Asset Management

The quality of your decisions is directly impacted by the quality of your data

Asset Managers are under ever-increasing pressure. They are expected to improve efficiency, decrease waste and reduce costs. But, they must also make significant contributions to corporate objectives on compliance, regulation and customer service.

To achieve all this, they need to prioritise investment, planning the right balance between cost, risk and business performance.

To have a significant, positive impact on business objectives, an asset manager needs to collate information from diverse sources, identify linkages and align with the overall enterprise asset management strategy. Too often, however, enterprise data is incomplete or inaccurate and the root cause of the errors is often embedded in current operations and processes.

Is your asset data fit for purpose?

The benefits of accurate, complete and timely spatial data

• Maximise asset value – by investing in the right assets and ensuring they are properly maintained
• Increase productivity – by ensuring that assets are utilised at capacity, but not beyond
• Make better decisions – based on the complete picture, not just a part of it
• Deliver the strategic objectives – by aligning outcomes from assets to overall goals

Complete and accurate data is essential for effective asset management

Asset management has evolved dramatically over the last 50 years, through advances in technology and best practice. It has become a more lifecycle-based, planning and execution process.

Business and regulatory models have also changed significantly.

In addition to the traditional five-year plan, we now see longer term strategic plans that deliver more sustainable, customer-service driven, industry strategies. There is now an even greater need for a fully integrated approach and for increasing volumes of data to deliver success.

The ultimate goal is a single view of asset information – that balances cost, risk and performance – enabling better asset performance at lower unit cost and contributing to corporate objectives of customer service and sustainability.

Finance, engineering, maintenance and risk management all have their own perspective. Decisions made in isolation might work for a single department or area, but not for the enterprise as a whole.  This is why current best practice goes well beyond ISO55000 compliance.  It emphasises collaboration: system-wide decision making with a focus on value.  Staff and management work together to identify the criticality of a single asset to the whole operation.

All this depends on timely and accurate data for assets, right across the organisation.  As data availability has increased, decision making has become more informed.  But, if different functions have different versions of the data, we are back to square one.  Reliance on proxies and assumptions can lead to the wrong answers.

As a professional asset manager, you know your data is as valuable an asset as the physical assets you manage.  You depend on a critical, information-management function which holds, maintains and continuously improves your data.