How to self-assess your asset management progress

By | 2 minute read | May 17, 2017

Fourth industrial revolution

Self-assess progress and develop an effective road map

I work with many organizations with great maintenance programs who feel they are ready to expand into the “World Class” Asset Management realm, but struggle with defining where exactly they are, where they want to go, and how to get there. Some have developed solid high level strategies and possess necessary leadership commitment to move forward; yet, they struggle with making the rubber meet the road. Other groups may have stellar reliability and condition based maintenance capabilities, but fail to connect maintenance, reliability, and the business goals.

There are a myriad of accepted standards for asset management from credible organizations such as ISO, IIMM, SMRP, AWWA, API, SAE, IEEE – all basically recommend the same thing, just in various ways. In working across the board with major industries and government, I have found that the key ingredients called by those standards may be summarized in 25 elements of Asset Management.

An easy way to self-assess your asset management progress

These components fall into four primary focus areas, encompassing everything necessary for you to achieve best of class asset management. The four areas – (1) EAM/Maximo, (2) Leadership, (3) Asset Management, and (4) Maintenance and Reliability – are detailed in the example spider graph below.

Figure 1: Asset management self-assessment

Figure 1: Asset management self-assessment

Assess where you are, then develop an effective road map

If this makes sense to you and you are ready to move to the next step to define your current and future state for asset management, you can use this simple self-assessment methodology as a quick way to get a visual for you to start.

It doesn’t take a lot of time to accomplish. You can distribute an easy to follow excel spreadsheet to targeted folks in your organization. Basically, using a scale of 0 to 5, you will be asking them to rate the following two parameters: (1) where they see your business today; and, (2) where they feel the business should be in order to achieve a best practice for you.

Using these two data points, for each of the 25 areas, you will be able to combine, normalize, and summarize the results into an aggregated view. Use the aggregation of the responses to develop your road map.

For more information

Watson IoT learns from, and infuses intelligence into, the physical world to transform business and enhance the human experience. Learn how Watson IoT is transforming industries with cognitive insight into IoT data on our website.

IBM Maximo Asset Management can distill insights from the Internet of Things to help focus maintenance resources, reduce unplanned downtime and increase operational efficiency. Gain near real-time visibility into asset usage, extend the useful life of equipment, improve return on assets and defer new purchases—while unifying processes for wide-ranging enterprise asset management functions across multiple sites. .

  • Learn more about how IBM Maximo can help you manage your enterprise assets more effectively, contact your IBM representative or IBM Business Partner.
  • Read the paper to learn more about IBM Maximo provides insight to achieve better planning and control of all your assets.
  • Sign up for Operational Genius, a monthly Watson IoT newsletter. Operational Genius is geared up to be your one-stop resource covering news about IoT and analytics, predictive maintenance, facilities management, asset management and intelligent machines, and more – delivered direct to your inbox.