Businesses urged to adopt robust asset mgt systems
The Chief Inspector of Mines at the Minerals Commission, Mr Obiri Yeboah-Twumasi, has called on businesses to adopt robust asset management systems and programmes to enhance their operations.
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He was of the view that many businesses today failed to pay particular attention to their assets, and ended up spending more money on them later.
That could be resolved if organisations put adequate maintenance plans in place to increase the lifespan of their assets and equipment.
Mr. Yeboah-Twumasi was speaking at a one-day workshop on asset management for industry players in Accra at the weekend.
The workshop was put together by Assured Reliability Technologies, a consulting and education services firm based in Accra.
It brought together business owners and leaders to discuss issues on asset management and how organisations could incorporate that into their culture.
It was on the theme: “Asset management best practices; a shared experience for all and country.”
Maintenance culture
Unlike those in the private sector, Mr Yeboah-Twumasi observed that a lot of public institutions failed to implement rigorous maintenance practices, describing that as unacceptable.
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Notwithstanding, he lauded the government for the recent rehabilitation of the Adomi Bridge, current plans to rehabilitate the Flagstaff House and the Kwame Nkrumah Mausoleum, noting that the public sector was gradually embracing the culture of asset management.
He said there was the need for organisations to inculcate the culture of maintenance in their workers.
He, however, said that can only happen if companies begin to train people to understand asset management.
Emphasising on the importance of asset management, Mr Yeboah-Twumasi stated that it saved companies a lot of money.
“If we understand the culture of maintenance and the concept of asset management, we will be able to increase the life cycle of the assets of the company.
“Assets management, when implemented properly, will impact positively on the well-being of all industrial establishments, and, therefore, could help organisations and the nation to achieve their objectives,” he added.
Knowledge sharing
The Managing Director of Assured Reliability Technologies, Mr Elias Acquah, said the time had come for asset managers to come together to share knowledge and experience to boost their businesses.
Touching briefly on the benefits of asset management, Mr Acquah said it allowed organisations to keep track of all their assets, noting that data from the asset management solution could ensure asset recovery promptly.
“Effective asset management allows the implementation of a risk management plan, removes ghost assets in your inventory while incidents of thefts are lowered.”
“Proper accounting of the asset recovery process will ensure that the company maximises the returns with no items lost during the process,” Mr Acquah stated.
He added his voice to the call for the establishment of the Asset Management Professionals Association of Ghana (AMPAG) to help regulate the practice in the country.