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Assessing and benchmarking asset management system maturity with KPMG's tool

Assessing asset management system maturity

KPMG’s Asset Management Business Assessor tool allows organisations to self-assess their asset management system and benchmark it against their organisational objectives and standards such as ISO55000, Global Forum on Maintenance and Asset Management (GFMAM) and the Asset Management Accountability Framework (AMAF).

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Asset management performance measurement

Performance measurement of an organisation’s Asset Management System can be assessed in two areas:

  1. the direct performance of assets and
  2. the performance of the management system.

While asset performance is the main objective, it provides a lag indicator to future performance. Assessing asset management maturity is fundamental to ensuring future asset performance is compliant, effective, efficient and sustainable.

Improving the management of physical assets and infrastructure portfolios is a major focus for businesses faced with the challenge of how their assets can deliver more for stakeholders while balancing cost, risk and performance. Maturity assessments are used to understand the effectiveness of an organisation’s asset management system, as well as help comply/align with standards and regulatory requirements.

Traditional assessment methods that rely upon interviews suffer from the following common issues:

  • Assessment results may depend on a single person’s view.
  • Assessment results are not repeatable if conducted by another assessor.
  • Assessment results do not include a level of confidence based on size of sample.
  • Assessment results do not include a level of confidence based on type of evidence provided.
  • Recommendations are not traceable to assessment results and evidence provided.
  • Assessment reports are expensive to produce and become ‘shelfware’.
  • Recommendations do not have estimated resources to implement.
  • Assessments are for a point-in-time and are not repeated to measure the organisation's progress.

KPMG’s Asset Management Business Assessor

KPMG has designed a cloud-based asset management assessment tool which reduces the effort required to confidently understand management system performance and track changes overtime. KPMG’s Asset Management Business Assessor helps organisations take control of their own maturity assessments with an affordable software solution.

More efficient

KPMG’s Asset Management Business Assessor is quicker and more efficient than traditional methods, transforming a standard time and resource intensive process into a data-driven analytics engine. The tool offers several levels of automation which includes a guided process for organisations to self-assess and a range of evidence collection options that automates the traceability of assessment results and links recommendations to supporting evidence. The tool allows organisations to continually update their assessments and provide automated reports.

Trusted result

KPMG’s Asset Management Business Assessor allows organisations to overcome the limitations of traditional assessment methods providing a greater confidence in the results through a repeatable evidence-based procedure. Multiple stakeholders and products within an organisation can be assessed for each element of the framework to provide a result that is representative across multiple areas. Each answer must be supported by evidence that maintains traceability to assessment results and recommendations. A confidence score is allocated against each result based on the number of samples and the type of evidence provided. A reverse audit of evidence can be conducted to determine the requirements that each document or process is supposed to achieve.

Improvement-focused

Our focus is to make sure organisations adopt a ‘right size’ Asset Management System that drives performance from their asset portfolio. KPMG’s Asset Management Business Assessor allows organisations to assess themselves against organisational objectives and asset management standards.

The tool currently allows organisations to assess against ISO55000, the Global Forum on Maintenance and Asset Management (GFMAM), Institute of Asset Management (IAM) and Asset Management Accountability Framework (AMAF) standards. Organisations can conduct complete or targeted follow on assessments to track the progress of their asset management journey.

KPMG’s Asset Management Business Assessor provides efficient results that help build sustainable asset management practices.

Contact us

To talk about how to improve your asset management system or request a software demonstration, email amba@kpmg.com.au today.

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