Improving how we manage our assets

At Powerco, our business is asset management. Whether it’s underground electricity cables and gas pipes, overhead lines, substations or transformers – we manage a vast network of assets in order to keep the lights on and the gas flowing.

We’re good at managing our assets, but we know we could be better still; that’s why we’re working towards ISO55001 accreditation over the next couple of years.  ISO55001 is recognised as the international standard for Asset Management. By becoming ISO55001 certified, we can be confident that our processes, systems and capabilities are fit-for-purpose and aligned with international best practice. Meaning that you, our customers, can be confident that we’re managing your network effectively and efficiently.

For us to become certified we’re improving some areas of our business, such as:

• Strategy & Alignment
  Ensures that our customers’ needs are reflected in our business vision and planning, which then influences our actions and decisions.
• Defining the Asset Management System
  Helps our teams collaborate effectively and understand what to expect of each other.
• Managing our Competencies
  Allows us to develop the ability of our teams, and our suppliers’ teams, meaning we continue to have the right people for the job.
• Managing our Asset Information
  Provides us with all the data we need to make smart decisions about our assets.
• Review and Assurance
  Gives us the confidence that our people, processes and systems are working as we expect.

Our journey so far:

In 2018 we engaged an independent consultant to give us a clear understanding of what we needed to do to meet the standard. In 2019 we appointed a dedicated manager to co-ordinate and oversee our work towards achieving certification.

So far, that work has included projects, such as:

• Establishing a governance framework– these cross-functional groups provide recommendations to our Asset Management Steering Committee. This helps streamline our decision-making and ensures we’re working towards comprehensive and informed outcomes.
• Implementing a new Network Investment Planning System that helps us evaluate investment options, and informs our decisions based on a value framework.
• Introducing a Change Management Framework to ensure we, as a business, can successfully navigate future changes.

We’re currently on track to be ISO55001 certified by the end of 2021.