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Core Elements of AM

For the five AM competencies in this section – which are defined in FCM’s Asset Management Readiness Scale – your organization will have different priorities and appetites to progress certain competencies. Do what works for you, but know that to be good and effective asset managers you should circle back to progress all competencies and complete the various gaps that you identified.

  • People and leadership: Set up cross-functional groups with clear accountability, and ensuring adequate resourcing and commitment from senior management and elected officials to advance asset management. You need a champion to drive the program, develop the relationships and manage the larger vision and goal while taking measurable steps to get there and build buy-in as you progress
  • Data and information: Using asset data, performance data, and financial data to support evidence-based decision-making and inform planning exercises.
  • Planning and decision-making: Documenting and standardizing how the organization sets priorities, invests capital, plans operations and maintenance (O&M) work, and decides on budgets.
  • Policy and governance: Putting in place a governance structure to ensure vision, and objectives are acted upon, then develop policies and objectives to connect the vision to actions.
  • Contribution to asset management practice: Training and staff development, sharing knowledge internally and participating in external knowledge sharing.

This sounds like a lot, and it doesn’t happen overnight, but you can put a multi-year roadmap in place and start to make progress on pieces of the AM puzzle.

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