Asset Management & The Future with Terrence O’Hanlon

In today s episode, our guest is Terrence O Hanlon and the topic of discussion is asset management. It is very important to actually know the true meaning of asset management before implementing it. Most of the companies follow ISO standards for documenting and carrying out all the activities which are just a limited approach adopted by the people who don t know the details of this whole Knowledge Area.

It is a very vast technique that isn t just bound to standards for the functioning of your assets. These Standards are just a set of guidelines for general management not necessarily based on your area of work or designed for reliability programs of your organization. That s why every organization needs to come with their own techniques depending upon how they manage and carry on their processes. You can start from basic learning and make use of what you have. After that, you can spread it all you want for making it good enough with time. These kinds of adoptions are more reliable than just seeing the standards, following them as they are and then expect good results for your particular area of working.
Newer technologies like Big Data, Internet of things and other advancements will definitely change the way companies manage their assets. But for competing at a larger level, every organization needs to just focus on particular aspects of these standards that can help them make their own strategy for the assets to increase the value of the organization. So, asset management goes way beyond the physical impact because it s not just a technical approach, it concerns the whole business and everything that is important for the growth of that business. Even if the new technology makes our work easy but we will still need to keep everything in check for better and reliable asset management. The failure modes, analytical data, good technicians, maintenance, and planning personnel no matter how facilitative the work gets, all of the basic tools and pillars of reliability will remain the same. You need all the related data and a good team to interpret the information that you have and then utilize it in a way that will benefit your firm.
The performance and results come from the culture that the organizations have implemented which is promoted by the leadership of that network. You need to have set of minds that can save the day by finding the smartest ways to manage things. This is the key to getting best results with managing the reliability and assets at every level and department of the organization. But still, the rest of the workforce needs to be considered too in the decision-making process so that their objectives are aligned with the common goals of the whole corporation. You have to tell them, why are we doing this process? What are the steps involved and what are the ways to do it?

Terrence O’Hanlon, CMRP is the Publisher of Reliabilityweb.com®, RELIABILITY® Magazine and Uptime® Magazine. He is a Certified in Asset Management by the Institute of Asset Management and is a Certified Maintenance & Reliability Professional by SMRP.  Terrence is the acting Executive Director of the Association for Maintenance Professionals (AMP).   He is the executive editor and Publisher of the 5th Edition of the Asset Management Handbook.

Terrence is also a voting member of the US TAG (PC251) for ISO 55000 – ASTM E53 Asset Management Standards Committee.  More recently Mr. O Hanlon has been selected as the sole US Representation through ANSI for ISO Working Group 39 to create a standard for competence in assessing and certifying Asset Management programs known as ISO 17021-5.

Mr. O Hanlon is also a member of the Institute of Asset Management, American Society of Mechanical Engineers, The Association of Facilities Engineers, Society of Maintenance and Reliability Professionals and the Society of Tribologists and Lubrication Engineers. 

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