Best Practices in Asset Management Decision-Making
The task of asset management is simply described: Allocating the right budget to measures and initiatives creating optimum value from the assets and acceptable risk exposure for the grid operator. But it is not that simply achieved.
The Energy Transition is briefly summarized by three “D’s” – Decarbonization, Decentralization, and Digitalization. All three of them have both external and internal impacts on Asset Management (AM) and other decision-making.
Will gas and coal power generation one day be replaced? By Renewables? By Hydrogen? By Nuclear? In particular, how will the controversies about Hydrogen on the one hand and Nuclear on the other hand pan out?
Will there be a multitude of power injections into the grid? Where? When? How does that fit into the demand in the grid? When do we have to apply changed strategies? Which strategies?
There is already an increasing demand for energy and energy controlling information from various stakeholders. Digitalization-related technology develops rapidly. What will be our digitalization strategies to best balance external demand and internal need?
Of course, the asset engineer knows best which measures are needed to maintain grid availability on a high level. However, nobody expects the asset engineer alone to decide upon the best answers to the questions above for the grid operator. We are in midst of a cultural change in AM decision-making. It must be inter-disciplinary, value-based, and risk-oriented. The International Transmission Asset Management Study (ITAMS) brings the leading global grid operators together to share their practices in AM decision-making. Best practices are identified and inspire improvements in AM decision-making all over the world.
What AM decision-making practices would your company like to share with the global ITAMS Community and what would you like to learn? Be part of the journey! Be part of the ITAMS Community!
Benefits of Participating in ITAMS
Participants from all over the world reap significant benefits from being part of the global ITAMS community; as they’ve confirmed, ITAMS:
- Indicates, based on hard data, where there is room for improvement and where you are “best practice”. ITAMS facilitates setting up a management agenda and a roadmap for improvement/change.
- Shows your position against similar organizations in both Asset Management practices and value realization.
- Allows you to demonstrate when best in class (excellent according to ISO 55001) and is a unique way to illustrate your excellence to the board and certifying authorities.
- Is inspirational in terms of both sharing and discussing best practices with peers, and receiving guidance and support from an independent subject matter expert (UMS Group).
The Scope of ITAMS
The ITAMS program focuses on the tactical level of Asset Management. ITAMS determines the Asset Management Performance by zooming in on four key areas: Operating Model, Process, Competences, and Information Management & Enabling Technology. To establish the effectiveness of Asset Management (Operational Performance), some additional Key Figures and KPIs are assessed.
Strategic (Asset Owner)
(Why/When; AM-policy, Objectives)
Tactical (Asset Manager)
Manages Asset Portfolio and Systems
(What & How: SAMP, AM-plans)
Operational (Service Provider)
Service Provider: Manages individual Assets over their life cycles
- Shows the effectiveness of your asset management
- Shows how (well) your asset management is performed, organized and supported, and allows you to learn from the best practices
- Benchmarks the maturity, alignment and completeness of your AM-systems and practices against peers
- Covers quantitative, specific and practical applicable elements, complementary to ISO 55001
ITAMS Program Phases:
REDESIGN AND SOLICITATION
Ensuring the program reflects the latest challenges grid operators are facing and continuously increasing the number of peers.
DATA COLLECTION & VALIDATION
Based on a questionnaire, maturity estimates and hard-fact data are collected and validated.
ANALYSES & REPORTING
Comparative analyses are key for identifying best practices and improvement areas. Approximately 30 scoring fields and analyses results are summarized in a comprehensive report providing clear advice for the management agenda.
BEST PERFORMER INTERVIEWS
The four Best Performers are interviewed by UMS Group to validate they are as good as their data indicated.
Peers meet at a Results Conference or Results Webinars for sharing practices, networking, and common learning.
“The conference has given us the opportunity to discuss all of the challenges we face as an Asset Manager with people who have already made the same journey or have overcome similar challenges on their journey.”
“The Best Practices discussed in the presentations have given me the chance to look at how different solutions to the same problem have added value to organizations and how I may apply this learning to improving the Asset Management System in my own company. This has been a valuable learning opportunity.”
How to Participate in ITAMS:
UMS Group schedules a new cycle for ITAMS every other year. The ITAMS 2020 cycle has just concluded the three ITAMS Result Webinars. 20 + companies from almost every continent joined the Webinars. By switching from an in-person conference to three Webinars, we doubled the number of attendees. We are immediately starting preparations for the next (2023) cycle. If you are interested in the ITAMS program or want to join the ITAMS Community, please contact us at email@example.com
ITAMS 2022 Program Overview Flyer
ITAMS 2022 Magazine
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