Getting to Grips with Asset Management: Putting the Jigsaw Together, Not Just a Chain

Asset management is often perceived as a linear process—a chain where information flows in one direction from inception to disposal. However, the reality is far more intricate. A more accurate analogy is that of a jigsaw puzzle, where every stakeholder holds a piece that interlocks with others to complete the picture. The golden thread of information is not just about its existence; it’s about how it is used, maintained, and passed along to ensure continuity and efficiency across all roles in the asset lifecycle.

The Importance of the Golden Thread in Context

While the concept of a golden thread provides a structured approach to information flow, it is only effective if it is actively maintained and utilised by all parties involved. The challenge is not just in gathering data but ensuring it is meaningfully handed off and built upon by others. This handover is crucial in preventing information silos and ensuring that the right details reach the right people at the right time.

Different Stakeholders, Different Needs

Each stakeholder within the asset lifecycle has distinct requirements for the same core data. The key to effective asset management is understanding these needs and ensuring that information is both accessible and actionable:

• Project Managers require drawings and manufacturer specifications to create a project scope.
• Contractors need access to the same information but often require additional detail on installation, commissioning, and integration.
• Asset Managers must track changes to update digital systems such as BIM, digital twins, or asset management software.
• FM Managers rely on maintenance updates to align with their Planned Preventative Maintenance (PPM) schedules and SFG20 compliance.
• Supervisors and Technical Services Managers (TSMs) require knowledge of changes that impact parts ordering, inventory management, and location mapping.
• Lifecycle Managers need valuation data to determine which assets should be removed from scope, prepared for replacement, or included in future budget planning.

Each of these roles is “taking” from the information pool, but to maintain the golden thread, they must also contribute—ensuring the data remains current and actionable for the next in line.

Thinking Beyond One-Directional Hand offs

A fundamental issue in many organisations is that data is often viewed as a one-time transaction rather than an evolving asset. To change this mindset, businesses must encourage a culture of shared responsibility where each stakeholder understands the downstream impact of their updates—or lack thereof.

Rather than simply taking what is needed, individuals should consider:

• Who else needs this information?
• What format will be most useful for them?
• How can I ensure that my updates support the next stage of the asset lifecycle?
• Am I closing the loop by ensuring my inputs and outputs align with the bigger picture?

Encouraging a Collaborative Asset Management Culture

To truly put the jigsaw together, businesses must foster a collaborative environment where information is treated as a shared resource, not a static record. This requires:

1. Integrated Systems: Ensuring that asset information is stored and updated in a way that all stakeholders can access in real time.
2. Clear Communication Channels: Defining how updates should be shared and who is responsible for what aspects of the data lifecycle.
3. Standardised Processes: Aligning data formats, naming conventions, and documentation methods to reduce inconsistencies.
4. Accountability Measures: Encouraging each role to not only consume data but also contribute to its accuracy and longevity.
5. Education and Awareness: Training teams on the broader impact of their role within asset management to enhance a holistic approach.

Conclusion: The Future of Asset Management is Collaborative

The success of asset management depends on a fundamental shift from a linear, transactional mindset to a dynamic, interconnected one. It’s about recognising that every interaction with asset data is an opportunity to strengthen the golden thread and ensure that the right information is available when and where it is needed.

By focusing on hand offs, cross-functional collaboration, and a culture of shared responsibility, organisations can transform asset management from a disjointed process into a well-integrated ecosystem—where every piece of the puzzle fits seamlessly together.