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A Field Proven Vision on Asset Management

In this paper, "assets" refers to a company's physical assets (parts, components, equipment, asset systems, production lines, installations and plants - the whole physical asset portfolio).

However, managing physical assets requires and has impacts upon other assets (human, information, financial and intangible assets). The management of the relevant capabilities of these assets is therefore part of the asset management scope. Asset management has already been integrated well into the world of infrastructure (e.g. bridges) and utilities (e.g. transmission of electricity).

The assets are in direct or indirect contact with the (final) customer. Failure of these assets is directly absorbed by and visible to the customer. In most cases, the asset is part of the product that these companies deliver.

The importance of managing these assets is therefore also a core business and a main focus for their owners. This paper focuses more on industrial companies (chemical, oil and gas, power generation, manufacturing, metal, food and pharmaceuticals and others).

The assets in these companies amount to the generation or manufacturing of products or goods. The generated product, rather than the asset, is in direct contact with the (final) customer. The asset can be core in realising the manufacturing goals, but, depending on the industry type, other processes (such as supply chain processes) can be equally or even more important in realising the business objectives. The importance of asset management in the value chain must be taken into account when setting up an appropriate asset management system.

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