Data is a critical asset that can determine a business’s success, when integrated with asset management frameworks and appropriate tools.
Given the amount of data available, it is easy for some organisations to feel overwhelmed. The challenges presented by data, particularly when attempting to move it from an afterthought to a critical facet of operations can be paralysing. The various tools available to assist in extracting data can sometimes only add to the sense of paralysis.
Yet to drive the business’s worth, it is crucial to sort the valuable data from that which is useless and ineffective. Following on, a business must leverage the useful data to make decisions. To do so, there must be clear understanding about the approach required. There is no one approach to fit all businesses or asset type. And finally, even with data at the disposal of an organisation, it is people who make the ultimate decisions regarding asset management. This includes the balancing of stakeholder needs, managing complexities surrounding competing priorities and departmental needs, and communicating the processes and decisions1.
If you want to know more about data in asset management, make sure you connect with our Data in Asset Management Special Interest Group (SIG) for all the latest knowledge, advice and networking opportunities. Contact the Data SIG chair, Julian.Watts@amcouncil.com.au for more information.
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1 All information in this post sourced from: https://www.amcouncil.com.au/download.aspx?docId=4141 (Member content)