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On-Demand Recording: Getting Company Wide Buy-In for Asset Management with ISO 550001

arches-1866598_640The Gladstone Area Water Board (GAWB) is the first water service provider in Australia (and the second in the world) to achieve ISO 55001 certification.  The journey to certification provided for a collaborative engagement and company wide buy-in from the Board level to the shop floor, in asset management.

GAWB utilised already developed practice and process, along with existing certified systems, to demonstrate compliance to the standard, identify gaps and develop documentation to meet the standard. Stakeholder engagement included not only inter department groups within GAWB, but most importantly the certifying auditors themselves.Continue reading

Filed under: On-Demand Recording

7 Simple Questions To Help You Choose the Right Asset Management Metrics

pressure-690161_640The one thing I’ve learned throughout my career in asset management is that if you don’t measure something, people don’t do it. As soon as you stop measuring it, people will quit doing it. You may be measuring something this month and people start gradually improving – then you stop measuring it, and what happens? A month or two later that metric starts going down again.

Measurement is the first step that leads to control and eventually to improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it.”  – H. James Harrington

So measuring your efforts is essential, but how do you know which metrics to choose?Continue reading

Filed under: Operations

On-Demand Recording: How to Move the Right Reliability and Asset Management Levers to Enhance Shareholder Value

hose-758461_640Corporate senior executives have traditionally seen reliability and asset management levers as uninteresting and technical activities.  However, forward thinking organisations are learning that when these levers are moved, they can significantly enhance and sustain the shareholder value of the enterprise.

Bob DiStefano is credited with being one of the earliest leaders to recognise and emphasise the links between corporate business performance and asset management. In his fascinating keynote at the Mainstream Conference in 2017, Bob dissected a company’s financial statements to expose the direct connections between asset management measures and strategic measures of shareholder value, including company profit, share price, market capitalisation and Return on Assets.
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Filed under: On-Demand Recording

2 Companies That are Proving Good Asset Management Impacts Financial Results

growth-1152553_640In many asset intensive companies around the world, corporate executives are more focused on achieving financial results than the technical aspects of running a company.

They know they have highly talented, technical people who will worry about the ‘nuts and bolts’ of the asset management world.

What they often don’t understand is the impact that asset management practices have on the financial performance of the company, and the potential that improvement in these areas can have on the bottom line.

 

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Filed under: People & Leadership
 
 

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