Asset Management System

What is an Asset management System

PAS 55 is the British Standards Institution's (BSI) Publicly Available Specification for the optimised management of physical assets - it provides clear definitions and a 28-point requirement specification for establishing and verifying a joined-up, optimised and whole-life management system for all types of physical assets. Now internationally recognised, PAS 55 is proving to be an essential, objective definition of what is required to demonstrate competence, establish improvement priorities and make better, clearer connections between strategic organisational plans and the actual day-to-day work and asset realities.

Asset Management is defined a 'systematic and coordinated activitie and practice through which an organisation optimally and sustainably manages its assets and asset systems, their associated performance and risks and expenditures over their life cycles for the purpose of achieving its organisational strategic plan' whereas, the organisational strategic plan is defines as 'overall long-term plan for the organisation that is derived from and embodies, its vision, mission, values, business policies, stakeholder requirements, objectives and the management of its risks'

Why do Organisations need an Asset Management System?

In order to build a sound and effective Asset Management System, a homogenous blend between the two definitions mentioned above will be harmonised to create a comprehensive and holistic system which establishes a disciplined approach to enable the organisation to maximise the lifecycle value of its asset investment and hence, deliver its strategic objectives. This involves identifying assets and determining how best to operate and maintain them, including devising optimal strategy for the renewal, decommissioning, and/or disposal of such assets.

The principal benefits of adopting the life cycle approach for asset management include:-

  • Enhanced customer satisfaction from improved performance and control of product or service delivery, to the required standards.
  • Improved health, safety and environmental performance.
  • Optimised return on investment and/or growth.
  • Long-term planning, confidence and performance sustainability.
  • The ability to demonstrate optimal value for money within a planned funding regime.
  • Design and implementation of controlled and systematic processes,  to demonstrate legal, regulatory and statutory compliance.
  • Improve risk management and corporate governance regulations to produce a clear audit valuation for the review of decisions taken and their associated risks.
  • Improved corporate reputation, the benefits of which will include enhanced shareholder revenue, improved market position, greater staff satisfaction and enhanced efficiency and effectiveness.

Our specialists have vast industry experience of builds for major multinational organisations and are amongst the leaders in the world with their expertise.