The Application of GFMAM's Influential Asset Management Subject Matters in the South African Steel Industry

The Global Forum for Maintenance and Asset Management (GFMAM) was established by industry professionals and organizations to view asset management as a strategic activity for achieving organizational goals. In the 21st century, there are two main types of technology-based businesses: rapid technology improvement and slow improvement industries like steel, mining, and metallurgy. Efficient decision-making linked to asset and maintenance management is crucial for long-term operations. Without a structured approach to asset management, organizations in slow-improvement industries risk inefficiencies, higher operational costs, and reduced competitiveness. The steel market is expected to decline over the next five years, with traditional methodologies negatively impacting the industry. Despite this, the steel sector remains significant to South Africa's GDP and employs thousands. The study aims to determine the rankings, critical success factors, and limitations of GFMAM's most influential subject matters in the South African (RSA) steel industry. A quantitative method was used, with 22 RSA steel organizations invited to participate in an online survey. The survey ranked the most influential subject matters as: (i) strategic planning, (ii) asset management policy, (iii) asset management leadership, (iv) asset management strategy and objectives, and (v) asset management planning. The study also identified critical success factors and limitations for each subject matter. It is recommended that RSA steel companies use these findings to gain a competitive edge in the market.

Keywords: Asset management policy, Asset management leadership, Steel industry.