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Asset Management
Effective asset management starts with your company’s most fundamental asset: People.
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Asset Management
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While ISO 55001:2014 is currently being updated – it still contains fundamental concepts for considering assets and through a systematic management system ethos it together with ISO/IEC 27001 and ISO 22301 assists in:
- Improving organisational performance – Enhanced quality, competitiveness, efficiency, and costs as a result of reduced variability and trading costs.
- Continuously improving – Standards are reviewed and updated, ensuring that there is a basis to constantly evaluate processes, products and services, and make necessary improvements.
- Reducing legal documentation – Commercial costs of developing contracts will be reduced due to common standards, and less time spent checking if processes match up and produce equal results in terms of quality, cost and health, safety and the environment.
- Gaining trust and market access – Standardisation provides reduced technical barriers to trade in international markets, improving the volume and cost of importing and exporting products and services.
Source: ISO/TC 251
Effective asset management starts with your company’s most fundamental asset: People. The involvement of people within an asset management system is enabled by activities and practices including leadership, planning, awareness, and communication.
People contribute and operate within cultures. Successful minerals and mining companies are those with a ‘value-first’ culture, driven by top management outlining a unified vision for objectives and their means to be achieved effectively using tools. The most notable of these are asset management policy, and the strategic asset management plan (SAMP).
Asset management policy provides a framework for setting asset management objectives, and continuously improving the management of assets.
The Strategic Asset Management Plan contains strategies and approaches for planning, prioritising and decision-making for alignment all asset management activities.
The combination of effective asset management policy, and strategic asset management plan (SAMP) means that critical minerals companies can better characterise the effective lifecycle of assets, identify potential asset failures and optimal intervention points for preventative actions such as maintenance, and better predict asset depreciation.
Companies with effective asset management cultures support their people to recognise and fulfil the organisation’s vision to improve performance, motivate people, coordinate processes, and in turn achieve the overall asset management objectives.
To implement an effective asset management system, critical minerals and mining company leaders needs to align the asset management policy, strategy and plans with the overall vision, strategy and objectives.
