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Managing physical assets is a cooperative and cross-functional
discipline that demands a solid governance structure, strong
leadership, and well-coordinated policies and practices to meet
organizational objectives and requirements in the context of their
operations. Organizations struggle to balance cost, performance,
and risk with regard to the management of physical assets.
Traditional physical asset management systems tend to be silo-based
in that they have been developed by a particular section or
function for use only in that function. The effects of the isolated
function-specific asset management systems are widespread and have
significant implications, creating gaps and overlaps in business
processes or impeding the decision-making processes. Organizations
are investing lots of money and resources in building their
physical asset management systems. However, for far too long the
focus has been mostly on the tools and methodologies. These
companies need to step up and undergo a paradigm shift focused
towards creating a system of organization-wide physical asset
management, and moving away from the silo approach. This
transformational process will provide: an improvement in
coordination and collaboration; the ability to manage physical
assets across the organization; an alignment of all functional
areas within an organization to reach common goals. This book will
benefit practitioners and students enrolled in asset management
programs and help to change the way they understand and implement
an effective physical asset management system to a more
organization-wide, systems approach.
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