CEAI, in conjunction with the Institute of Asset Management (IAM), United Kingdom, is organizing a seminar on Physical Asset Management with the aim of raising awareness and accelerating the adoption of the ISO 55000 standards and best practices in India. The Seminar is targeted at a limited number of senior decision-makers; and it would be a great opportunity to start a robust dialogue on such an important issue amongst these senior leaders from different sectors.
The adoption of Asset Management best practices has shown remarkable benefits in terms of improved performance, reduction in costs and improved risk control across several industry sectors worldwide. The adoption of ISO 55000 standards is now being mandated by financial institutions such as The World Bank on grants to India and other countries worldwide.
Assets and their realizable values in delivering business and customer outcomes are the primary yardsticks which are used by analysts and stakeholders to assess the viability and performance of companies. Whether the entity is a private company or government owned and whether the assets are tangible or intangible, financial or non-financial, it is the efficient and effective asset management that maximizes value for money and ensures consistent excellence. The process involves the coordinated and optimized planning, asset selection, acquisition/ development, utilization, care, maintenance and ultimate disposal or renewal of the appropriate assets.
Governments, Public Authorities, Bodies and Private organizations and even individuals have over the years built large portfolios of physical assets. Physical assets include public and private buildings, hospitals, education centres, hotels, roads & highways, drainage, railways, ports & harbors, shipping, aviation, water and sanitation, flood protection, space research, defence, chemical & industrial plants, power generation and transmission, oil & gas, telecommunication, irrigation, etc. These assets are vital for the socio-economic development of any nation.
The state of un-kept and ill maintained assets is costing the country dearly. The burden like any other is borne by the masses. There is therefore an urgent and dire need to bringing greater awareness and participation from all concerned for managing physical assets in India.
This Seminar is a timely response to the demand for dissemination of recent initiatives which are intended to streamline asset management and to bring the Indian market in line with global best practices. The Bureau of Indian Standards has formally adopted the ISO 55000 suite of asset management standards but to-date the standards have not been widely implemented in India. Many countries are actively promoting the adoption of these standards by both the private and public sector organisations and to enhance their credibility and competitive position internationally.
The speakers for the Seminar are
- David McKeown, Chief Executive Officer, Institute of Asset Management
- Manoj Singh, Special Adviser to the Ministry of Railways. Former Special Adviser, Niti Aayog, Infrastructure and Transport. (To be confirmed)
- Navil Shetty, Director, Fellow & Technical Chair for Asset Management, Atkins
- Barun Chakrabarti, General Manager –Asset Management, Engineering Services, L&T Hydrocarbon Engineering Limited
- Pravin R Shahu,Vice President, Tata Consulting Engineers Limited
The Seminar will be a thought provoking initiative which would focus on the necessary provisions of ISO 55000 as well as measures that would be needed to bring India at the forefront of asset management best practices. It would be our privilege if you are able to take time from your busy schedule to make this event a resounding success and Asset Management a part and parcel of the process in your organisation.
For more details please download Brochure – Asset Mgmt