asset groups as detailed in the Asset Management Plan.
- To ensure appropriate community consultation is undertaken.
- To deliver levels of service to agreed risk and cost standards, and report to the Board on service delivery versus service level standard.
- To present information to the Board and Chief Executive Officer in terms lifecycle risks, costs and service levels.
- To develop and implement (tactical plans) maintenance, refurbishment and capital works (refurbishment/renewal) programs in accordance with Asset Management Plans, Strategic Resource Plan and Annual Plan and report to Chief Executive Officer and Heads of Departments.
- To develop and implement procedures with a goal of ensuring that the asset database is maintained and updated and provide required reports to the Board to meet their statutory and legal responsibilities.
- Promote and raise awareness of asset management to the Board, Staff, Users and Clients.
4. Heads of Departments
- Is Organization’s representative as the Asset owner.
- Lead the Asset Management Task Team.
- Monitor and review the Asset Management Policy and Strategy implementation within agreed resources.
- Implement Asset Management strategy within agreed resources.
- Provide accurate and reliable information to the Board for decision making.
- Conduct community consultation to enable the Board and Shareholders to set and review levels of service and maintenance standards.
- Provide Asset Valuations.
- Ensure assets are utilized to maximize Client benefit and are fit for purpose.
- Ensure assets are maintained, renewed and upgraded as and when required to meet the needs of the clients.
- To ensure day-to-day maintenance of the Assets they are responsible for, is delivered to service levels specified in Service Agreement.
- Meet requirements as specified in the Service Agreement.
- To carry out routine inspections as specified in Service Agreement.
- To report on maintenance actions versus levels of service as specified in the Service Agreement.
- Promote and raise awareness of Asset Management to staff.
- Provide recommendations to AMSC on upgrades or renewals for assets they are responsible for.
- Provide input into Service Agreement.
- Recommend any changes of service levels to AMSC.
5. Maintenance Service Personnel / Providers
- To provide the necessary inspection, maintenance and upgrade services to ensure that assets continue to function to meet the Levels of Service defined in the Service Level Agreement.