This article is based on a paper presented at the 2021 AMPeak Conference, in Melbourne, Australia
Jamie Maslen - Technical Executive, WSP in Australia
Michael Van Doornik - Former National Executive, Strategic Asset Management
A common issue we have observed across many industries is that parts of a business often recognise the need for improving asset management practices, but they are not able to demonstrate, in a quantitative manner, the value it actually provides to the business.
Establishing an asset management system (AMS) is a long-term endeavour – generally measured in years – which also means it has a real cost to the business. To be able to obtain the funding and commitment necessary to implement an AMS, it helps significantly to be able to demonstrate benefits in financial terms to the executive or board.
In this paper we will look at the value derived from asset management, based on definitions in ISO 55002, using TransGrid as a case study.