There is no doubt that COVID-19 has brought challenges to every aspect of our lives. In the professional arena, many of us are now working from remotely and for those employed in the asset management sector, this fact can usher in a set of unique circumstances when managing asset portfolios. Completing inspection reports, presenting analysis and findings, and developing maintenance strategies all from the home office.
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The coronavirus has caused an explosion in the use of social media platforms, and particularly software programs that have a videoconferencing option.
As more and more of us are remaining indoors, following advice to #stayhome, the way we connect with our work colleagues for critical business functions, as well as our friends and extended family members has been via these platforms.
Today’s financial market requires businesses to improve productivity and asset performance with less resources and capital. This will come as no surprise to anyone in the business world, and it’s fair to say that this understanding is universal. The problem of implementing it as an asset management strategy is another story altogether.
Many organisations don’t associate the inability to achieve asset management goals with a clear, whole-of-business understanding of asset condition and performance. Asset management connects assets, strategies, people and information to enable a clear view of operations, maintenance, perceived risk, and future condition of physical assets.
In our fourth instalment on data this month, we have a look at how data quality can build trust.
You may remember the previous article on data related to Google and the case brought against them by ACCC, who alleges the digital powerhouse has been less than honest with the public about what they do with our personal data. If you didn’t read it, check it out. It is a prime example of how data inaccuracies or ambivalent disclosures can break the trust of your customers.
I don’t know how many readers of this article were fans of IT Crowd, the British comedy series from the late 2000s, following three staff members who work in the IT department of a fictitious company. The show is responsible for phrases that are now well and truly part of our vernacular, such as ‘Have you tried turning it off and on again?’ But one of my favourite episodes of the show relate to Google. It’s where Jen says, ‘If you type Google into Google, you can break the internet.’ Of course that can’t happen and Jen’s co-workers, Moss and Roy, knew this all along.
We are all connected: to each other, to our devices, and to a vast number of systems within the government and private sectors. This is quite obviously due to the arrival of the Internet of Things (IoT), those wearable and portable devices that connect us to the internet. Such gadgets yield copious amounts data, and present both huge challenges and fabulous ways to build value. Known as big data, it has totally revolutionised the way many businesses and organisations operate.