23 Feb 2018

TEFMA Strategic Asset Management Workshop

The following were some highlights: the challenge of asset management, what does success look like and good data and sound analytics are critical.


The challenge of Asset Management

Asset management is becoming an increasingly important issue for the most senior Administrators within the University sector. The increasing view that the functionality and amenity expectations for a modern learning environment are very different than that offered by the existing facilities is refocusing attention to replacing or repurposing the traditional building stock. This is providing an opportunity to also focus on the effective and efficient management of the existing stock while decisions are made on replacement and refurbishment goals. This is highlighting the need for sound asset management principles to be applied to both the proposed capital works to replace or refurbish buildings, while ensuring the required levels of service are maintained across the remaining stock.

What might success might look like?

Success in AM is about aligning Works Programmes, budgets, risk appetite and Levels of Service to stakeholder expectation regarding condition, functionality and amenity. This requires Asset Managers to gain a level of buy-in from all the key stakeholders to define and agree what is sustainably attainable for each building/space, based on its assessed future, within the portfolio. Only through stakeholder engagement and buy-in can the critical understanding be gained, and agreement of the level of service be established. I is this understanding that enables the Asset Managers to do the right things, at the right time, for the right reasons.

Some Guiding lights

There was a general acknowledgement that ISO 55000 is a great guide on “what” we should be striving for as Asset Managers however, there was also a need for guidance on the “how” this can be best achieved. A number of speakers acknowledged the publications available from the Institute of Public Works Engineering Australasia (IPWEA), such as NAMS Property and International Infrastructure Management Manual (IIMM), as a suggested guide on the how to implement sound asset management.


A number of speakers referred to the benefit of undertaking an Asset Management Maturity Assessment (AMMA). This included the buy-in and interactions with the wider Stakeholder in regard to AM. The fact that in New Zealand it is a requirement of the Tertiary Education Commission that a self-assessment and an independent AMMA is required each alternative year to support ongoing government funding has embedded this into the AM process. An AMMA delivers an understanding of an organisations current position on the AM maturity spectrum and guidance on the likely requirements to attain the desired levels of maturity for each element within the Asset Management Framework (see Framework Graphic).

Good data and sound analytics are critical

In addition to the points raised above, a number of sessions also highlighted the opportunity to leverage disparate datasets for good asset management analytics. The ability to centralise data from these disparate Space, Maintenance and Finance systems, together with the spreadsheets and other systems containing relevant data on asset condition, functionality and amenity is important to gain insights to prioritise the works programmes and optimise available budgets. Such analytics provide consistent, reliable contextual knowledge at both the space and component group (Element) level. Such analytics underpin both the role of the Asset Management Team as a credible source of truth, and as a reliable partner in planning and delivering the important support function that facilities are increasingly being seen to play, in the modern education product.