Asset Management Functions Research Articles

Experience on centralizing the Asset Management and Maintenance Engineering function in an Italian multi-utility company

The paper explores the centralization process of the Asset Management and Maintenance Engineering functions drawing from a project experience carried out in an Italian multi-utility company. The path towards centralization of the management of assets emerges as a strategic response to enhance operational synergies, improve resource allocation, and capitalize on economies of scale. The project is described in this paper, providing insights proposing a comprehensive, standardized approach for utility Asset Management, considering diverse utility services (water, gas, electricity and heating) and asset types to be managed. The centralization effort follows a three-step process: maturity assessment, common performance measurement system design, and sharing practices company-wide. This strategic response to evolving business demands offers a valuable framework for utility asset management in diverse industries and may be of help to companies following the same evolution path. Existing areas of research to be further explored are also emerging and discussed.

Studi Literatur: Pengaruh Asset And Liabilities Management Terhadap Perbankan

This study describes Asset Liability Management of the Company through surveyed journals in Indonesia from 2017 to 2022. The purpose of this study is to add and develop research or articles on Asset and Liability Management (ALMA) published in Indonesian journals. The samples obtained were 25 articles. This research uses a systematic literature study method, with a PoP (Publish or Perish) application. From this literature study, we conclude that the operation of the Asset and Liability Management (ALMA) function can optimize the structure of a bank's balance sheet in a competitive financial market environment through bank liquidity management policies while maintaining quota and liquidity status. These include primary and secondary reserves, gap management by managing and controlling the gap between assets and liabilities to maximize net profit margin (NIM), exchange rate management by maximizing exchange rate differential returns, investment management and returns through investment decisions in a bank's fortopolio.

REVAMPING FACILITY ASSET MANAGEMENT (FAM) FOR SMART MANUFACTURING: VARIABLES FOR THEORY AND IMPLEMENTATION

In the Fourth Industrial Revolution era, the information exchange and integration of the smart factory are highlighted. The facility, including production equipment in smart manufacturing, serves as the fundamental component enabling automated and optimized manufacturing operation and production. Nevertheless, there has yet to be a legitimate definition of facility asset management (FAM) functions which are the firm basis for identifying further information and properties. In order to address this issue, this paper defines three-level hierarchical functions of facility asset management (FAM) by integrating four areas of construction management (CM), asset management (AM), facility management (FM), and operation management (OM). An extensive literature was conducted first to incorporate all relevant concepts and definitions of new trends in facility asset management. A structured FAM definition was then formulated using the classes and properties. Finally, the suggestions for applying the proposed FAM functions are illustrated. Practical implications and lessons learned are briefly introduced as well.

BIM enabler for facilities management: a review of 33 cases

The purpose of this paper is to investigate the application of building information modelling (BIM) for asset management. It will discuss what tools and processors are used for applying BIM for asset management in construction projects. The method comprises a literature review of 33 projects that have applied BIM or planned to apply BIM for asset management functions. The findings show that a combination of software, hardware, processors, and standards can enable the BIM models to be integrated with the asset management systems. It facilitates easy extraction of information, avoid errors and duplication of work. The most popular way of developing a BIM-based asset management system is incorporating BIM asset data with CMMS or CAFM systems used for asset lifecycle and maintenance management. Engagement of stakeholders related to the operation phase is required as early as possible. Consideration should be given for protecting the information generated within the cyber environment. The research shows how BIM related tools and processors could be integrated to successfully implement BIM enabled asset management. The knowledge can be potentially useful for planning or implementing BIM enabled asset management systems. The research provides insight on the application of BIM for asset management in construction projects globally.

Concurrent 22. Presentation for: Integrated Asset Performance Management: a true, holistic view of asset health and risk

Presented on Thursday 19 May: Session 22 The benefits of optimised operational asset effectiveness are compelling; however, deployment of Asset Performance Management (APM) platforms has often been handicapped by organisational demarcation, localised APM ‘heroes’ driving for success against the headwind of a reactive business culture and ongoing erosion of corporate operational asset knowledge. Increasingly, APM initiatives are also overrun by the increasing scope of corporate ‘Big Data’ projects, whereby data volume rather than informational context inadvertently becomes the objective. Execution of maintenance strategies is one of the single biggest influencers on asset performance, and optimising that program requires accurate insight into the constantly changing operating context, environment and asset health. Asset maintenance plans need to change dynamically, ideally updating in real time. Integrated APM harmonises the asset management functions, which may otherwise sit in independent silos, including reliability strategy, asset health, root cause analysis and defect elimination. Integration ensures consistency and standardisation in policies and strategies, accelerating improvement and enabling corporate learning and best practice to propagate. This paper illustrates how edge data processing, Industrial Internet of Things (IIOT) connectivity and cloud computing come together to deliver real outcomes for innovative enterprises. Plant-wide data systems that link failure-mode specific data sets directly with asset strategy, lead to faster root cause determination, work planning and execution. Practical examples of where this crucial step of parsing machinery information according to operating context and known failure modes drives tangible benefits within the integrated APM process are discussed. Well-considered technologies, policies and practices will deliver predictable, optimal asset performance and the ensuing business benefits. To access the presentation click the link on the right. To read the full paper click here

Profitability Determinants Analysis at Sharia Guarantee Company in Indonesia

Aims: To research the internal and external factors that influence it in order to conduct an in-depth analysis of the condition of the sharia guarantee company in Indonesia and the company's management strategy in Indonesia.
 Study Design: Quantitative-qualitative design with data obtained from the monthly Management Reports of PT Jaminan Pembiayaan Askrindo Syariah and PT Pembiayaan Jamkrindo Syariah, Indonesian Guarantee Statistics 2014-2019.
 Place and Duration of Study: PT Jaminan Pembiayaan Askrindo Syariah and PT Pembiayaan Jamkrindo Syariah, Indonesian Guarantee Statistics 2014-2019.
 Methodology: The data is gained from four respondents of Presidents Director of PT Askrindo Syariah, Presidents of Director of PT Jamkrindo Syariah, Head of Business Department of PT Askrindo Syariah, and Head of Assurance Business Division of PT Jamkrindo Syariah.
 Results: From the panel data analysis, the variables that affect the company's profitability are Claim Ratio (CR), Return on Investment (ROI), Subrogation Level (SUBR), Company Size (Total Assets) and total Islamic financing carried out by Islamic Commercial Banks (LKS). Based on the results of the analysis of the relationship between internal and external factors above as well as a SWOT analysis, several strategic recommendations for the development of the sharia guarantee industry can be described, including collaboration/synergy with the parent company, business expansion, utilization of information technology, improvement of sharia guarantee product quality, strengthening of asset management functions, developing human resource capabilities, strengthening capital, building communication and seeking support from various relevant stakeholders.
 Conclusion: In order to be able to implement the strategy as intended and in order to increase profitability or maintain business continuity, sharia guarantee companies need the ability of managers to formulate company strategies in the form of appropriate work programs and receive support from various parties including the Government or Regulators (Financial Services Authority) and Shareholders, especially in facing challenges in the current pandemic. For academics, the authors recommend that further research is needed on sharia guarantee companies from other aspects outside of financial performance such as the amount of the multiplier effect resulting from economic growth due to sharia guarantee activities.

Integrated Asset Performance Management: a true, holistic view of asset health and risk

The benefits of optimised operational asset effectiveness are compelling; however, deployment of Asset Performance Management (APM) platforms has often been handicapped by organisational demarcation, localised APM ‘heroes’ driving for success against the headwind of a reactive business culture and ongoing erosion of corporate operational asset knowledge. Increasingly, APM initiatives are also overrun by the increasing scope of corporate ‘Big Data’ projects, whereby data volume rather than informational context inadvertently becomes the objective. Execution of maintenance strategies is one of the single biggest influencers on asset performance, and optimising that program requires accurate insight into the constantly changing operating context, environment and asset health. Asset maintenance plans need to change dynamically, ideally updating in real time. Integrated APM harmonises the asset management functions, which may otherwise sit in independent silos, including reliability strategy, asset health, root cause analysis and defect elimination. Integration ensures consistency and standardisation in policies and strategies, accelerating improvement and enabling corporate learning and best practice to propagate. This paper illustrates how edge data processing, Industrial Internet of Things (IIOT) connectivity and cloud computing come together to deliver real outcomes for innovative enterprises. Plant-wide data systems that link failure-mode specific data sets directly with asset strategy, lead to faster root cause determination, work planning and execution. Practical examples of where this crucial step of parsing machinery information according to operating context and known failure modes drives tangible benefits within the integrated APM process are discussed. Well-considered technologies, policies and practices will deliver predictable, optimal asset performance and the ensuing business benefits.

Information Quality for Effective Asset Management: A literature review

Information quality is critical to successful asset management decision-making. Substandard quality information will likely cause significant negative short- and long-term consequences. The ongoing digital transformation in the Architecture, Engineering, and Construction (AEC) industry has influenced ways to manage physical assets. Yet many asset owners lack a clear understanding of identifying indispensable quality dimensions that satisfy the business, system, and technical requirements. This paper aims to comprehensively analyse asset information quality management with a systematic literature review. The study reveals that the quality dimension of ‘accuracy’ alone cannot support various asset management functions. Additionally, quality deficiencies remain in Building Information Modelling (BIM)-based project delivery handover documents, establishing insufficient asset baselines for future planning. Moreover, the limited knowledge of the quality complications of information generated through technical solutions suggests additional work is required to gain insights into vital quality dimensions. The findings of this study underpin the basis for classifying quality dimensions to support essential asset management processes while pointing to future study areas.

BIM AND GIS INTEGRATION FOR INFRASTRUCTURE ASSET MANAGEMENT: A BIBLIOMETRIC ANALYSIS

Abstract. The integration of Building Information Modelling (BIM) and Geographical Information Systems (GIS) is gaining momentum in digital built Asset Management (AM), and has the potential to improve information management operations and provide advantages in process control and delivery of quality AM services, along with underlying data management benefits through entire life cycle of an asset. Work has been carried out relating GeoBIM/AM to buildings as well as infrastructure assets, where the potential financial savings are extensive. While information form BIM maybe be sufficient for building-AM; for infrastructure AM a combination of GIS and BIM is required. Scientific literature relating to this topic has been growing in recent years and has now reached a point where a systematic analysis of current and potential uses of GeoBIM in AM for Infrastructure is possible. Three specific areas form part of the analysis – a review of BIM and Infrastructure AM and GIS and Infrastructure AM leads to a better understanding of current practice. Combining the two, a review of GeoBIM and Infrastructure AM allows the benefits of, and issues relating to, GeoBIM to be clearly identified, both at technical and operational levels. A set of 54 journal articles was selected for in-depth contents analysis according to the AM function addressed and the managed asset class. The analysis enabled the identification of three categories of issues and opportunities: data management, interoperability and integration and AM process and service management. The identified knowledge gaps, in turn, underpin problem definition for the next phases of research into GeoBIM for infrastructure AM.

BIM AND VR/AR TECHNOLOGIES: FROM PROJECT DEVELOPMENT TO LIFECYCLE ASSET MANAGEMENT

Building Information Modeling (BIM) is becoming more and more an industrial standard for the AEC industry that can provide an integrated approach for effectively managing data and information throughout a project lifecycle. Planning, design, and construction phases of different types of projects can benefit from integrating other technologies such as Virtual Reality (VR) and Augmented Reality (AR) with BIM to enhance its functionalities, including virtual walkthrough, schedule visualization, clash detection, and as-built modeling. Additionally, asset management functions during the maintenance and operation phase of facilities and infrastructure can substantially benefit from this kind of integration. This paper will provide a comprehensive review upon several emerging technologies regarding (1) technological advancements reflected by software and hardware development, (2) applications in the design, construction and asset management through integration with BIM in all phases of projects, and (3) current state of research and practice. It will specifically, provide some limiting factors that prevent VR/AR from further deployment, including lack of GPS accuracy, complexity in development and unclear data security will be explained. Additionally, this paper will present the ben

Placing the Production of Investment Returns: An Economic Geography of Asset Management in Public Pension Plans

Public pension funds are engulfed in a severe funding crisis. At stake is the financial stability of state and local governments as well as the welfare of over thirty million public-sector employees. Although cutting back on external asset management expenses could help save billions in taxpayers’ money and improve public pension funding, recent research suggests that public pensions remain predominantly outsourced and keep paying high fees to private-sector asset managers. This article examines why public pension funds outsource their asset management functions. It relies on mixed methods, juxtaposing positivist and reflexive approaches. The study relies on an econometric analysis of a unique panel data set of twenty-one state pension plans. The model tests specific relationships between levels of outsourcing and the organizational, economic, and political context in which these plans are embedded. The results indicate that outsourcing is linked to plans’ (1) investment return targets, (2) allocation to nondomestic and private market investments, (3) local financial sector vibrancy, and (4) proximity to a leading financial center. These quantitative results are enriched with insights from thirty-seven semistructured interviews with investment professionals employed by a top-performing state pension plan. The interviews help shed further light on how distance, politics, and governance affect pension plans’ outsourcing strategies. This article contributes new insights on context to economic geographic literature on pension decision-making as well as new perspectives to financial geography literature on the role of place and distance in institutional asset management.

PEMODELAN PROSES BISNIS MANAJEMEN ASET MENGGUNAKAN TOGAF ARCHITECTURE DEVELOPMENT METHOD Studi Kasus: STMIK XYZ Surakarta

STMIK XYZ is one of the universities in Surakarta. From the business process, there are some potential problems that interfere the asset inventory process as one of the asset management functions. To knowing some of the assets, its condition, and its position needs long time and also its data entry is less optimal. Purpose business architecture design and be able to integrate the main business activities using the TOGAF ADM framework. The existence of assets is a problem in the business process that runs on STMIK XYZ. It taken an architecture for the development of Information Systems, as well as the analysis and modeling of business processes so that the performance of institutions can realize the achievement of the objectives and it the improvement of business processes. This study uses Business Modeling Notation (BPMN) and TOGAF ADM methods to identify the needs and Business Process Reenginerin (BPR) in the development of information systems in households. The proposed this study was to make an asset management plan using the TOGAF ADM method.

An eco asset ontology towards effective eco asset management

PurposeThe purpose of this paper is to develop an ontology of eco or natural assets to represent eco asset knowledge at two levels: eco asset metal model and eco asset ontology (EA_Onto). The three objectives of this paper are to: define eco assets explicitly to reach a common understanding of the terms; evaluate the ontology; and discuss a potential area of application.Design/methodology/approachA seven-step methodology was used to develop the proposed ontology: define the scope; develop the eco asset meta model (EA_MM), define taxonomy, code ontology, capture ontology, evaluate ontology and document ontology.FindingsThe EA_MM was developed to represent eco asset domain knowledge, which was further extended to develop the EA_Onto, explicitly defining the eco asset knowledge in asset management. As a part of evaluation, it was found that the knowledge representation is consistent, concise, clear, complete and correct.Practical implicationsTheoretically, the proposed ontology is a significant contribution to the body of knowledge in asset management. Practically, the knowledge representation provides a common understanding of eco assets for asset management experts. In addition, it will be used in applications for effective eco asset management.Originality/valueThe current literature lacks explicit declaration of eco assets, how they are related to built environment for effective integration and how asset management functions are to be applied to accomplish effective eco asset management. Presently, eco assets are managed on an ad hoc basis, which need to be explicitly defined through developing an EA_Onto for implementation in applications for effective eco asset management.

A Big Data Analytical Architecture for the Asset Management

The paper highlights the characteristics of data and big data analytics in manufacturing, more specifically for the industrial asset management. The authors highlight important aspects of the analytical system architecture for purposes of asset management. The authors cover the data and big data technology aspects of the domain of interest. This is followed by application of the big data analytics and technologies, such as machine learning and data mining for asset management. The paper also presents the aspects of visualisation of the results of data analytics. In conclusion, the architecture provides a holistic view of the aspects and requirements of a big data technology application system for purposes of asset management. The issues addressed in the paper, namely equipment health, reliability, effects of unplanned breakdown, etc., are extremely important for today's manufacturing companies. Moreover, the customer's opinion and preferences of the product/services are crucial as it gives an insight into the ways to improve in order to stay competitive in the market. Finally, a successful asset management function plays an important role in the manufacturing industry, which is dependent on the support of proper ICTs for its further success.

A Smart IEC 61850 Merging Unit for Impending Fault Detection in Transformers

This paper proposes and experimentally validates the functionality of a smart IEC 61850 merging unit (MU) that supports self-healing and asset management functions of future power grids. The proposed MU can operate in a standalone or as an integrated element within a primary substation. The MU communicates with a supervisory control and data acquisition (SCADA) system over Ethernet and WiFi-5 GHz links. A dynamic wavelet-based windowing technique is implemented in the proposed MU to process signals and report limited situation awareness (SA) features. The SA features serve two purposes. First, they can be used by asset management functions to monitor and diagnose the equipment heath condition. Second, they can be employed by self-healing functions in order to detect and anticipate early stages of impending faults masked by high noise. The MU capability to acquire real-time sampling or estimated-time sampling is examined and the impact of wireless sensor network data transfer latency between the proposed MU and an SCADA system is also investigated. Extensive laboratory experiments show promising results for the proposed IEC 61850 MU as a smart tool that can monitor, control, protect, and also initiate corrective actions.

The new economic rationale for corporate limited liability

The legal rule of corporate limited liability is not generally considered to have any fundamental economic significance. This is why the idea of reforming this rule can be raised in discussions concerning corporate accountability and this is why political or administrative difficulties rather than economic considerations are usually cited when this idea is ultimately rejected. This paper puts an economic case for retaining limited liability by arguing that anonymous and unrestricted trading, which is only possible with this rule, has become endogenous to the asset management function of institutional shareholders in the same degree that the asset management industry has become endogenous to the operation of the modern day capitalist economy. A further argument is that while limited liability and unrestricted trading make no direct contribution to the corporate production function they do indirectly help to resolve the problem of corporate accountability by helping to make redundant the use of stock options, instruments which are widely recognised to be today one of the chief sources of corporate irresponsibility.

도로자산관리시스템의 업무아키텍처 설계

사회기반시설의 노후화로 유지보수 비용이 급격하게 증가하고 있는 선진국뿐만 아니라 국내에서도 시설물을 체계적으로 관리하여 안전사고를 예방하고 유지보수 예산을 절감해야 할 필요성이 날로 증대하고 있다. 뉴질랜드, 미국, 영국 등은 시설물의 공학적 상태와 성능에 따라 시설물을 유지보수하는 업무에 자산관리 개념을 도입하여 공공시설물을 관리하고 있다. 이들 나라들은 공공시설물 자산관리에 적용할 표준화된 자산관리 정보모델을 제시하고 시스템으로 개발하여 운용하고 있다. 국내에서도 공공시설물 자산관리 연구가 진행 중에 있으며, KTAM-40 자산관리 업무절차가 제시되었다. 본 논문에서는 공공시설물 중에서 도로자산관리시스템의 업무아키텍처 설계를 위하여 뉴질랜드 IIMM과 국내에서 개발된 KTAM-40 업무절차를 조사 분석하였다. 그리고 KTAM-40 업무절차를 참조하여 도로 자산관리시스템의 업무아키텍처를 설계하였다. 업무아키텍처는 첫째, 도로자산관리를 효율적으로 수행하기 위한 조직구조와 역할을 설정하고, 둘째로 도로자산관리 업무기능을 세분화하고, 셋째로 자산관리 업무기능들 간의 관계와 업무 기능들간 정보와 흐름을 정의하였다. 그리고 설계된 업무아키텍처가 유사한 업무 시스템의 다른 아키텍처와의 차별성을 검토하였다. As the social infrastructure becomes deteriorated, its maintenance cost has been increased rapidly. There are growing needs to manage facilities systematically to reduce this kind of maintenance budget, and furthermore to avoid safety accidents in Korea. Asset management is widely used in New Zealand, the United States, Great Britain to manage their social facilities. In these countries, standardized information model and its system are developed and in service for asset management. There are several researches on asset management of social infrastructure in Korea, and the KTAM-40 work procedure is one of the main results for these researches. In this paper, the IIMM of New Zealand and the KTAM-40 of Korea, were surveyed to develop a business architecture of the highway asset management system. A new business architecture for the highway asset management system is proposed based on the KTAM-40 work procedure: First, the organization and its role for the highway asset management are defined. Second, business functions of the highway asset management are classified. Third, the highway asset management functions and the flow of information are defined. In the last section, differences between the newly designed architecture and the other systems' architecture is reviewed.

MOST‐FIT: Support Techniques for Inspection and Life Cycle Optimization in Building Asset Management

Abstract: Among the various asset management functions that support capital renewal decisions, both inspection and fund‐allocation are very challenging in terms of time, cost, and technology. To support these functions, this article introduces two unique techniques that can be implemented, individually or combined, into any asset management system: (1) Focused‐Inspection Technique (FIT); and (2) Multiple Optimization and Segmentation Technique (MOST). FIT improves inspection by incorporating an analysis of reactive‐maintenance data to predict components’ conditions, thus saving the time and cost of indiscriminate inspections. The MOST technique, on the other hand, has a unique formulation for large‐scale optimization involving thousands of assets simultaneously, thus maximizes the return of renewal dollars. The article provides a description of the MOST‐FIT techniques and discusses their implementation in a prototype system that suits a large school board in North America. The proposed techniques are innovative and help organizations with large building assets improve the overall condition of their inventory with highest return on the limited renewal budget.

Growth in the Global Institutional Asset Management Industry: Structure, Conduct, Performance

This article examines the industrial organization and institutional development of the global asset management industry. It identifies the key components of the “buy side” of financial markets in terms of its four principal domains: pension funds, mutual funds, discretionary alternative assets, and insurance companies. It points out that various kinds of financial firms have emerged to perform asset management functions: commercial banks, savings banks, postal savings institutions, savings cooperatives, credit unions, securities firms (full-service firms and various kinds of specialists), insurance companies, finance companies, finance subsidiaries of industrial companies, mutual fund companies, hedge fund financial advisers, and various others. Members of each strategic group compete with each other, as well as with members of other strategic groups. The article addresses two key questions. First, what determines competitive advantage in operating distribution gateways to the end investor? Second, what determines competitive advantage in the asset management process itself?

Mapping the dynamics of overall equipment effectiveness to enhance asset management practices

PurposeThe importance of physical assets has been increasingly recognized in recent decades. The significant returns on small improvements in overall equipment effectiveness (OEE) justify investment in the management of physical assets, but the wide variation of OEE across firms raises a question: “Why do these differences persist despite a high return on investments to maximize OEE?”. To address this question the dynamic processes that control the evolution of OEE through time need to be better understood. This paper aims to answer this question.Design/methodology/approachBuilding on insights from system dynamics and strategy literature, the paper maps the reinforcing feedback loops governing the maintenance function and its interactions with various elements in a firm. Building on strategy literature it hypothesizes that these loops can explain wide variations in observed persistent variations in OEE among otherwise similar firms. The paper draws on previous literature, extensive case studies and consulting projects to provide such mapping using the qualitative mapping tools from system dynamics.FindingsThe research outlines several reinforcing loops; once active, any of them could lead a firm towards a problematic mode of operation where reactive maintenance, poor morale, and a culture of fire‐fighting dominate. Actions taken to fix problems in the short‐run often activate vicious cycles, erode the capability of the organization over the long run, and lead to a lower OEE.Social implicationsKnowing the factors affecting the asset management function of a plant increases the plant's safety and limits its environmental hazards.Originality/valueSome of the common dynamics of organizations' asset management practices are illustrated and modeled. The strategic importance of OEE and its effect on companies' market capitalization is demonstrated.