The Asset Journal, Volume 9, Issue 4
A favourite topic with wider realisation of significance is the notion of "Big Data". While we may not really be sure what that means and stand for, everyone is confronted either in private, public or professional life with "Big Data". The Asset Management Council recent Seminar held in Melbourne in October had just that topic as its main theme. The number of high impact speakers and the large Audience is testimony of the concern and interest. In this edition, we reflect on some issues connected with Big Data, its analysis and value to Asset Management. We encourage you also to visit the Asset Management Council website where some of the presentations from this important event are available. The emerging new age of the "Internet of Things" will no doubt require many organisations to rethink the need to accumulate exhibits of data. The notion of 'Data Lakes' and 'Ocean of Data' also highlights the need for structure, standards and ways to extract the right data and create useful and meaningful information that's supports decision making. In essence, it is about the creation of confidence – confidence in the correct data being collected, analysed with the right methods and focusses on the context in which it is used.
The body of knowledge in Asset Management is steadily increasing, not only through Organisations like the Asset Management Council but also through independent research and publications. In this issue we provide a review of one of the significant contributions to this body of knowledge, the recently released book "Physical Asset Management with an Introduction to ISO 55000" by Dr. Nicholas Hastings. This new book provides guidance through the complexity of Asset Management and examples for Managers and Practitioners alike.
Supplemented by updates from the Chapters and events hosted by the Asset Management Council, this Journal concludes a very busy year. To wish you a safe, happy and relaxing Festive Season, ready to tackle the challenges in Asset Management of the New Year. Thank you for your support throughout the year and we trust that you continue to find the Journal a valuable source of Asset Management Information. As always, we value and encourage your feedback.
Editor in Chief