Asset Management Performance Benchmarking: A Maturity Model Review

Asset management is a structured approach to the development, maintenance up to the physical asset discharging. Maturity models are one of the benchmarking methods capable of revealing the main performance elements of organizations. Maturity model is a method for evaluating companies' efficiency in managing its business process consisting of many primary process areas and multiple maturity levels. This study seeks to review the maturity model benchmarking in asset management. To achieved the above aim, the objectives were; (1) To review the asset management principles and concept (2) To review the maturity model in asset management. This study was adopted primary source of data as methodology. Asset management maturity is an organization ability towards predict and respond to its environment by managing its asset whereas continuing to meet the needs of its stakeholders. Adaptation of maturity in asset management will help the asset managers in understanding their level of performance, competence, complexity, and capability, which will help them in delivering outcomes such as customer satisfaction, safety, assurance and profit with the resource's allocation within the appropriate delivery period.