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AN AUDITING PROCESS TO IMPROVE ASSET MANAGEMENT PERFORMANCE
anization’s maturity in asset management practices and processes can be determined through the application of an asset management audit. The main objective of this study was to develop and validate an asset management auditing methodology. This methodology includes the development of a program for asset management improvement and the application of business process re-engineering as a tool to realize the improvement opportunities identified through the audit. The application of an asset management audit, according to the developed methodology, can create a "roadmap" to Asset Management improvement. By optimizing the asset management practices and processes, a positive contribution can be made to the profitability of any business enterprise.
ON ASSET MANAGEMENT
Asset management as a concept evolved from maintenance management to provide a more holistic approach to managing the total life of a physical asset. Asset management anizations has e the focal point to improve and optimize the contribution of a physical asset to the overall ess and profitability of anization. In order to achieve optimum return on investment from a physical asset and maximize its contribution to the revenue or ess of anization, anization needs to grow its maturity in asset management. This means that, taking into consideration the stages in an asset's life cycle, maturity levels have to be defined. An assessment is needed to map the level of maturity of anization’s current practices and processes. Kaize states that management audits provide a framework anizations to systematically review, analyze and mend improvements in performance. Its purpose is also to ensure that management is carrying out its mission, meeting its goals and objectives, following proper procedures and managing resources effectively and efficiently.
ASSET MANAGEMENT
Traditional maintenance management audits are conducted through int