Towards an integrated maturity model of asset management capabilities

Edited book (chapter)

Mahmood, Muhammad Nateque, Dhakal, Subas Prasad, Wiewiora, Anna, Keast, Robyn and Brown, Kerry. 2015. "Towards an integrated maturity model of asset management capabilities." Lee, Woo Bang, Choi, Byeongkuen, Ma, Lin and Matthew, Joseph (ed.) Proceedings of the 7th World Congress on Engineering Asset Management (WCEAM 2012). Cham, Switzerland. Springer. pp. 431-441
Chapter Title

Towards an integrated maturity model of asset management capabilities

Book Chapter CategoryEdited book (chapter)
ERA Publisher ID3337
Book TitleProceedings of the 7th World Congress on Engineering Asset Management (WCEAM 2012)
AuthorsMahmood, Muhammad Nateque (Author), Dhakal, Subas Prasad (Author), Wiewiora, Anna (Author), Keast, Robyn (Author) and Brown, Kerry (Author)
EditorsLee, Woo Bang, Choi, Byeongkuen, Ma, Lin and Matthew, Joseph
Page Range431-441
SeriesLecture Notes in Mechanical Engineering
Chapter Number39
Number of Pages11
Year2015
PublisherSpringer
Place of PublicationCham, Switzerland
ISBN9783319024615
9783319069661
ISSN2195-4356
Digital Object Identifier (DOI)https://doi.org/10.1007/978-3-319-06966-1_39
Web Address (URL)http://link.springer.com/chapter/10.1007/978-3-319-06966-1_39
Abstract

Asset service organizations often recognize asset management as a core competence to deliver benefits to their business. But, how do organizations know whether their asset management processes are adequate? Asset management maturity models, which combine best practices and competencies, provide a useful approach to test the capacity of organizations to manage their assets. Asset management frameworks are required to meet the dynamic challenges of managing assets in contemporary society. Although existing models are subject to wide variations in their implementation and sophistication, they also display a distinct weakness in that they tend to focus primarily on the operational and technical level and neglect the levels of strategy, policy, and governance as well as the social and human resources—the people elements. Moreover, asset management maturity models have to respond to the external environmental factors, including climate change and sustainability, stakeholders, and community demand management. Drawing on five dimensions of effective asset management—spatial, temporal, organizational, statistical, and evaluation—as identified by Amadi-Echendu et al. [1], this paper carries out a comprehensive comparative analysis of six existing maturity models to identify the gaps in key process areas. Results suggest incorporating these into an integrated approach to assess the maturity of asset-intensive organizations. It is contended that the adoption of an integrated asset management maturity model will enhance effective and efficient delivery of services.

Keywordsasset service organizations; asset management; maturity model
ANZSRC Field of Research 2020400508. Infrastructure engineering and asset management
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Byline AffiliationsSchool of Civil Engineering and Surveying
Southern Cross University
Queensland University of Technology
Institution of OriginUniversity of Southern Queensland
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