Integrated Strategic Asset Management: Frameworks and Dimensions

Abstract

Comprehensive asset management should be embedded in organisations through the temporal, organisational and spatial dimensions. We examine how an integrated approach to asset management might consider the whole range of interrelations and interactions of these dimensions. Asset management should take into account the operational and the strategic management of the asset (time dimension) as well as organisational, technology and information and human factors management (organisational dimension). Furthermore, the inclusion of management topics arising from interaction between assets, stakeholders and clients, ecological environments, industry, and government is critical (spatial dimension). We argue that a strategic standpoint for asset management establishes a framework that includes governance, policy, tactical and operational aspects that are brought into a comprehensive integrated approach. Prior frameworks have identified the various elements that need to be considered. However, they have not addressed their operationalisation and neglected governance and broader contextual factors in building an asset management model. We present an integrated asset management approach to developing a capability maturity model which addresses all three outlined dimensions. To do so it is necessary to define asset management process areas, capability and maturity levels, and capability and maturity indicators for each process area.