The Organization-Wide Physical Asset Management Approach
BoK Content Type:
BoK Content Source:
Monday, May 4, 2020
The Organization-Wide Physical Asset Management (OWPAM) Approach is an interactive session to explore the asset management landscape and to help asset management practitioners and organizations on their path to implementing an organization-wide physical asset management system. Ask anyone in your organization individually and you’ll hear that each is doing a great job. However, when you bring all those individuals together and ask the same question again, you’ll most likely get a different answer. Traditionally, physical asset management systems have always been silo-based in organizations. The effects of those silos have significant implications creating gaps and overlaps in business processes and impeding the decision-making process. Managing physical assets by nature is a co-operative and cross-functional discipline to realize maximum value. What really creates value in physical asset management systems is the holistic approach, which is that every organization exists to provide value as a whole, through better co-ordination, collaboration, and alignment across functional areas. This OWPAM Approach session looks at the key physical asset lifecycle strategic and tactical activities involved in an organization-wide physical asset management system and prioritizes them to develop an implementation plan. Participants will interact with one another to understand the whole spectrum of strategic and tactical activities required for a holistic and organization-wide physical asset management approach; discuss physical asset management activities, how they apply to their organizational context, and how important they are from a whole lifecycle delivery perspective; identify ownership issues, gaps, and overlaps that could exist and that are critical for the successful implementation of physical asset management; and generate discussions around the implementation plan and priorities to meet organizational objectives and enable realization of maximum value.