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Asset Management Services

Lord Consulting has been active in power system asset management and condition monitoring for over 17 years. A good knowledge of the failure mechanisms that can impact assets as they age, together with keeping abreast of present day state-of-the-art in both off-line and on-line asset condition monitoring practices and system worldwide, has positioned the company well for assisting asset owners with the current movement toward raising the quality level of power infrastructure management.

The 2014 launch of the IEC55000 family of asset management standards represents a timely addition to the field of physical asset management and a recognition of industry maturity.

The earlier BSi PAS 55 specification that provided a systematic and pragmatic way to define good asset management practice as organisations world-wide grapple with the need to manage aging public and privately owned infrastructure while also sustainably meeting increasingly strict stakeholder expectations.

The ISO55000 series of documents has gone further than PAS 55 in defining a wider range of factors that impact the quality of asset management. It takes a risk-centric view, balancing the high expectations of users with the reality of maintaining large essential service networks (such as power systems, railways, water services, roads, freight, etc). It covers both the management of the physical assets, together with the management issues from an organisational viewpoint.

Lord Consulting has wide experience is a range of aspects of asset management. Lord Consulting can assist asset owners and takes a low key, practical and constructive approach to assisting organisations to improve asset management practice. This would start with a review of the organisation's operational and maintenance policies and practices for all asset classes, reviewing asset information, maintenance schedules, intervention intervals and maintenance procedures, condition maintenance criteria, test results recording and trend analysis, spares, aged profiles, handling of known issues, and the status of emergency response plans and an ability to execute them.

Typically this would be followed with a gap analysis, looking taking the information gathered about maintenance practices and comparing this against best industry practice for this asset type. From this gap analysis would follow recommendations or suggested actions as to how the gap may be systematically reduced to a practical minimum, given the specific circumstances of the assets and organisation concerned.

Work practices would be reviewed and improvements identified. Typically, asset management incorporates three interconnected management work loops:

  1. the operational/maintenance (or "business as usual") work loop;
  2. the issue resolution ( of "risk assessment and mitigation") work loop;
  3. the planning ("growth and/or replacement") work loop

Lord Consulting can also review, update or develop complete Asset Management Plans (AMP) or Maintenance Strategies taking all the above information into account and aligning this with the organisations corporate goals and objectives. This may involve running strategic planning workshops, which Lord Consulting can design and lead as required to help identify the issues facing the organisation and how the management feel these should be handled.
The ability of an organisation to implement their AMP can depend on the organisational structure and its effectiveness. Sometimes the existing structure is unsuited to managing assets collectively in a risk-centric manner, and if this is the case suggestions can be crafted as to how the management structure might be improved for a more cohesive and sustainable outcome.

Organisations can inadvertently become overly dependent on external contractors, outsourcing more of their core intellectual property (IP) than would normally be prudent. This is a potentially dangerous long term situation, and this can be identified and plans draw up for restoring an appropriate internal/external balance.

The ISO55000 asset management review methodology can be specifically designed and applied to permit the same management processes to be applied across a number of different asset classes. This can lead to considerable economies of scale in planning, monitoring, risk register maintenance and other generic activities common to all asset types.

Lord Consulting is a member of the Institute of Asset Management UK, leaders in the field of assisting asset owners and operators in this area.

Asset management is a complex and demanding discipline, difficult for any organisation to do in isolation. This applies equally to public and private operators of high-voltage power systems, any of whom can benefit from benchmarking themselves against industry best practice. Given the increasingly high dependence society now has on the smooth and trouble-free operation of large, aging power networks, and the increasing pressure to have independent audits undertaken of how well they are being managed, the benefits of applying the ISO55000 philosophy are considerable.


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