Getting the Asset Manager heard

Asset management has always been about more than simply managing assets. There is an intrinsic strategic dimension to the discipline that connects the assets to the bigger corporate picture. So, in general terms, what does that mean and how do you get a voice to influence things?

1. Think beyond risk

When decision-making, consider the business value you are delivering. This is clearly the intent behind ISO 55001. Understanding what constitutes value for your organisation and your stakeholders is vital - be it money, reputation, safety, sustainability and/or well-being.

2. Focus on physical and non-physical assets

Asset management is expanding into non-physical assets, which in many cases can be valued significantly higher than your physical assets. For example, businesses are now often managing assets and the demands of corporate responsibility and sustainability regulation. The approach to managing these intangibles is conceptually the same as for your infrastructure, plant and machinery. You need to understand why you are doing it, identify the risks and manage them.

3. Assess the external factors

The outside world affects your business. Environmental, economic, social and governance criteria should be considered as you assess the risks and opportunities presented to your business.

4. Get top management buy-in

Boards are often focused on the short term - rather than the total cost of ownership and maximising shareholder value in the long-run.  For example, maintenance departments are always an easy target for cuts. You therefore need to objectively demonstrate how underinvestment will lead to increased risks and costs in the future.

Giving the modern asset manager data-driven, algorithm-based analytics and intelligence will provide the platform from which they can confidently address the c-suite.

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Ian Jackson is Director Strategic Asset Management at Zuuse. 

Ian’s career spanned more than 20 years supporting complex military assets in the Royal Air Force (RAF) and being actively involved in identifying and driving design changes that resulted in significant whole-of-life asset benefits.  

On retirement from the RAF, Ian took those experiences and learnings into the civilian world, providing strategic asset management consulting advice across a range of industries and asset types. During that time he became increasingly frustrated by the lack of good support tools to help his clients with strategic asset management decision making. 

Since joining Zuuse, Ian has been instrumental in designing Zuuse Sapphire to help solve those problems. Zuuse Sapphire is a complete lifecycle management solution based on asset, maintenance and condition data to manage risk, forward plan budgets and optimise asset utilisation. 

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