We share our experiences in the changing role of asset management which was initially seen by many as another name for maintenance management. This initial shortsighted view lost many organizations their competitive edge. The term asset management was also confused with pension funding and equity investment etc, which was equally misleading. However, the term here refers to ‘physical’ or ‘engineering’ asset management. The scope of the subject is broad and deep but some of the topics or highlights are discussed in this paper.
It focuses on decision-making and continuous improvement as distinct from work control, in other words, it concentrates on ‘working smarter rather than harder’, and not the control of work with CMMS. It is decision-making that tends to enable Key Performance Indicators to be continuously improved upon, whereas work control tends to enable budgeted targets to be met but not improved upon.
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