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April 13, 2011

Asset Management and Lean

I was thinking earlier, that asset management is effectively everything you have to do in business, that isn't directly what you are trying to do in business! What I mean is, it is everything but the product or service that you offer, and the processes or functions that support it. It is one of the most important business enablers, and to do it well is something of a skill. In fact, the Institute of Asset Management has this to say:

"Asset Management is the art and science of making the right decisions and optimising these processes."

Also, "the management of physical assets (their selection, maintenance, inspection and renewal) plays a key role in determining the operational performance and profitability of industries that operate assets as part of their core business."

So with all this in mind, I started thinking about all this in the context of lean, which admittedly I don't know much about. The way I understand it, the purpose of lean is to minimise waste in the system, such that anything that is not directly adding value to your product in the eyes of the product should be avoided. My question is, does this have implications for excellent asset management, or are you having to compromise on an excellent approach because it is not directly improving products for the customer? If this is the case, what is the point of expending money on things like health and safety, or better security, which I happen to think ARE necessary, but don't seem to add value.

Maybe I have some misunderstandings about lean, but it seems like an interesting area of conflict. I feel like I must be wrong, because Toyota seem like a pretty excellent company to me, and were also of course the creators of lean production. But, I bet there are also plenty out there who are actually reducing their own capabilities too.


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