The Rail Asset Management Asia Pacific Conference 2019 took place between 23 – 24 January in Singapore.
With a large number of panel discussions and Q&A opportunities, it was a fantastic chance to find out what leaders in rail thought about maintenance and asset management.
If you could not attend, here’s a quick recap of what we learnt:
I was very impressed by the opening address of Professor Sam Luke (Jacobs UK’s Executive Director, Asset Management Advisory) on the key elements for consideration when developing an asset management framework and best practice.
He said that to understand and realise true asset value, you must understand the principles of Whole of Lifecycle Cost and Lifecycle Cost of an Asset.
Professor Luke also emphasised that having the right data and good quality data is fundamental to good asset management.
This means identifying what data you need, such as which critical assets to prioritise and what type of data must be measured.
Having accurate asset data and an asset registry is essential in order to analyse asset reliability and performance.
This then becomes the foundation for asset owners and operators to move from Descriptive Analytics to Prescriptive Analytics.
Many speakers encouraged rail operators to focus on data and system consolidation and integration across their organisation.
With the move towards predictive maintenance and new innovations like digital twins, a single source of truth is more important than ever.
There are a lot of technology solutions out there to aid asset investment planning and prioritisation, but they all need good data in order to produce optimal results.
The data referred to is not just maintenance data or asset data. True asset management involves a variety of corporate stakeholders.
Every stakeholder in the organisation has to embrace and take accountability for their roles and responsibilities in the overall Asset Management Framework of an organisation.
With many public transport authorities and operators in the region looking to implement best practice for safety, financial and sustainability reasons, the ISO standards for asset management were another hot topic at the conference.
Many of the leading rail operations in Asia are ISO-certified and other agencies were keen to follow suit in order to demonstrate compliance and better risk management.
If you are interested in the ISO 55000 series of standards, my colleague Michael Scollo recently examined this from a rail operations and maintenance point of view in this whitepaper:
The Rail Asset Management APAC Conference was a great opportunity to hear from the likes of the Singapore Land Transport Authority and Transport for London on best practice methodology and strategy, challenges and new asset management technologies.
It was great to connect with representatives of rail networks from India, Japan, Cambodia and Singapore as well as operators like SMRT and SBS Transit plus industry consultants from Jacobs, ARUP, KPMG and Atkins.
Kudos to Global Mass Transit for putting together a very interesting agenda and attracting high quality speakers. I look forward to attending the next conference!