The Power of Experience in Asset Management: Lessons from the IAITAM Conference

In the ever-evolving world of Asset Management, experience is more than just a badge of honor—it's the cornerstone of success. This year, I had the privilege of presenting at the IAITAM Annual Conference and Exhibition in Las Vegas, where I shared insights drawn from decades of hands-on experience in the field, particularly the integration of Artificial Intelligence (AI) into Asset Management practices.

Understanding the Complex Landscape of Asset Management

Asset Management is a multifaceted discipline that requires a deep understanding of both the assets themselves and the technologies used to manage them. During my presentation at IAITAM, the focus was on how AI can be a game-changer in this field—when applied correctly. However, it also highlighted the challenges and potential pitfalls of AI adoption.

One of the key takeaways from my presentation was the importance of real-world case studies. By examining AI implementations at organizations such as the Pentagon, NASA, and various Fortune 500 companies, I was able to illustrate both the successes and the failures. These case studies not only provided valuable lessons but also underscored the importance of experience in navigating the complexities of Asset Management. The compilation of data presented comes from just a few of the many clients I have had the opportunity serve over many years, demonstrating the power of experience.

Case Study Summaries: Failures and Successes

Here is a summary of the common findings across the case studies presented:

Failures:

• Lack of knowledge about the benefits of AI and its components
• Fear of new, unknown, and unfamiliar proposed processes
• Absence of Executive Sponsorship to support targeted outcomes
• Resistance to change outdated existing processes
• Unwillingness to commit to required roles for critical path elements

Successes:

• Increased productivity (greater than "human" speed of work, scheduled for off hours)
• Greater data integrity (higher rate of error correction than humanly possible)
• Automation (using predictive analytics and LLM's)

"Best Session of the Week": A Testament to the Value of Experience

The feedback from attendees was overwhelmingly positive. Comments like "best session of the week" and "I gleaned many insights from this session. My fave!" reinforced the impact that experience and practical knowledge can have on an audience.

One attendee specifically appreciated the real-world focus, stating, "The case studies helped to see how asset management challenges are happening in the real world." Another noted the value in discussing where things didn’t go well, expressing a desire for more conversations around overcoming trust and engagement issues within organizations.

The Value of Experience in Asset Management

The positive reception of my session at IAITAM wasn't just about the information presented—it was about the depth of experience behind that information. In Asset Management, theory is important, but it’s the practical application of that theory, tested and refined over time, which delivers real value.

Experience allows us to foresee challenges, adapt strategies, and implement solutions that are not only effective but also sustainable. In my own career, I’ve seen firsthand how AI can streamline operations, improve accuracy, and drive significant cost savings—but only when paired with a solid foundation of experience in Asset Management.

Leveraging AI: Lessons from the Field

One of the highlights of my IAITAM presentation was a deep dive into the real-world applications of AI in Asset Management. By sharing specific case studies, I aimed to provide attendees with a balanced view of what works and what doesn’t. The feedback I received suggests that this approach resonated with the audience, as they were able to see the practical implications of AI integration.

For instance, we discussed how AI can predict maintenance needs and optimize asset utilization, leading to significant cost savings. However, I also pointed out the risks of relying too heavily on AI without considering the human element—something that can only be truly understood through experience.

Thank You, IAITAM

I want to take this opportunity to thank the organizers of the IAITAM Annual Conference for inviting me to speak. As they mentioned, "Thank you for speaking at the IAITAM Annual Conference and Exhibition this year in Las Vegas, NV! We appreciate your contribution to our conference and the industry." This recognition is a reminder of the impact that sharing knowledge and experience can have on our industry.

For those of you who stayed and packed the room for my session on the last hour of the last day of a three day conference, I thank you. For those that completed a survey about my session, I thank you even more. To those with whom I connected at the conference, I look forward to seeing you next year and hope to connect with you before then to see how I can help you exceed your goals.

Full Transparency: Overall Speaker Evaluation

Here are the overall results from those that took the time to complete a survey:

Looking Ahead: Continuing to Share and Grow

As I look forward to future speaking engagements and opportunities to share my knowledge, I remain committed to leveraging my experience to help others navigate the complex world of Asset Management. Whether it’s through AI, process optimization, or strategic asset planning, my goal is to empower others with the tools and insights they need to succeed.

I invite you to connect with me here on LinkedIn or reach out directly if you’re interested in learning more about my experiences or discussing potential speaking opportunities. Let’s continue the conversation and explore how we can drive the future of Asset Management together.

Call to Action:

Connect with me to discuss how my experience in Asset Management can benefit your organization, or to explore speaking opportunities that can bring practical insights and real-world solutions to your next event.

Credit to AI: No you can't have my job!

Since this article is about AI (and albeit Asset Management as well), you should know that I leveraged AI to create the initial draft of this post. But as most of you can attest, it wasn't what I wanted to publish. Therefore, I leveraged AI's work and refined the content it provided to come up with the final text here. I think it will be a long time before I am ready to blindly trust AI to write anything that has my name beside it without first reviewing and subsequently revising it to make it "mine".