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Comprehensive asset management should be embedded in organizations through the temporal, organisational and spatial dimensions. We examine how an integrated approach to asset management might consider the whole range of interrelations and interactions of these dimensions. Asset management should take into account the operational and the strategic m...
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... third dimension in asset management we consider is the spatial dimension. This aspect relates to the degree of consideration of environmental factors in the asset management process. This dimension ranges from a perspective which encompasses only management processes relating to the asset itself and the nearest environment such as performance and condition monitoring, to a perspective which includes the broad interaction between the asset and environmental factors. We propose to cluster relevant environmental factors in four groups: (1) stakeholders and clients, (2) ecological environment, (3) industrial sector, and (4) government. Figure 3 indicates the different management themes which arise from the interaction between the asset (management) and these four environmental factor groups. The interaction between the asset (management) and environmental factors can be diverse. For example, legislation (environmental factor) may influence asset management at different stages of the asset lifecycle. Assets may also influence environmental factors, such as in the example of sustainability management where the interactions of assets with the ecological system are considered. There are also interactions where the asset management of an organisation influences and gets influenced by the asset management of another organisation, such as in the process of collaboration. Thus the spatial dimension of asset management includes: (1) the management of the asset itself and the nearest environment; and (2) the management of the interaction of the asset with environmental factors (stakeholder and demand management, risk and sustainability management, inter-organisational collaboration, and governmental regulatory ...
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SUMMARY
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Citations
... The complex system of AM is analysed from time and space dimensions to assure every aspect and control in the three layers: organisational structure, rules, and regulations [10]. An integrated approach for AM includes the entire scope of interrelations and interactions among three functions: temporal, organisational, and spatial to develop a capability and maturity model that include a strategic perspective and a framework for governance, policy, tactical and operational functions [11]. An integrated maturity AM model combines best practices and competencies including operational and technical strategy, policy and governance levels in addition to social and human resources to present an effective method to assess the capability of organisations to manage their assets [12]. ...
Smart or intelligent built assets including infrastructure, buildings, real estate, and cities provide enhanced functionality to their different users such as occupiers, passengers, consumers, patients, managers or operators. This enhanced functionality enabled by the Internet of Things (IoT), Artificial Intelligence (AI), Big Data, Mobile Apps, Virtual Reality (VR) and 5G does not only translate into a superior user experience; technology also supports sustainability and energy consumption to meet regulation (ESG, NZC) while optimising asset management and operations for enhanced business economic performance. The main peculiarity is that technology is standardised, ubiquitous and independent from the physical built assets whereas asset users including humans, machines and devices are also common to different assets. This article analyses the atomic differences between built assets and proposes an asset omni-management model based on micro-management of services that will support the macro-functionality of the asset. The proposed key concept is based on the standardisation of different assets based on common and specific functionality and services delivered by the technology stack that is supporting already the transition to Industry 5.0 based on Web 3.0 and Tokenisation.
... Asset management (AM) is a "joined-up" organisational activity that aims to maximize the value of an organisation's resources. It is a strategic and integrated process that involves multiple disciplines such as engineering, operations, management, and maintenance to maximize the life of an asset and its return from assets (Amadi-Echendu et al., 2010;Laue et al., 2014;Mirhosseini & Keynia, 2021). In the public sector, to ensure that the services are delivered efficiently, the government needs sufficient resources and facilities. ...
... Mosley (2009) beschrijft DM in het DAMA DMBOK als "een 'high-level' bedrijfsproces, dat bestaat uit het plannen en uitvoeren van beleidslijnen, procedures en projecten die bijdragen aan het verwerven, beheersen, beveiligen, afleveren en het verhogen van de waarde van data en informatie assets". Asset management wordt beschreven als "het proces van organiseren, plannen en beheersing van het verwerven, zorg voor, renoveren en afvoer van assets" (Laue et al., 2014). (Otto, 2011a) Om de waarde van data als asset te vergroten, dient de behoefte met betrekking tot data bekend te zijn. ...
... Onder technologie wordt de data-infrastructuur verstaan (Crowston & Qin, 2011), welke ondersteunend zijn aan de uitvoering van DM. Zo is opslagcapaciteit benodigd voor het vastleggen van data en software applicaties/ informatie systemen om datakwaliteit, beveiliging en lifecycle management te ondersteunen (Abraham et al., 2019;Laue et al., 2014). Data beveiliging richt zich op het uitvoeren van risico analysen (Abraham et al., 2019). ...
... Data Management is een activiteit om data te besturen, als onderdeel van Data Governance, dat eveneens het doel heeft om de waarde van data (asset) te maximaliseren. Asset management wordt beschreven als "het proces van organiseren, plannen en beheersing van het verwerven, zorg voor, renoveren en afvoer van assets" (Laue et al., 2014). (Otto, 2011a) ▪ Behoefte, gebruik en begrip Om de waarde van data als asset te vergroten, dient de behoefte met betrekking tot data bekend te zijn. ...
More and more data is available within organizations and thus data is becoming an increasingly important asset for organizations with great (potential) value. Clearly formulated (data) processes are a fundamental part of a successful Data Governance (DG) implementation. Where 'governance' is a reference to decisions that need to be made and where they are invested for effective Data Management, 'management' is the implementation of these decisions. Organizations need tools to implement/optimize DG. To do this, it is important to know where one stands (baseline measurement) or to benchmark.
In the literature, a lack of existing scientifically substantiated organizational maturity models of DG and of scientific knowledge in the field of the DG subdomains 'Data Management' and 'Processes' has been identified. Due to a lack of understanding of the maturity level of an organization with respect to the subdomains, the (potential) value of the available data cannot be optimally leveraged in practice.
From literature research, the Data Governance Data Process & Management Maturity Model (DGDPMMM) was developed. Through emperical research the model was validated in practice by conducting semi-structured interviews with 3 experts in the field of DG.
The results show that the DGDPMMM is a practice-validated, scientifically based measurement tool to measure the organizational maturity of the DG subdomains 'Data Management' and 'Prosessions'. Most of the qualifications were found to be relevant and where they were not, these are possibly industry and core activity dependent qualifications that did not fit the case organization or the qualification was possibly not sufficiently understood. In addition, the technical qualifications for standardization may have been rendered obsolete by the emergence of Big Data and Data Science.
... They concluded that there are various types of models, but most were optimised for other domains and therefore unsuitable for IAM. Nevertheless, the maturity analysis concept has evolved from an appraisal method for software processes [40] to being widely used across a range of areas, including for IAM [41][42][43][44]. In the Interreg NSR project FAIR, the maturity analysis concept has been used by governmental authorities to consider best practices and competencies for IAM for flood protection and to understand the need for and effectiveness of the AM processes they use [45]. ...
The low-lying coastal areas of the countries around the North Sea are exposed to flooding and the influence of sea level rise. The countries in the North Sea Region need to continue to adapt if the associated risk is to be well-managed into the future. In addition to reducing flood risk, adaptation measures can bring development opportunities for those same places. These opportunities, however, are unlikely to be achieved through a ‘defence only’ paradigm, and instead a new approach is needed that simultaneously reduces risk and promotes liveable places, ecosystem health and social well-being. The building blocks of this new approach are promoted here and are based on an adaptation process that is collaborative and takes a whole-system, long-term perspective. The approach developed through the Interreg funded project, C5a, brings together governments, practitioners and researchers from across the North Sea to share policies, practices and the emerging science of climate change adaptation and enabling sustainable development. The new approach reflects a Cloud to Coast management paradigm and emerged through a combination of knowledge exchange and peer-to-peer learning across seven case studies. Central to the case studies was a maturity analysis of existing capabilities across the North Sea countries and their ability to adopt the new approach. This paper presents the results of this analysis, including the common challenges that emerged and the methods and examples of good practice to overcome them. Building upon these findings, the paper concludes by presenting four priority policy directions to support the uptake of the Cloud to Coast approach.
... Principles and possible frameworks for good asset management are discussed in the next section, and when looking at the evolution of insights on this matter, the focus of management of long-life assets evolves from a technical approach to a strategic matter [11][12][13]. Yet, while (case-based) research contributions on the operational approach continue to grow, insights on what a strategic approach to transport infrastructure asset management should entail, are largely absent [14,15]. This paper defines eight key factors for a sound SIAM for managing land transportation assets by public organizations and analyzes for three modes and three regions in Belgium how their SIAM can potentially be improved to ensure a better asset quality and service level in the long run. ...
... Chen and Bai [29] analyzed 337 academic articles on optimization techniques for asset management and found that the number of articles on this subject only increased during the last years. Some do point at the lack of the strategic aspect and the connection with organizational objectives [14,15], but few have addressed it from this lens. Some that have [12,15,22,[30][31][32], defined SIAM as "A strategic and systematic process of optimizing decision-making in resources allocation with the goal of achieving planned alignment of infrastructure asset with service demand throughout its lifecycle" by Too, Betts and Kumar [12]. ...
... Some do point at the lack of the strategic aspect and the connection with organizational objectives [14,15], but few have addressed it from this lens. Some that have [12,15,22,[30][31][32], defined SIAM as "A strategic and systematic process of optimizing decision-making in resources allocation with the goal of achieving planned alignment of infrastructure asset with service demand throughout its lifecycle" by Too, Betts and Kumar [12]. After analyzing five main frameworks for SIAM [12,15,[30][31][32], eight key factors for a sound SIAM were defined: (1) the accountability of context factors' influences on the government policy, (2) the translation of the policy into organizational objectives, (3) the possibility of non-asset solutions, (4) the development of transport mode specific goals, (5) the alignment between the government strategy and asset strategy, (6) the optimization of options, (7) the introduction of feedback loops and (8) organizational and knowledge management. ...
In today’s society, infrastructure asset management is a priority for multiple policymakers as it is key to guarantee high-quality transport infrastructure. While the relative quality of transport infrastructure in a number of Western European countries is deteriorating, the volumes of freight and passengers, as well as the expected service levels of all modes of transport for citizens and businesses, are increasing sharply. In response, infrastructure asset managers have developed and integrated technical and management system innovations. While short-term cost and damage control is taken better care of, a long-term asset vision and strategic principles supporting a strong future transport infrastructure network are still largely missing in many EU countries. In this paper, we analyze the strategic infrastructure asset management (SIAM) for Belgian road transport, rail and inland waterways through a cross-case analysis. Our literature study identifies strategic asset management principles, potential barriers and solutions for transport infrastructure assets in general, as well as for the different transport modes in particular. Through in-depth interviews with Belgian top administrators, the principles and SIAM frameworks for different types of mainland infrastructure are analyzed. We find, based on the studied Belgian cases, that ‘one SIAM-model does not fit all’, and that a variety of models, adapted to transport modes and the regional context, could better suit the strategic goals of different policies.
... Asset management (AM) is a "joined in" organisation activities to realise value from its controlled resource. It is a strategic and integrated process involving various disciplines such as engineering, operations, management, and maintenance to gain the greatest benefit in an asset's life cycle and its returns (Amadi-Echendu et al., 2010;Laue et al., 2014). AM requires participation from different areas, primarily human activities, to manage individuals who control assets and incorporate asset-related policies in the operational and organisational frameworks, particularly asset maintenance (Nel & Jooste, 2016). ...
Purpose: The purpose of this study to identify and examine the role of accrual accounting and information systems in asset management practice in the Malaysian public sector. This study is important to enable the government take appropriate measures to enhance asset management practice in view of its increasingly crucial role in optimising government performance. Design/Methodology/Approach: This study identifies and examines in detail the role of accrual accounting and information systems in asset management practices in the Malaysian public sector by reviewing the issues commonly raised in the Auditor-General Reports, particularly on asset management. The conceptual aspect consists of an extensive search and analysis of secondary sources of information through references and a review of academic articles, Auditor-General’s Reports, news in print and other media, and publications pertaining to asset management. Findings: Previous studies show that accrual accounting and information systems have affected asset management practice in the public sector. Accrual accounting measures the performance of an organisation by recognising economic events that provide more accurate financial information, particularly on the organisation’s assets and liabilities. Information systems provide substantial growth opportunities for asset management, allowing systematic and timely data collection, processing, distribution, and information sharing, which can assist in managing assets throughout their life cycle. Originality/Value: This concept paper provides valuable addition to the current knowledge base, particularly on the role of accrual accounting and information systems on asset management practice. Keywords: Asset management practice, public sector, accrual accounting, information systems.
... They concluded that there are various types of models, but most were optimised for other domains and therefore unsuitable for public infrastructure management. Nevertheless, the maturity assessment concept has evolved from an appraisal method for software processes [9] to being widely used across a range of areas, including for infrastructure AM [7,[10][11][12]. ...
... Moreover, the models lack association with the processes related to human and social issues, such as communication, trust building and team-enabling activities. The maturity model Infrastructure Management Maturity Matrix (IM3) was developed by Volker et al. [7] to fill these gaps, and has been modified for use in the FAIR project-though alternative models have been developed (e.g., Chemweno et al. [16]; Laue et al. [11]). IM3 was originally developed for Rijkswaterstaat, which is the Netherlands public infrastructure provider and the lead organisation for the project. ...
North Sea Region countries depend heavily on flood protection infrastructure, such as dikes, dams, sluices and flood gates. Knowledge on where, when and how much to invest to ensure functioning is of crucial importance for asset owners and operators. This requires asset management approaches that are adaptable, respond to feedback and function within various contexts. The FAIR (Flood defense infrastructure Asset management & Investment in Renovation, adaptation, optimisation and maintenance) project has developed a unique framework to ensure that asset management processes are adaptive, comprehensive and make effective connections across strategic, tactical and operational contexts. The framework has for the first time informed an assessment of maturity of five flood protection asset management organisations in the North Sea Region, using a seven-factor maturity assessment model. This paper describes the self-assessment process and the self-reported maturity changes during the project. Maturity assessments were undertaken on two occasions, at the start of the project, and again toward the end. This has revealed how the baseline level of maturity for each organisation developed over the course of the three-year project. The observed maturity changes indicate that adopting the FAIR framework has added value in improving current approaches to asset management.
... So, the concept of maturity and the way this maturity can be evaluated through an Asset Management Maturity Model (AMMM), must be considered as well. AMMM usually define the different levels of the organisation's AM process as: 0 -innocent, 1 -aware, 2 -developing, 3 -competent, 4 -optimizing and 5excellent; or other variations (Laue et al., 2014;Mahmood et al., 2015;Proença and Borbinha, 2018;Volker et al., 2011). The context of the organisation and its approach to AM impact on what is regarded as 'competent' or 'excellent' for the organisation (IAM, 2015). ...
Recognising the relevance of asset management (AM) benefits in improving organisational performance by asset-intensive organisations is no longer sufficient. It is necessary to deepen and control how this truly happens so that organisations have confidence in AM investments that bring better returns to the business. This paper presents a theoretical model, AMBP Model, which offers enablers supporting the organisations to make better decisions in infrastructure investments, through the construction of a relationship map between AM key-processes, asset performance indicators (API) and business performance indicators (KPI). The relationship between these three elements is a result of the analysis of case studies in different sectors of the economy, publicly available on AM specialized sites or AM conference proceedings. Knowing ‘how AM process relates to Business Performance’, the aim of this paper, is a fundamental and helpful path to understand ‘how AM maturity impacts on business performance’, an issue that remains up to date in both the academic and business environments.
Keywords: Asset management; Asset management maturity; Asset performance indicators; Business performance indicators
... Recent research provides evidence that there is a link between introducing a holistic approach to asset management and improving organizational performance [10,13]. Considering a broader context implies that asset management goals should be consistent with the organizational goals across all levels of strategic decision-making [1,14]. The importance of exploring the possibility of aligning asset management strategy with organizational strategy is increasing as asset management implies higher-level managerial decisions concerning investment allocation, infrastructure expansion, modernization, and replacement as well as issues of outsourcing, leasing, and co-production. ...
... Asset managers are responsible for keeping assets healthy and operational, maintaining and optimizing asset life-cycle cost and value in a long-term perspective based on asset criticality and failure predictions. Designing replacement and maintenance programs implies achieving optimal capacity, higher equipment effectiveness, reliability and flexibility of the system, and as a result, lower maintenance costs, higher profit-making capability, and increased financial returns on assets (e.g., [11,14,42,48]). ...
Major shifts in the competitive environment encouraged a recent growth in the number of academic articles devoted to strategic aspects of asset management. Organizations start to recognize that a strategic approach to asset management becomes a source of sustainable competitive advantages and long-term survival in the turbulent environment. However, existing studies are largely case-specific in interpreting strategy and draw on various theoretical grounds and approaches. This leads to little theoretical and methodological consistency in understanding current findings and how to design future studies. The key goal of this paper is to systematically review the existing research through the analysis of over 700 articles devoted to asset management with a focus on strategic aspects. Our key contributions are positioning strategic asset management within the vast field of asset management research, describing the nature of strategic asset management research, and confirming that asset management strategies align with different levels of organizational strategy. We visualize the existing research field, and indicate gaps and underdeveloped areas of research. We also shortly outline future research directions based on our findings, thus encouraging a more coherent development of research on strategic asset management.
... Asset management spans the entire life cycle range starting with short-term operations and extending to the mediumterm tactical region and then to a long-term strategic perspective [44]. In the short-term, it focuses on optimising decisions with the goal of achieving specific asset-related objectives. ...
In the coming decades, Australia will reconstitute its navy on the largest scale since World War II. Sustainment methods that are reactive in nature will not suit the needs or meet the demands Australia's future fleet will require. A more proactive approach to asset management using proven and established practices, principles and methodology should be embedded within Australia's maritime sustainment community to ensure the fleet can provide the needed readiness within allocated budgets. Asset management encourages good decision-making through asset-related activities that merge with high level strategic goal while simultaneously offering greater value throughout an organisation. Asset management stresses the importance of integrating asset-related decisions with organisational goals, whilst ensuring equal or higher return on investment by minimising cost, or total asset life cycle cost, through careful acquisition, sustainment (i.e. maintenance and modernisation), and disposal policies. Defence needs a framework that binds maritime capability to the technical domain through business intelligence for critical naval assets. Asset management principles, methods and practices currently used in asset-intensive environments provide a useful starting point for developing an integrated framework to support Defence. A Fleet Life Cycle Management framework is needed to unite Defence's capability, technical and business domains into a single, overarching and standardised model tailored specifically for Australia's naval environment. The core components of an established integrated strategic asset management framework provide the bedrock for a new framework aptly suited for managing the collective fleet allowing acquisition and sustainment professionals to better manage all vessel classes in the short-, medium and long-term. The proposed framework provides a broad and responsive structure that supports current needs while retaining flexibility to meet future requirements and to support evolving Defence needs in the naval environment and maritime battlespace. It integrates an asset management system, asset life cycle managers, life cycle objectives, artefacts and asset management activities to deliver and maintain seaworthy vessels and maritime capability while adhering to Defence's business rules for acquiring and sustaining warships and submarines.
