Key processes in asset management for 21st century—maximizing business and ITstrategy integration

Increased competition in today’s global economy has put mineral industry under excessive pressure to effectively manage production assets to generate business wealth. Capital intensive industry (CII) organizations are seeking ways to manage skill resources, internal processes, and organizational networks with a view to reduce the cost of ownership of assets and increase efficiency of operations and service. The emerging concept of Enterprise Asset Management(EAM) is a collection of business processes that allow CII with right focus on return on investment on assets, to make right decisions on planning, acquisition, maintenance, operation, rehabilitation, and disposal of assets. Information technology (IT) can drive significant returns if the infrastructure covers seamlessly all business processes and all systems, like geographic information system, maintenance management, investment management, laboratory information management, and supervisory control and data acquisition system. The simple approach to IT in the past with disconnected silos of technology, information, and business processes cannot deliver the expected benefits under the modern business environment. Identification of business and application component is a prerequisite for the development of an asset management system that links effectively disciplined processes having characteristics of agility, speed, and integration. This paper discusses various issues and outlines the steps for developing an asset management roadmap in an organizsation. It also presents major business and application components of the system. Keywords: Enterprise asset management, Business architecture, Business component, Application component, Asset ownership, Asset operations, Information technology, Capital Intensive industry