Effective Asset Management is Key to Profitability

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Chief Inspector of Mines at the Ghana Minerals Commission, Mr. Obiri-YeboahTwumasi has indicated that the practice of robust Asset Management strategies is an integral part of the management system of any establishment since it helps them optimize their operations including planning, resources use, and the implementation of management program.

According to him, managing Assets effectively for utilities and industry are not optional, and that both private and public sector of any given economy need to harness the benefits of effective Asset Management.

Mr. Obiri-YeboahTwumasi was addressing Asset Management Leaders Luncheon which was held under the sponsorship of Assured Reliability Technologies in Accra, where he observed that whist the private sector appears to be ahead in Asset management practices; the public sector on the other hand appears to be in slumber as the maintenance culture in the public sector is “woefully unacceptable.”

He indicated that Ghana however, appears to be gradually embracing the culture of Asset Management as the renovation of the Adomi Bridge, the current plans to rehabilitate the Flagstaff House , Kwame Nkrumah mausoleum among others are pointers to the re-awakening of the public to the importance of Asset Management.

“Assets when well practiced will impact positively on the wellbeing of all industrial establishments and therefore could help organizations and the nation to achieve their demand objectives,” he added.

Mr. Obiri-YeboahTwumasi also mentioned that it is important for organizations toreduce the total cost of operating their assets, reduce capital cost of investing in the asset base, improve operating performance of assets, reduce the potential health impacts of operating assets and reduce legal risks associated with operating assets, hence the need for a comprehensive Asset Management system in organizations.

He said: “across the globe every society is faced with a significant asset management challenge in terms of sustainability as emerging economies such as Ghana are trying to identify the lowest cost return on investment to achieve maximum immediate benefits. Rapidly developing countries are faced with understanding the life cycle of cost of their infrastructure and the advanced economies are striving to find strategies to extend the life of their infrastructure and also meet major global challenges such as climate change.”

Elias Acquah, Managing Director of Assured Reliability Technologies said the time has come for Asset Managers to come together under one umbrella for knowledge sharing and furthering their understanding of Asset Management so as to be able to applied the acquired knowledge effectively to boost their organization’s operations.

He also touched on some benefits of Asset Management and indicated that Asset management allows organizations to keep track of all their assets and noted that data from the asset management solution can ensure that asset recovery will lead to better returns.

Elias Acquah also said, Asset management can be used to make sure that the amortization rates are accurate since regular assessments of the assets will ensure that the financial statements of the business are accurate.

“You can save money on maintenance. During the operational phase of the life cycle of the asset, a company can face under maintenance or over maintenance problems. Maintenance is a business expense that can cut into the profits of the company. Overdoing it can bring significant costs. On the other hand, under-maintenance can lead to reduced productivity.It brings more efficient operation and allows an organization to understand the capabilities of its assets, and how they can be operated in the most effective manner.” He said.

He also enumerated that effective Asset Management allows the implementation of a risk management plan, removes ghost assets in your inventory whilst incidents of thefts are lowered.

“Proper accounting of the asset recovery process will ensure that the company maximizes the returns with no items lost during the process,” he said.

Assured Reliability

Assured Reliability Technologies Ghana Limited (ARTGL) is a Ghanaian owned consulting and education services firm focused on the full spectrum of Physical Asset Management from Maintenance and Asset Reliability to Operations Optimization to assist you in achieving your targeted level of achievement.

According to Elias Acquah,Assuring Asset and Operational reliability is the company’s passion and reason for being in business is to be a leading provider of Asset Management and Reliability Engineering solutions to public infrastructure managers and companies operating fixed plant, rotating equipment, mobile fleets and other infrastructure assets whilst providing exceptional physical asset management solutions that deliver real value for money to clients. 

Source: Prosper Agbenyega

 

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