One of the main aims of using asset management is to deliver the capability for the lowest overall cost. In practice, there are three phases of an asset:
The first two phases are fast paced, new, exciting and get all attention. The O&M side is repetitive, business as usual (BAU), not as glamorous, and always faces the question of ‘can we defer that for another year?'
Implementing good asset management practices takes time. You need to consider annual budget cycles, competing priorities, and ensuring that assets aren’t being gold plated, nor neglected. It takes a skill set that is not readily available in the market. We are all aware of the construction boom that has been occurring in Australia, but very few even get training in how to manage assets over their life.