Asset management approaches tipping point

In the past, equipment operators have lacked a language to talk to management with, frustrated by a disconnect between the user level technology-speak and the financial-speak needed in the board room.

But the introduction of PAS55 – the specification for the optimised management of physical assets – and the ISO55000 Standard for Asset Management means that there is now a common vocabulary for asset management.

“There’s an opportunity now for asset management to come to the top of the game,” AssetRight’s chief executive Malcolm Youll told Port Strategy. “One of the biggest wins for any terminal is not having the maintenance or engineering department looking at asset management, but the operators using the machinery. They can do so many things in terms of investigating machine issues and yet they are not being listened to.

“Most companies work in silos with all departments working on their own so there isn’t a holistic view of the business. What we’ve done with AssetRight is built a framework that is modular in approach that continuously articulates the value of asset management to the management team.”