Asset Management

 
The DRA team can assist businesses through the systematic process of managing cost, risk and performance of the business assets. The DRA process will also assist in the identifying, recording and action process.
Most businesses in Australia generate revenue by realising value from their assets, whether directly or indirectly.

Asset Management

Asset Management Process

This process is supported by a Standard ISO 55001 to articulate the processes required to achieve the maximum life cycle value of an asset.

Mature businesses generally have systems that have evolved with growth, relying heavily on staff knowledge instead of system competence.

The ISO 55000 suite is gaining acknowledgment as best practice with many major Australian businesses. These businesses are seeking to manage their assets systematically.

The first step in adopting the standard is to conduct a business maturity assessment. This is a measurable assessment of how many processes a business may already have, then determine how well each one is performing. Each business will have different priorities with different outcome expectations that should be tailored for that organization.

An assessment completed by competent assessors will identify where opportunities or weaknesses exist in the business. The report will provide clear measurable guidance on where to focus resources and effort.

DRA have ISO 55001 accredited assessors and can partner with organisations for a complete system assessment. We also can conduct individual process assessments in safety, maintenance management and training.

 

Contact us today for an obligation free quote on any of our services.
Asset MGMT graph

Key Personnel

David Randall

David Randall

Managing Director

Andrew Middleton

Andrew Middleton

Senior Safety Consultant

Clinton Ford

Clinton Ford

Senior Engineering Consultant

What is asset management?<br />

The process of planning and controlling the acquisition, operation, maintenance, renewal, and disposal of business assets. This process improves the delivery potential of assets and minimises the costs and risks involved. Adequate maintenance and proper deployment of systems, people, and processes ensure a positive enhancement of capital over the asset lifecycle.

What is asset lifecycle?

Asset lifecycle is the number of stages that an organisation’s asset goes through during the lifespan of an asset’s ownership. It is the period that an organisation can effectively and efficiently utilize an asset to accomplish its business goals. An asset lifecycle typically covers all phases of an asset’s life from acquisition through maintenance and eventual disposal.

What are the types of asset management?

While the definition may differ from one organisation to another, they can be vastly classified into three types: physical, financial, and contractual.

– Physical – handling things like fixed asset management, inventory management, infrastructure, and public asset management.
– Financial – managing procurement, developing an investment strategy, controlling budget and costs, handling cash, bonds, and stocks.
– Contractual compliance – streamlines processes like IT asset management, digital asset management, contractual maintenance, and management of intangible assets.

What are the key components of an effective asset management process?<br />

Our Safety Consultants and Engineers can assist in setting a program specifically for your business to assist in better utilising plant equipment and personnel.
– Preparing an asset register: An inventory list of available assets
– Identify asset conditions and rating system
– Track asset depreciation accurately at timely intervals
– Determine the value of assets and their replacement cost
– Move away from reactive to predictive asset maintenance
– Focus more on change management to ensure database integrity
– Eliminate paperwork and automate tasks like data collection, asset reporting, and more

What makes up a good asset management process?

Information is a key element and will be data intensive. The asset management suite ISO standards makes reference to information requirements throughout. From a safety perspective the fundamental requirement is that all the relevant assets are identified and documented in accordance with good practice. From this, organisations can:
– identify the risks and safe operating requirements for the asset from, for example, operations and maintenance manuals
– identify the maintenance requirements to ensure that best practice is being followed, based upon suppliers/manufacturers recommendations
– identify the required legislative, legal and statutory requirements in terms of safe operation and maintenance so as to ensure compliance
– identify the available Codes of Practice, guidance and standards that may inform the organisation of the best practice that may be followed to meet the above requirements
– identify the documentation required for audit and performance measurement purposes.