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The Challenges in Implementing Asset Management

The RELIABILITY Conference Asset Management Forum - 41:45
by Dharmen Dhaliah- Manager Asset Management, City of Toronto

In the last few years, we have seen the emergence of Asset Management in many industries from the private to the public sector. Many organizations have been successful in getting started with Asset Management and embracing the new paradigm shift. The use of PAS55 and more the recently the availability of ISO 55000 suites have further ramped up the momentum of Asset Management on the global stage. It has become the trending topic in the industry and has created a sort of shakeout similar to what reliability did years ago.

Without doubt organizations fully understand the importance of asset management and the benefits they can gain from it. There is no question that organizations are willing to shift gear and implement asset management. The major stumbling block is finding the right organizational approach. We are witnessing lots of organizations stuttering and getting confused when it comes to embracing and implementing Asset Management.

Questions such as:

"How should I structure my organization to fit in Asset Management?"

"How will that impact the other functional areas?"

"How will they all coexist and interact with each other?"

"What should be done to manage that paradigm shift?”

Most importantly, “Are we not already practicing asset management?” wonder.

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