IMC-2017 Learning Session - 42:44 by Dharmen Dhaliah, Town of Halton Hills
Realizing value is the main focus of asset intensive organizations. Organizations design, build, own, operate and maintain physical assets to derive tangible or intangible, financial or non-financial value from them over their entire life cycle. Eventually it is befitting to spend some time understanding what value is and how it can be realized. As a matter of fact ISO 55000 makes reference to 'value' and 'realize value' in its definitions of asset and asset management respectively. Realization of value requires the achievement of a balance of costs, risks and benefits, often over different timescales. So what does value derived from physical assets means to your organizations? Is it value to customers, value to stakeholders, or value physical assets contribute to achieve organizational objectives? How are these values quantified, measured and tracked to support the overall system? Do you have a process in place to actually identify and visualize the activities contributing to the realization of value from your physical assets? This session will describe the asset management value chain in organizations and explore the existing roadblocks and constraints that are stopping organizations to realize maximum value from their asset management program.