How to develop a successful asset management (AM) strategy during the CORONA virus downturn

COVID 19
Crisis
asset management
management
COVID-19 is disrupting all sectors including asset management - plants around the world are operating in emergency mode or are shut down completely. There is no hint about how long the situation will last nor can anyone realistically predict the scope of the economic impact it will have. Therefore it is crucial to minimize costs while not compromising the effectiveness of the plants. These 6 recommendations will help you to align your asset management according to requirements and turn the challenges into opportunities. The "bull market" has collapsed. For eleven years, stock market prices knew only one direction: up. COVID-19 suddenly put an end to the seemingly eternal upward trend. A global recession seems inevitable. The only question that no one can seriously answer at the moment is: Which development will the recession take? Economists distinguish between so-called "V", "L" or "U" movements depending on the curve shape. Within a few days, companies had to drastically limit their supply capacities. Airlines, travel agencies, hotels, car manufacturers, suppliers - all sectors are increasingly affected. Even the first production facilities - among others Mercedes, VW, Tesla or Schaeffler - will be idle for the next 4-6 weeks. And almost every day more...
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Key issues in physical asset management (PAM)

industry
refinery
management
Managing physical assets is about dealing with risks over the lifecycle of assets. However Asset Management is often misunderstood: not realizing that it is also a way of thinking that involves the organization and business as a whole. During my more than 25 years’ maintenance experience, I have observed how Maintenance Management transcends into Asset Management without any effective adjustment to the structure, strategy or mindset of an organization. I observed, more than once, cases where production managers (often appointed as Asset Manager) did not discuss subjects such as risk based strategies and business requirements with their maintenance counterpart and technical specialists. I have even witnessed organizations where it seemed that they had opposite concerns and where they were fighting each other about details. Another custom often seen is that fully outsourced maintenance contracts are based on cost (pursuing a reduction of Operational and Capital Expenditure) rather than the continuity of the Asset function (pursuing business continuity by an increased risk predictability and shared responsibility of risk mitigation). These are just two of many examples. But they are typical for organizations who are unable to embrace Asset Management in its full extent in order to benefit from its potential: G...
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How to implement knowledge management in asset management (AM)

asset integrity
gas
management
In their ambition to create value with their assets, Asset Owners often struggle with managing their critical knowledge. In times of an ageing workforce, (technical) personnel shortage and a fast changing environment this issue is moving more and more towards the strategic Asset Management agenda. Alike the management of assets the management of knowledge also is a valuable profession. Best practices of Knowledge Management are helpful to define an effective knowledge management strategy: define which knowledge is critical, capture critical knowledge, apply this knowledge in practice and incorporate lessons learned in the Asset Owner’s common knowledge. As a provider of Asset Management services Knowledge Management (KM) is essential for Stork Asset Management Technology to secure: Controlled quality of the delivery of services to the client Efficiency: get it right the first time, avoid reinventing the wheel One uniform way of working: the stamp of approval Providing latest insights on Asset Management Effective training of existing personnel Efficient on-boarding of new personnel Job satisfaction and potential development To realize these goals we aim to make knowledge accessible that is critical for the services that we provide. This includes both explicit knowledge (formal, codified knowledge) and tacit knowledge (expertise that a person...
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