Standing still is going backwards. Asset Management is no exception.
“The mounting pressure for organisations to be more responsive to market conditions is forcing a rethink of systems and processes within asset management and driving the adoption of new tools and technologies that accelerate outcomes and enable new contributions,” says the latest industry report from The Eventful Group.
The well-respected event company has released their focus group research in the lead up to Mainstream 2019, its digital transformation for Asset Management conference held in Melbourne. Three primary themes emerged from their roundtable discussions and have informed the program for Mainstream Conference 2019:
- Digitising Asset Management
- Adopting an Asset Management Mindset
- Putting People, Leadership and Culture at the Heart of Everything.
As these themes are top-of-mind for Asset Managers across Australia and New Zealand in 2019, here’s some insights from the report and tips for bringing these areas to life in your business.
Tips for digitising your Asset Management
- Collect data that allows you to make decisions that have a tangible impact on your business.
- Start with the end in mind. Think about the long term change you want to achieve, where the business needs to be in 5 years’ time, and whether you have the technology to get you there.
- Understand your current and required data structures.
- Small wins are your best sales tools. A pilot or POC that delivers a win enables advancement. Check out this example of a successful pilot with tips for measuring ROI.
- Think through the value IoT and sensory data can play, but don’t forget the connection piece of the puzzle.
- Explore opportunities provided by Predictive Maintenance, digital twins, Building Information Modeling, AI, ML, mobility, drones, data lakes and analytics.
Tips for adopting an Asset Management mindset
- Ensure Asset Managers are part of the plan/build phase of a CAPEX project, so a realistic Asset Management strategy is in place for operating stages.
- Learn the art of pitching to C-Suite and communicating in a language that captures their attention; sustainable profit and mitigation of risk.
- In developing and justifying your business case, address a balance of risk, criticality, reliability, performance and value.
- Don’t neglect Change Management, instil Asset Management as a cross company behaviour rather than just as a department initiative.
- Ensure you have articulated and convinced your field workforce on the impact of poor data entry (as all major investment decisions are made based on reporting) and connect the quality of data to different outcomes.
- Make sure your organisation shows it values the role of tradespeople as it will impact the pride and effort they put into their work.
Tips for putting people, leadership and culture at the heart of everything
Take staff on the journey as no technology, process or project will transform your asset management if your people don’t support the change.
- Giving people ownership and fostering the belief that individual success is connected to the company’s success is fundamental to achieving good work behaviours and culture.
- Get your CEO and CFO to genuinely buy into your proposition to ensure long term Asset Management strategies aren’t forgone due to short term views.
- Up-skilling and cross-skilling may become a skill in itself, so prepare for a future where sustainability is replaced by adaptability and cost with value.
- Start measuring your organisation’s ability to adapt.
- Clearly articulate the Asset Management concept and proposition to people at all levels to develop stakeholder engagement. It may be easier to sell the cost of a poor asset strategy rather than the investment required.
- Align your team’s goals to that of the organisation. Often KPIs can act as the blocker to horizontal alignment.
- In order to attract the next generation of workers in this competitive landscape, you need to show that asset management can be innovative, empowering and rewarding.
If you want to see how Zag has developed an award-winning company culture, you can get some ideas here.
The two-day Mainstream event will demonstrate how people, leadership, innovation and technology are transforming Asset Management through a combination of case studies, thought-leader presentations, discussion groups, product demos and panels.
Interested in learning more? Attend the conference or reach us at email@example.com to get in contact with one of our team for further information on transforming your Asset Management practices with solutions like Neptune Software and BlueWorx.