Asset Management Anatomy review

Asset management is a critical aspect of any business or organization that relies on physical assets to deliver products or services. Without effective asset management, organizations can experience downtime, lost productivity, and increased costs, among other issues. To address this, the IAM has developed the Asset Management Anatomy document, which provides a comprehensive framework for understanding the various components of an effective asset management system.

The Asset Management Anatomy document is structured around six key domains, each of which plays a critical role in effective asset management. These domains are:

1. Leadership and Culture: This domain emphasizes the importance of strategic leadership, governance, and organizational culture in driving effective asset management. It highlights the need for senior leaders to set the tone for the organization’s asset management approach and to establish clear goals and objectives for asset management.
2. Asset Management Policy and Strategy: This domain covers the development and implementation of policies and strategies that guide asset management activities. It includes the need to align asset management with the organization’s overall business strategy, establish clear roles and responsibilities for asset management, and develop appropriate metrics to measure asset management performance.
3. Asset Management Objectives: This domain focuses on the importance of defining clear and measurable objectives for asset management. It includes the need to establish performance targets, identify critical assets, and develop risk management strategies.
4. Asset Management Decision Making: This domain covers the processes and procedures used to make decisions about asset management. It includes the need to collect and analyze data, prioritize investments, and make informed decisions about asset management activities.
5. Asset Management Lifecycle: This domain emphasizes the need to manage assets throughout their lifecycle, from acquisition to disposal. It includes the need to establish appropriate maintenance and repair procedures, monitor asset performance, and ensure compliance with relevant regulations and standards.
6. Asset Management Delivery: This domain covers the delivery of asset management activities, including the need to establish appropriate resource allocation, monitor progress, and continuously improve asset management performance.