ASSET MANAGEMENT

Successful asset management involves balancing the interests of customers and Company, while respecting regulatory requirements. YRSC helps you understand and manage the cost, risk and value of your company’s assets. We assist in increasing productivity to meet business objectives through asset optimization and risk minimization. Our asset management system provides a structured approach to manage and maintain assets to achieve efficiencies through the planning and controlling of physical resources.

Successful asset management is an integral component of the supply chain. Our asset management services help you:

• Minimize capital expenditure.
• Increase the availability and reliability of assets.
• Improve operations.
• Provide total asset lifecycle management from planning, procurement, deployment, maintenance and disposal.
• Enables company assets to be tracked and managed including facilitating maintenance and disposal to achieve optimum service delivery potential and to minimize risks and costs.
• Register all the assets timely and maintain appropriate maintenance and review of assets.
  
  
  • Extensive asset detail categories including description, operation, maintenance, location and future needs.
• Multiple user defined asset numbers with multiple levels or sections to differentiate the category of asset.
• Asset numbers can be grouped with similar items to enable searching within a broad category without the identifying number.
  
  

Asset lifecycle:

The management of an asset throughout its lifecycle includes planning and support for the investment decision, acquisition, access and ongoing maintenance, through to replacement or retirement planning. The objective of asset lifecycle management is to optimise asset acquisition, maximise the use of the asset and reduce associated service and operational costs resulting in increased asset performance and a lower total cost of ownership.

The overall objective of asset lifecycle management is to maximise the value of the agencies asset base by:

• Optimising acquisition costs through strategic sourcing and effective evaluation of options.
• Optimising maintenance costs through effective management strategies that are appropriate to overall utilisation of the asset at points in time.
• Activitely seeking reuse opportunities thus leveraging existing assets
• Actively planning for the retirement or replacement of assets
  

Our Management activities are applied to each type of asset in the below orderly phases:

1) Plan

• Develop requirements including business, technical, operational, support and security requirements.
• Identify users and support roles and responsibilities.
• Identify risks and barriers regarding use of the asset.
• Develop strategies to mitigate risks including backup and recovery plans.
• Establish training needs.
• Establish the context for useof the asset.
• Specify the design
• Source Suppliers

2) Construct, Create, Acquire

• Build, create or acquire the asset.
• Monitor the quality of the implementation or installation.

3) Commission, organise, store

• Test the asset against the requirements
• Prepare the asset for use
• Classify the asset and establish meta data and supporting documentation about the asset and its use.
• Ensure that information about the asset and its location can be easily retrieved by endorsed parties.
• Ensure information assets are stored in secure organisational repositories
• Ensure mobile physical assets are stored in secure facilities.

4) Access

• Ensure authorised users can access the asset.
• Ensure security requirements are met
• Establish protocols so that the asset can be safely shared or re-used.

5) Use

• Provide support and training to users of the asset.
• Monitor usage and utilisation of the asset

6) Assess

• Assess the condition of the asset.
• Assess the cost of maintaining the asset.
• Assess opportunities for extending the use of the asset.
• Assess the current and asset management strategy.

7) Maintain - Based on the assessments, apply appropriate management strategies. These includes:

• Optimise: Invest to address or maintain the technical condition maintained while rationalising the operational costs if possible. Maximise the use of the asset with the intent to create a flagship asset.
• Rationalise: Invest to upgrade the asset to improve its technical condition and reduce operational costs. Consider lower cost alternatives.
• Enhance: Ensure sufficient funding to ensure the future technical condition of the asset and promote reuse of the asset to maximise the future value of the asset.
• Replace: Maintain the technical condition of the asset in the short term until the dependencies have been migrated to an alternative more stable solution.
• Research and explore: Assess the function of asset against the requirement and identify alternative uses for the asset and the potential to deliver additional business value. Promote the availiability and use of the asset.
• Decommission: Retire the asset.

8) Retire

• The business requirement for using asset has significantly evolved or no longer exists.
• The asset has reached the end of its useful life and is decommmissioned.