Towards an integrated maturity model of asset management capabilities

Mahmood, Muhammad Nateque, Dhakal, Subas, Wiewiora, Anna, Keast, Robyn L., & Brown, Kerry A. (2015) Towards an integrated maturity model of asset management capabilities. In Lee, Wong Bang & Mathew, Joseph (Eds.) Proceedings of the 7th World Congress on Engineering Asset Management, Springer London, Daejeon, Korea.

Abstract

Asset service organisations often recognize asset management as a core competence to deliver benefits to their business. But how do organizations know whether their asset management processes are adequate? Asset management maturity models, which combine best practices and competencies, provide a useful approach to test the capacity of organisations to manage their assets. Asset management frameworks are required to meet the dynamic challenges of managing assets in contemporary society. Although existing models are subject to wide variations in their implementation and sophistication, they also display a distinct weakness in that they tend to focus primarily on the operational and technical level and neglect the levels of strategy, policy and governance as well as the social and human resources – the people elements. Moreover, asset management maturity models have to respond to the external environmental factors, including such as climate change and sustainability, stakeholders and community demand management. Drawing on five dimensions of effective asset management – spatial, temporal, organisational, statistical, and evaluation – as identified by Amadi Echendu et al. [1], this paper carries out a comprehensive comparative analysis of six existing maturity models to identify the gaps in key process areas. Results suggest incorporating these into an integrated approach to assess the maturity of asset-intensive organizations. It is contended that the adoption of an integrated asset management maturity model will enhance effective and efficient delivery of services.

Impact and interest:

1 citations in Web of Science®
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ID Code: 64635
Item Type: Conference Paper
Refereed: No
Keywords: Asset Management, Assest Management Capabilities, Model
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300) > Business and Management not elsewhere classified (150399)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Chemistry, Physics & Mechanical Engineering
Current > Research Centres > CRC Integrated Engineering Asset Management (CIEAM)
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Current > Schools > School of Management
Copyright Owner: Copyright 2012 [please consult the author]
Deposited On: 20 Nov 2013 22:35
Last Modified: 30 Jan 2016 04:38

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