Jump Starting the Value Proposition of ISO Asset Management through Rapid Asset Identification Lou Peeples Director of Sales Camcode

What Steps Would You Logically Take to Start with ISO 55000? 1.Establish a executive level sponsored, multi-functional, ad hoc team 2.Train the team on ISO Develop the strategic Enterprise Asset Management (EAM) plan 4.Identify an EAM Information System 5.Populate the EAM Information System with asset data from existing authoritative sources 6.Train the stakeholders 7.Move to implementation 8.Use the EAM Information System to make strategic decisions 9.Implement decisions through tactical action

What Would Be the Likely Result? Why? – Lack of buy-in? No, Executive sponsor and cross-functional participation – Lack of knowledge? No, training is provided – Lack of enterprise information systems capability and interoperability with local systems? Maybe, but not always – Asset record inaccuracy? YES!!!!

My Asset Record is Authoritative Isn’t It? Do you have only one asset record? – Likely you have multiple records kept by different functional groups Why wouldn’t my asset record be accurate? – Manual data entry introduces errors (1 in 100 chance of a key entry error, vs 1 in 7 million chance of a bar code scanning error) – Records accounted for by quantity on hand, not by individual item availability/capability (condition) – Records often do not include “excess items” - hoarded or simply “lost” to the books – No cultural value placed on accurate records

How Do I Avoid Failure? 1.Collect all asset records 2.Reconcile the asset records into a single enterprise asset record 3.Identify which assets should be recorded by quantity on hand or as individual items 4.Reconcile enterprise asset record against physical assets on hand

Which Property Records? 1.Accountable Property Systems of Record (APSRs) 2.Maintenance Records 3.Operational Usage Documentation 4.Catalogs

Getting the “Record” Straight Often asset records are in conflict One of the records must be the “most accurate” – Designate this as the primary record Identify records that are authoritative for individual data elements that post-date the primary record Update the primary record, but retain its original value as backup Package the primary record in electronic form for reconciliation

Identification Requirements For Quantity on Hand – a physical count will do – Examples Consumable supplies Items not repairable and for which there is no traceability requirement For Item Level Traceability – – Examples High value Customer provided (e.g., Government Furnished Property) Items that transit organizational boundaries Legal, regulatory or other requirements (e.g. ITAR)

Reconcile Assets to the Primary Record – Physically count all items on hand – For item level traceability Confirm the existence of each asset Collect additional information from the asset Apply a unique asset identifier to the asset for ease of traceability through information systems Where available, expand enterprise asset record with external data sources (e.g. vendor catalogs, FedLog, etc.)

Asset Management Improvement Requires Quality Data

What Should a Company Consider? – The Challenge is to: Identify experience with reconciliation Have the capability to engineer the appropriate physical marking Resource the effort (People or $$) Plan for timely implementation – The Opportunity is to: Accurately identify the true asset population Re-baseline on-hand assets and valuation Avoid unnecessary asset accumulation Establish processes to maintain asset inventory

Is There an Alternative to an In-House Effort? – Yes; consider hiring an outside reconciliation team It is what they do on a regular basis They have the people and experience Focused effort to execute rapidly Lessons learned and optimized processes

Contact Information Lou Peeples Rob Leibrandt (571)

Questions?