Continuous Improvement allows organizations to adapt their approach to value realization and respond to the changing nature of organizational operating environments, stakeholders’ needs and expectations, and organizational objectives.

 

Knowledge gained from outcomes and impacts realization and monitoring value will identify the need to adapt through improvement, to realize the value the organization sets out to achieve (desired outcomes and impacts). Continual improvement of decision-making criteria and processes should be considered, to ensure alignment with desired outcomes and impacts, and better balance cost, risk, and performance.

 

All asset life cycle stages influence the ability of an asset to realize value effectively. Therefore, continual improvement is dependent on the organisation’s ability to identify and enable improvement across the whole asset life cycle.

 

Although individual assets can realize value to an organization, it is important to consider the system of assets in the decision-making process to optimize value generated from assets.

 

Increased value can also be created from technology and innovation, supporting the achievement of organizational objectives.

 

Sustainability is a key Asset Management principle, and organizations should consider a wider sustainability lens when identifying and implementing improvements.