Exploring the asset management landscape

June 4, 2013

The Global Forum

Few of you may have heard of the GFMAM or their newly released document, The Asset Management Landscape. It is, however, a forum all maintenance and asset management practitioners should take note of. So let us explore this new geographical phenomenon.

GFMAM is the abbreviation for the Global Forum on Maintenance and Asset Management. It has been established with the aim of sharing advancements, knowledge and standards in maintenance and asset management. With the growing popularity of PAS 55 and the advent of ISO 55000, this is a very welcome development to establish a global view and standard for asset management.

The GFMAM consists of the national asset management associations from nine countries, among them the IAM (from the UK), ABRAMAN (from Brazil), SMRP (from the USA), EFNMS (from Europe), AMCouncil (from Australia) and SAAMA (from South Africa). You can learn more about them on their website, www.gfmam.org.

The objectives of the GFMAM are illustrated in the diagram below – the Landscape supports Objective 3.

The Landscape document

The Asset Management Landscape was published in November 2011, with the objective of establishing a global set of principles and subjects to define the discipline of asset management. The intent is that each member organisation would incorporate it into their own asset management framework, with a specific focus on their particular knowledge and practices.

The diagram below illustrates this concept very clearly.

  • At the centre is the Core, consisting of the six principles and 39 subjects, and will be common across all GFMAM member societies.
  • The next layer is the Knowledge and Practices Area, which contains the knowledge and practices of each member society within their own asset management frameworks.
  • The outer layer is the Supporting Area, referring to all other local standards, knowledge, education, frameworks and specifications, which are outside the scope of asset management, but may influence it.

The Six Principles

The Landscape includes the following six principles which were taken from the draft ISO 55000, Asset Management – Overview, principles and terminology:

  • Assets exist to provide value to the organisation and its stakeholders.
  • People are key determiners of asset value realisation.
  • An asset management organisation is a learning organisation.
  • Asset management requires understanding of the organisation’s operating context and opportunities.
  • Asset management decisions consider both the short-term and long-term economic, environmental and social impacts.
  • Asset management transforms strategic intent into technical, economic and financial decisions and actions.

These principles provide a very useful foundation for the development of an asset management system, as well as the planning and execution of activities across the life cycle of all assets.

The 39 Subjects

The most valuable part of the Landscape document is the definition of 39 subjects, grouped together under six subject groups. These subjects are intended to provide a common framework for all asset management knowledge and practices. This implies that all asset management models, implementation processes, assessment methodologies and competency frameworks should be aligned to these 39 subjects.

The subjects and their subject groupings are shown in the table below:

Implications and relevance of the Landscape

So what are the implications of this document? We can summarise them as two major points:

  • If you are affiliated to one of these member societies (as we are in South Africa, Brazil and Australia), all training and qualifications should cover these 39 subjects. Any training service provider will have to demonstrate where their training fits in and which of the subjects are covered.
  • If your organisation is interested in adopting asset management best practices, and attaining some form of accreditation or certification, these 39 subjects should be addressed in appropriate detail. Any consultants assisting in the process and any assessor doing the provisional or final assessment will have to be familiar with these 39 subjects and illustrate how their methodology aligns with it.

In South Africa, SAAMA is already considering an official Asset Management Certificate which is aligned to these 39 subjects, possibly with a number of core subjects and some electives.

Pragma and the Landscape

As a leading asset management service provider, Pragma’s senior management has decided to embrace and assimilate the Landscape document in its products and services:

  • We are currently busy updating our AMIP framework in line with these 39 subjects. Most of them are already covered, but we are updating our terminology and adding a few extra elements to cover it fully. The aim is to launch the new AMIP framework on our new Assessor II software in September this year.
  • We are in the process of developing our comprehensive Certificate in Physical Asset Management, with three streams focusing on strategic, tactical and operational employees. It is currently aligned with our 17 AMIP key performance areas, and we will in future align it with the 39 subjects.
  • We are already covering it in our two-day PAS 55 training course, explaining the latest developments around international standardisation of asset management systems and terminology.
  • Our consultants are familiarising themselves with its content and principles in order to advise our clients on the best way to implement or enhance their asset management systems, following the guidelines of PAS 55, the emerging ISO 55000 and the GFMAM Landscape.
  • As always, Pragma is proud to be on the leading edge of asset management developments, providing our clients with the best advice and services.

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