Strategic Aspects of Asset Management: An Overview of Current Research

Abstract

Major shifts in the competitive environment encouraged a recent growth in the number of academic articles devoted to strategic aspects of asset management. Organizations start to recognize that a strategic approach to asset management becomes a source of sustainable competitive advantages and long-term survival in the turbulent environment. However, existing studies are largely case-specific in interpreting strategy and draw on various theoretical grounds and approaches. This leads to little theoretical and methodological consistency in understanding current findings and how to design future studies. The key goal of this paper is to systematically review the existing research through the analysis of over 700 articles devoted to asset management with a focus on strategic aspects. Our key contributions are positioning strategic asset management within the vast field of asset management research, describing the nature of strategic asset management research, and confirming that asset management strategies align with different levels of organizational strategy. We visualize the existing research field, and indicate gaps and underdeveloped areas of research. We also shortly outline future research directions based on our findings, thus encouraging a more coherent development of research on strategic asset management.

An Analysis of Physical Asset Management Core Practices and Their Influence on Operational Performance

“…The PAM, grounded in the operational performance perspective, provides the frame of reference of the present study, which focuses on the verification and validation of the underlying dimensions of PAM. In particular, this study responds to the need for theoretically grounded and empirically based models [4,23,39] that capture PAM core practices and their link to operational performance. Our research approach consists of several steps, namely literature review, definition of the research problem, hypothesis development, research design and survey implementation [54].…”

“…For example, the resource-based view (RBV) assumes that companies achieve competitive advantages by using their various resource bundles [22]. Earlier studies on PAM [23] emphasise that the development of resources and capabilities is of great importance in the process of gaining competitive advantages. Skinner [24] was the first to observe that companies could do more than just produce and ship products.…”

“…Larger sample sizes and more specific research settings (e.g., by focusing on a particular industry or size of organisation) would definitely enrich the study. Gavrikova, Volkova, and Burda (2020) [23] Literature review A systematic review of the existing research through the analysis of over 700 articles devoted to asset management with a focus on strategic aspects is performed.…”

Framework Development of an Asset Manager Selection Based on Risk Management and Performance Improvement Competences

“…Asset management requires a multidisciplinary approach [9,19,20]. Therefore, different competence requirements are needed in asset management.…”

Value Creation in Physical Asset Management: A Case Study

“…Over the past two decades, the demand for effective physical asset management (PAM) has steadily increased [2]. As a result, PAM has become an important area, especially in the capital-intensive industry [3][4][5][6][7]. Assets according to the ISO 55000 standard for asset management are items, things and entities which have a value or potential value to the organization [8].…”