7 fundamental questions to ask about your enterprise assets
A reliable and comprehensive asset register is central to all asset management activities. Determining the level of risk associated with an asset- related failure is of the outmost importance. Automating the underlying foundation of this process calls for an Asset Management System.
Across asset intensive industries almost every company has a significant register of assets that have to be tracked, evaluated, risk estimated, costed, audited and so on. The consequences of an out-of-date or inaccurate asset register can be catastrophic. In the past, each company had its own idea as to how best to manage their assets – there was no industry standard to drive harmonization. With the advent of the PAS 55 specification, all that has changed.
To manage cost and risk and to align operations with business strategy, organizations must be able to answer these fundamental questions about enterprise assets:
- What assets do we have and what condition are they in?
- What function do they perform and does this function contribute value?
- Do we have appropriate capacity?
- Are some assets redundant, underutilized, unprofitable or burdensomely expensive?
- Are the risks of our assets causing harm to people or the environment sufficiently low?
- Can we accurately evaluate the performance, risk reduction, compliance and sustainability benefits of proposed asset work or investments and, likewise, the impact of delaying or not performing the proposed actions?
- Can we confidently address these lines of inquiry and provide answers to stakeholders with a clear audit trail and reliable data?