Recently Lytton Advisory has been thinking about infrastructure in terms of why-how-what. Focussing on asset management, we thought about why that is a good thing.
Organizations with infrastructure commitments can sharpen their operations and improve their investment performance with better asset management. Effective asset management increases organisations’ capacity and capability for infrastructure service delivery.
So how could this be achieved? What kind of asset management goals might support this? Lytton Advisory has done some of the initial thinking for you and come up with the following list of ten suggestions.
- Lower asset management costs over the long term
- Align strategic initiatives across the asset management system
- Increase the engagement of people, including leadership, communications, and cross-disciplinary teamwork
- Align processes, resources and functional contributions
- Better understand and use data and information to provide consistent and informed decisions
- Pursue consistent, prioritised and auditable risk management
- Improve asset management planning
- Improve customer service, and maintaining overall network performance
- Increase auditability across the asset management life-cycle
- Reduce regulatory risk through implementing robust and demonstrable asset management governance processes
This is by no means the entire field and it is easy to suggest the how. The real challenge is to unpack the ‘what‘. The activities needed to deliver on these goals requires a clear view of an organisation’s baseline on each, the value of pursuing stronger efforts and whether the proposed activities will actually be effective.
So before diving into specific asset management tasks or activities, stop for a moment to think about the options available in terms of asset management goals and why they will deliver on your organisation’s overall mission.