Andrew Sharp, AMCL’s Global Asset Management Director, discusses the Institute of Asset Management’s (IAM) recent revisions to their maturity guidance.
The IAM has just re-issued its ‘Pathway to Excellence – Maturity Scale and Guidance’ document. This provides information to organisations on developing their asset management maturity from an immature, disconnected approach, through ISO 55001 compliance, to finally achieving ‘excellence’ in their sector or field.
AMCL was integral to the development of the updated document, providing specialist Asset Management development, authoring and review to the project. This included the creation of the new ’10-box Model’, which is of course a development of the original ‘6-box Model’ (or Asset Management Conceptual Model), created by AMCL and gifted to the IAM in 2012. See link to the IAM’s Intellectual Property page:
Both cover the full scope of Asset Management, but the 10-box model provides a clearer focus on particular characteristics which help to define a mature Asset Management organisation. These are:
- Purpose & Context – really understanding organisational purpose and context, and being able to convert this into meaningful objectives, plans and actions within an organisation’s Asset Management system.
- Leadership & Governance – ensuring the leaders within an organisation fully understand what it takes to deliver Asset Management effectively, focusing their time on delivering the meaningful objectives, plans and actions to realise the organisation’s purpose and context.
- Risk Management versus Review & Continual Improvement – enabling a clear focus on the management of risks and opportunities versus using that knowledge to assure, review and continually improve capabilities.
- Value and Outcomes – the ability of an organisation to have a laser-like focus on what they are trying to achieve and to demonstrate that they are delivering these outcomes’.
- Lifecycle Management – recognising that the asset lifecycle is not a simple, sequential set of phases, but a more subtle set of phase transitions.
AMCL’s Asset Management Excellence Model™ (AMEM) is the most established, independent assessment tool configured to the original 6-box Model and its underlying 39 Subjects.
We have been using the AMEM to assess client organisations’ Asset Management maturity for almost 20 years, and have an extensive database of hundreds of assessments against which you can benchmark your performance.
We are delighted to announce that the AMEM has been updated to align with the new Pathway to Excellence document and we can now assess your Asset Management maturity against the new 10-box Model. Please contact us for further information.