Asset Management Practices, Investments and Challenges

(1)

Research Report on

Asset Management Practices,

Investments and Challenges

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Note: Throughout this report, the term ISO55000 is used for consistency however the reader should be aware that ISO has published a series of three documents designed to be utilized in concert. Only ISO5501: 2014 has requirements that can be met.

The series includes:

ISO55000: 2014 Asset Management- Overview, principles and terminology ISO5501: 2014 Asset Management- Management systems - Requirements ISO5502: 2014 Asset Management systems - Guidelines for the application of ISO5501

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Source: 2014 Asset Management Practices, Investments and Challenges | reliabilityweb.com Source: 2014 Asset Management Practices, Investments and Challenges | reliabilityweb.com © Copyright.

5% Mining 7% Electric Power Generation 5%

Electric Transmission and Distribution

11%

Oil & Gas

4%

Metals

5%

Food and Beverage

9% Water/ Wastewater 7% Other Manufacturing 3% Biotech/Pharmaceutical 8% Government/Public Sector 10%

Transportation/_{Port Authority}

26%

Other (please specify)

What Industry Do You Represent?

50 25 75 100 Values O 30% 36% 31% 3% 6%

Lead Asset

Management

Individual Contributor

to Asset

Management

Other Support to Asset

Management

Not Involved

Asset Management

(4)

4%

Over 100,000

15%

22%

17%

9%

33%

10,000-99,999

Under 100 100-499 500-999 1,000-9,999

(5)

Global/Multiple Countries

16%

United States

20%

Canada

7%

Mexico

2%

South/ Central America

7%

Australia/ New Zealand

8%

Middle East India

4%

Russia

14%

China/ Asia

9%

United Kingdom

4%

Europe

1% 2%

Africa

6%

(6)

I am well versed in the contents

I am aware they exist but not familiar of the contents I am not aware of ISO55000

31.19%

58.74%

10.07

Please

Describe Your

Awareness of the

ISO55000

Asset Management

Standards

10%

Not

Aware

59% Aware they Exist but not

Familiar with the Content

31% Well Versed

Asset Management and Risk

Management Standards

I am well versed in the contents

I am aware it exists but not familiar of the contents I am not aware of ISO31000

13.83% 53.70%

32.47

Please

Describe Your

Awareness of the

ISO31000

Risk Management

Standard

14%

Well

Versed

32% Not Aware

54% Aware they Exist but

not Familiar with the Content

(7)

Your Managing System Framework

50

25

75

100 O

51%

ISO9001

38%

ISO14001

42%

No ISO certification

9.00%

Other ISO

certification

50

25

75

100 O

51%

ISO9001

38%

ISO14001

42%

No ISO certification

9.00%

Other ISO

certification

(8)

2014-2015

2015-2019

Asset Information (Data) Management Systems

Asset Management Consulting Services Business Intelligence, Analytics and Reporting Asset Performance Measures and Metrics Asset Reliability Improvements Risk Management and Risk Assessment Asset Condition Assessment Tools Asset Lifecycle Costing/Lifecycle Modeling

ISO55000 Compliance or Certification Asset Investment Planning Reliability Centered Maintenance Wireless or Remote Sensing Technologies Change Management Data Quality Improvements Asset Management Training Computerized Maintenance Management Systems (CMMS)/ Enterprise Asset Management (EAM)

vs.

Short-Term Goals

Long-Term Goals

35%

29%

34%

40%

29%

41%

43%

28%

35%

27%

33%

37%

38%

26%

22%

36%

37%

43%

37%

39%

26%

43%

31%

23%

20%

31%

34%

17%

26%

25%

22%

43%

(9)

50

25

75

100 O

7%

22%

28%

43%

Already Completed Over the next 12 months Over the next 1-5 years Not Planning

Are You Planning to Conduct an

ISO55000 Asset Management Gap

(10)

50

25

75

100 O

16% 21%

31% 33%

Please Indicate Your Plans Regarding

Asset Management Benchmarking

Have Already Completed Asset Management Benchmarking

Asset Management Benchmarking is in Process

Plan to Conduct within 12 Months

No Plans to Conduct Asset Management Benchmarking

(11)

7%

11%

63%

19%

I am not sure what asset information management is

Does not support any of our asset management strategies and plans It supports some aspects of asset management but has gaps for other aspects It fully supports effective asset management

Describe Your

Asset Information

Management System

I am not sure what asset information management is

Does not support any of our asset management strategies and plans

It supports some aspects of asset management but has gaps for other aspects

It fully supports effective asset management

7%

11%

63%

19%

I am not sure what asset information management is

Does not support any of our asset management strategies and plans

It supports some aspects of asset management but has gaps for other aspects

It fully supports effective asset management

Asset Information

Management and

Plans to Improve It

(12)

1000

600

800

200

400

0 31%

Integrate Capex and Opex project and

information management systems

32%

33%

Implement data analytics

Implement asset condition information management

(13)

50

25

75

100 O

25%

Cost/

Funding

16%

Priorities

12%

Executive

Support

8%

Capabilities

40%

Organizational

Culture

What Is the Biggest Obstacle for

Improving Asset Performance ?

(14)

Top FIVE Benefits You Expect From Asset Management

52%

Changing Company Culture

57%

Determining the Optimum Maintenance

Approaches for Assets

58%

Extracting Data to Support Evidence-Based

Asset Management Decisions

66%

Identifying and Managing Risk

68%

Lifecycle Cost Reduction

Top Five Benefits You Expect From

Asset Management

(15)

Source: 2014 Asset Management Practices, Investments and Challenges | reliabilityweb.com Source: 2014 Asset Management Practices, Investments and Challenges | reliabilityweb.com © Copyright. 2014 Reliabilityweb.com. Attribution Required.

29% 71%

Yes

No

29%

71%

Yes

No

Does Your Organization Have Plans

to Outsource Any Part of Your Asset

(16)

Plans for Asset Management Policy and

Strategic Asset Management Plan

Already have

asset management policy

Plan to implement

within 12 months

No plans to implement

40%

38%

_22%

Already have

asset management policy

Plan to implement

within 12 months

No plans to implement

40%

38%

_22%

Already have an asset management policy

Plan to implement within 12 months

No plans to implement

Are You Planning to Create an

Asset Management Policy?

(17)

Already have an asset management plan

Plan to implement within 12 months

No plans to implement

33%

44%

23%

Already have an asset management plan

Plan to implement within 12 months

No plans to implement

33%

44%

23%

Are You Planning to Develop a Strategic

Asset Management Plan?

(18)

50

25 75 100

O

63%

54%

90%

Achieving

Environmental Goals

Responsibility Goals

Achieving Social

Achieving Economic Goals

63%

54%

90%

Factors Use in Your Organization

When Considering Asset Management

Improvements

(19)

61%

77%

54%

46%

60%

50%

44%

66%

7%

50

25

75

100 O

Why Do You Have Interest in Asset

Management?

Increase System

Reliability

Understand

Consequences

of Asset Failures

Transfer

Knowledge

of Aging

Workforce

Increase Asset

Service Levels at

Lower Cost

Improve Budget

Forecast

Meet Regulatory

Requirements

Improve Financial

Results

Other

Aging Assets/

Infrastructure

(20)

50

25 75 100

O

40%

33%

6%

12%

9%

1-4 years

5-10 years

11-15years

More than

15 years

No Plan

33%

40%

6%

12%

9%

What is the Furthest Detailed Planning

Horizon for Your Organizations Asset

(21)

100

20

40

60

80

0 Values

4%

10%

6%

46%

53%

36%

25%

60%

57%

Indicate Your Use of Asset Management

Program Performance Metrics

Asset Failure Metrics

Maintenance Cost Metrics

Asset Service-Level Metrics

Unit Cost Metrics

Availability Rates

Reliability Rates

None of the Above

Do Not Track Asset Performance

(22)