Watch on Demand
WIRAM Series: How an Enterprise Asset Management Framework Can Align Finance and Operations to Enable Organizational Transformation
by Mildred Chua, MTA Bridges and Tunnels
Educational Session: Defect Elimination and the Uptime Elements: Get the Bugs Out
by George Mahoney, Merck
Original Release Date: September 20, 2017
How an Enterprise Asset Management Framework Can Align Finance and Operations to Enable Organizational Transformation
Operational systems have financial implications. How can they coexist from start to finish, from planning to implementation? Internal controls sometimes conflict with efficiencies. Toll collection systems still don’t interface seamlessly with accounting systems. The key performance indicators (KPIs) developed by operations often don’t address financial needs. Accounting practices and auditing standards sometimes interfere with operational processes. There is the potential for conflict between delivering exceptional customer service and full revenue recovery.
At New York MTA Bridges and Tunnels, we are in the final stages of completing our implementation of Open Road Tolling at all of our facilities. As our agency is transitioning its business model from cash toll collection to open road cashless tolling, we are using an Enterprise Asset Management framework to strategically align Operations and Finance (as well as the rest of the organization) in achieving our dual mission under a new operating environment, to provide safe reliable service for our customers while protecting the revenue stream and making good on our financial obligation to support mass transit operations for the MTA.
The presentation will illustrate an effective strategy, which is through implementation of international standards for asset management (ISO 55000 ) that focuses on a total management system. The business framework will be presented and will show how it is serving as a foundation for MTA B&T to drive organizational transformation as well as partner with the parent company - MTA Headquarters, in aligning the operational and financial asset registers along with the associated business processes. For B&T as an operating agency, the alignment between operations and finance is key to achieving an integrated and holistic management system.