In preparation for Mainstream Conference in August 2019, we’ve just returned from running our annual roundtable discussion groups across Australia. Each session was a full and frank discussion, focusing on the current challenges facing asset management leaders and the enablers leading towards change.
We had a fantastic turnout to these roundtables, with over 100 asset management professionals weighing in on the discussions in order to uncover pain points, challenges and ideas for improvement.
Three main themes emerged from the research. You can download the full report here for more detail.
1. Digitising Your Asset Management
Collecting data for the sake of data is of little value. Understanding the decisions that the data and subsequent analysis will inform is critical to a value-driven data strategy. The magic happens when the data you collect allows you to make decisions that have a tangible impact on your business objectives, often through improved reliability, availability or cost efficiency. If two ground rules are to be followed they seem to be: Understand why (you are collecting); and what (you will do with it). Start with the end in mind and have governance in place before you start the journey.
2. Adopting an Asset Management Mindset
Asset Management involves managing the lifespan of a physical assets – from idea to design, build, procure, commission, operate, maintain, improve and retire – in order to meet the businesses’ strategic objectives. Needless to say, this separates Asset Management as a discipline or mindset from Maintenance: It is strategic, centered on the value asset contribute to an organisation’s objectives and seeks to balance cost risk and performance.
This shift in thinking requires justification of what Asset Management can really do for the business – selling the value of asset management to the rest of the business. We need to rethink and refine our PR efforts and persuade the business that what we do is important and valuable. To communicate effectively with the C-Suite we must talk in language that switches them on: sustainable profit and mitigation of risk.
3. Putting People, Leadership and Culture at the Heart of Everything
Successful transformation is not about technology alone. The human element remains vital to the future success of asset management, and throughout this transformation asset management leaders must ensure their people are able to adapt to – and even embrace – these changes. No investment in new technology and processes will successfully transform asset management should its staff be unable to come along on the journey.
Changing an organisation’s culture requires time and consistency – it takes strong leadership, zero tolerance and constant reinforcement. Ownership and Leadership are pivotal parts of the culture change piece and the organisations who get this right are those who’ll be leading the innovation stakes.
Download the Mainstream Research Report 2019 for a comprehensive view of innovation in asset management in 2019.
These three themes and the findings of this research report will inform the program for Mainstream Conference 2019. The two-day event will demonstrate how innovation and process improvement is being enabled by technology through a combination of case studies, thought-leader presentations, discussion groups, product demos and panels; all based around the key topics in this report.
About the Author
Steve Morris is the Program Director for Mainstream Conference.